25 years after People Power, we need an economic revolution!

The history of the human race always has been, and most likely always will be, that of evolution and revolution. 

—Lewis F. Korns

Aquarter of a century after the EDSA uprising — I’ve always refrained from using the term “revolution” since it doesn’t seem to be so and has not brought about revolutionary changes — what are the people of the Philippines celebrating outside of our political democracy of one-man, one-vote elections every three years and a grand presidential derby every six years?

GOOD GOV’T & MARKET-ORIENTED ECONOMICS MORE IMPORTANT THAN DEMOCRACY

Sorry, I am underwhelmed by this EDSA uprising commemoration, because I am not convinced that USA-style political democracy is the panacea or great solution for the complex socio-economic challenges of developing nations like the Philippines, Egypt and others with a low average per-capita income. Will exuberant free elections alone woo foreign investors and new factories or resorts to a country?

Of course, political democracy is theoretically and morally good, but I strongly believe that a good, stable government and market-oriented economic policies are really the more important factors for socio-economic progress.

Political democracies like the Philippines, India and Indonesia have also not been less corrupt in the last 25 years. It is also my opinion that a political democracy can even actually take lower priority, as proven by the histories of South Korea, Singapore, Taiwan, Hong Kong (the British colonizers never granted elections until just before they left), and now China and Vietnam.

For me, the more important measure of how far we have progressed or not isn’t in the political sphere, but in terms of social justice and economic development. Have there been significant gains against the serious problem of unemployment?

Has the level of poverty and hunger been decisively alleviated? What is the per-capita income of the people, the quality and accessibility of basic social services like education and public health?

What is the perception of the Philippines by the international business community and media? Have foreign direct investments increased significantly vis-à-vis our peers in ASEAN and other Asian neighbors? How is the level of foreign tourist arrivals compared to our neighbors’?

Other important challenges that I believe various past governments seemed to have failed in: major improvements in closing the huge, inequitable gap between overpopulated urban centers and underdeveloped rural regions; the age-old problem of unequal income and wealth distribution.

PERCEPTION PROBLEMS

The Feb. 17 Bloomberg News column of William Pesek summarized how foreign investors and international media view the Philippine economy and our prospects with a disturbing subtitle: “Perception Problems.”

Pesek wrote: “Markets are less enamored of the Philippines. There remains a perception of timidity in Manila at a time when policymakers need to reform an economic system that’s been neglected for decades. Also, the nation’s key export has become its people. Remittances account for more than 10 percent of the Philippine economy. Not a good sign.

“The Philippines, by the way, is actually growing faster than Indonesia — 7.1 percent year-over-year and 6.9 percent, respectively. And yet Indonesia gets the headlines and the kudos. The reason: It’s widely perceived to offer greater potential than the Philippines.”

Twenty-five years after the EDSA uprising, after debating and often quarrelling among ourselves in political squabbles, let us all — including our politicians — focus on pushing a real economic revolution for the Philippines, which should include charter change to reform the various antiquated economic provisions of the constitution.

ARE WE PREPARED IF THE US ECONOMY GOES INTO A DOUBLE-DIP RECESSION?

RFM boss Joey Concepcion recently told me that despite the recovery of the American economy, he is thinking about a still-possible relapse or double-dip recession similar to the Great Depression of the 1930s.

When asked what his basis was for this concern, Concepcion pointed out that after the first US stock market crash on Oct. 29, 1929 — what was called “Black Tuesday” — the stock market then seemingly bounced back and even surpassed the previous high before the Great Depression set in.

Concepcion pointed out that in the same manner, the stock market crashed in 2008 and now there seems to be rebound in stock markets, but have the fundamentals of the American economy and its finances really changed significantly?

If this possibility of another US economic slump comes true, are our political and business leaders in the Philippines prepared for such contingencies?

I recommend we hope for the best but still prepare for the worst at all times.

OMG!

Last but not definitely not least, congratulations to Senator Edgardo Angara and Harvard-trained Congressman Sonny Angara for recently launching their innovative OMG or “Oh My Gulay” campaign to promote the widespread planting and eating of healthy vegetables nationwide, which is a practical and low-cost way to help solve hunger, malnutrition and public health issues. 

We should wholeheartedly support OMG and reform the average Filipino diet, especially since I notice that even for lower-income families, many people seem to prefer eating more pork and meat instead of healthier and cheaper vegetables.

Among the VIPs at the launch in Manila Polo Club included BDO Universal bank boss Teresita “Tessie” Sy-Coson. The OMG project has tapped numerous showbiz stars to promote eating and planting vegetables. I urge the mass media, schools, the business community, various religious denominations and other sectors to help push this very positive campaign. 

Senator Angara was asking how we could have a more globally competitive Philippine economy if our young people and talented work force suffer from undernourishment, malnutrition and hunger, which will have long-term and permanent effects on their physical build, health and intellect?

In this era of People Power revolts raging across the Middle East and North Africa, and in this 25th anniversary of the EDSA uprising, we not only need to decisively push an economic revolution but also a green revolution to intensively plant and eat vegetables!

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