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"The Philippines is no longer the sick man of Asia," announced Bank of the Philippine Islands (BPI) president and chief executive officer Aurelio Montinola III on May 9, reported on GMA News Online.
Montinola claimed the Aquino administration's good governance agenda has resulted in an improvement in the country's political situation and fiscal position. The BPI chief said that the Philippines is no longer indebted to the International Monetary Fund, and is now even a net creditor.
The comments thread of the news story was alive with debate between readers who see the current economic situation as a glass half-full and others who call it half-empty.
The following is a selection of our readers' opinions:
From risktakerlove8, who thinks that Filipinos should not blame the government alone for we are all part of the problem and are therefore also part of the solution:
"Blaming the system or the government itself is blaming ourselves since we are part of the system and the government.
Finger-pointing would not help, rather it must resolve the issues and we must not solely depend on the government officials. Instead, we the common people should be at the forefront to tackle, dig up and coordinate among ourselves. Bring the possible solutions to every problem and share it to everybody. Hatred is a normal occurrence but it becomes a lethal poison that gradually deteriorates our body and the entire system.
Democracy system is not the problem but it is ourselves. We rely more on the government yet we don't contribute to the system by being more productive but instead, we abuse it too much. We always ask and demand from our government officials to have like this, and like that, hence we have too much spare time to do the things that we need.
It is not only our government that could lift up our self status quo, instead, we the people make our own destiny. Don't live in the comfort zone but look beyond the horizon, don't cry and shout if your feet are stuck in the ground but try to keep moving, don't let time pass by without grabbing an opportunity.
Be positive and optimistic about your plan. Have an option and strategy to make your dream happen.
Don't let hatred stagnate your potential growth and development. Don't let yourself be dragged by anybody but make yourself a leader.
Let us join the cause of our government and the system and let us be the prime movers who would stand up and be brave."
"That's good news to me, and hopefully to all of us Filipinos. Let's not blame it all on the government, let's share the burden naman po to ourselves, we are receiving good news today and then other people are showing too much hatred and bitterness to our country and government. Let us learn how to appreciate small but visible progress, our president can't just plug an economy booster and change our lives overnight right?"
From mitosv, who thinks that Filipinos' proficiency in English is an insignificant factor in developing the economy:
"Masyado namang napaka-optimistic ni G. Aurelio Montinola. Remember 2 years pa lang naman si Pnoy. And both in micro and macroeconomic level of the economy, nothing significant (except self-serving claim of progress) has been accomplished yet. The President has not done anything substantial yet. While he might keep flaunting our Englishness (about to speak English) as a positive attribute of Filipinos, on the other hand, I look at it as a curse rather than a good attribute. Why? Take a look at Vietnam and Thailand. Vietnamese and Thai people, are they good in English? No, but it cannot be denied that their economies are very much better than ours. Our Englishness created a divisiveness among us. Those who speak it are regarded as good and intelligent and those who do not as stupid. But how many people sitting in our government (both past and present) who are proficient in English? With the way they handle our economy, do you think they are good? I don't think so. Perhaps what Mr. Montinola is trying to impress, since magaling ang Pinoy sa English, habang buhay na lang tayong magiging call centre capital ng mundo."
From getreal911, who opines that the Philippine government underspends on the development of infrastructure while it overspends on the legislation of laws:
"There is underspending in the basic infrastructures but an overspending in the legislation of laws. Look at our politician's pork barrels and benefits. Here in China the government in the past decades until now are spending a lot for the improvement of the services of transportation (train, highways), education, factories than in the collection of taxes.
Our government while it collect taxes should also spend them wisely for the convenience of the masses. Build good schools and don't wait for the private sectors to build for you. Create good roads, parks, good airports, public toilets, recreation facilities that are free. But the opposite is what is happening, almost everything are being privatized. the government should have the upper hand in the prices of local basic commodities, oil price, etc. and not the scheming businesses who always have the alibi 'law of supply and demand' which is not even a law, it is plain greed. Don't construct farm-to-market roads when that farm has no irrigation or is not a farm after all. It will only contribute to overpopulation and isolation of kids if you can't follow-up with construction of schools. Good facilities can attract more tourists and improve the quality of our life."
From torogi, who asserts that a strong justicial system is crucial for boosting the economy:
"As long as greed and corruption is not permitted within the ranks in any form of our government bureaucracy in our country, we can move our economy up. The next thing we must do is create an effective and reliable justice system. Next is to create a well-disciplined police and military force reliable for protecting its citizens and to get rid of all aspects of criminality including the CPP-NPA rebellion and rebellion in the south. When all of these are eradicated, then every Filipino can focus to develop investments in all aspects of our industry which is the key in realizing the dreams of Filipinos who go abroad to work.
These are the keys I am sure other developed countries did to start their formidable economies today. Our government leaders are too callous about it due to their interests and to enrich themselves."
From EQminUSA, who thinks the BPI chief's statement is premature for the Philippines still has a long way to go before it can boast of a stable economy:
"Alright, I'm not a finance wizard but maybe this announcement that the Philippines is no longer the 'sick man of Asia' is probably a little bit premature.
While the Aquino administration has been doing a much better job than previous administrations overall, the Philippines appears to have a long way to go before it is discharged from the 'intensive care unit.' I think the Philippines remains a very ill country indeed.
I'm aware of the gleaming tall buildings in Metro Manila and the giant shopping malls but I still see widespread poverty whenever I visit the Philippines. It may take more than a generation to uplift the vast majority of the poor Filipinos to join the middle class.
Government mismanagement and corruption beginning in the Marcos administration made the Philippines a much poorer country, while other Asian countries like South Korea emerged from the ashes of the Korean War to become an economic powerhouse and a world leader in science and technology.
And stop bragging about the Filipinos' English proficiency. The majority of the Philippines' population is not proficient in the English language. Although they are educated, the majority of Filipinos do not speak English well due to substandard public education system. (I couldn't 'speak' English until I was in high school, well I'm still learning!)
I know of two former public school teachers from the Philippines whose English, well, is embarassing. Their grammar is leaves a lot of room for improvement. I heard one say to her American-born child, 'Don't do that NO MORE!'"
In a second comment, the same reader expresses his ultimate dream for the Philippines:
"I hope I will see the day when most of the overseas Filipino workers will go back to the home country and find decent jobs that pay decent wages.
And I hope I will see the day when foreigners will go to the Philippines to seek work because of the abundance of jobs and because there aren't enough Filipinos to fill those jobs.
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