Why GMA is good for business

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Why GMA is good for business
By Tony Lopez


I AM sometimes asked, “Why is GMA good for the economy and good for business?”

There are two answers. One, she has the right stuff. Two, she delivers.

GMA is competent. She is an economist president. MA in economics and PhD in economics. She taught economics, specializing in labor and social equity economics.

More important than being just an economist, she has just the right stubbornness to pursue what she thinks or believes is right or good for the country. In more polite societies, that will be known as political will. Or even integrity.

Look at what she has delivered. Six consecutive years, or 24 quarters of economic growth, the longest economic expansion in the last quarter century.

All presidents before her, from Ferdinand Marcos to Corazon Aquino to Fidel Ramos to Joseph Estrada suffered slow, zero if not negative economic growth by their last year in office.

Mind you, the Philippines is one of the most difficult economies to manage in the world. It is not small. At $108 billion, it is bigger than Chile, Egypt, Hungary, New Zealand and Pakistan. The economy is twice the size of Vietnam, 87 percent the size of Malaysia, 91 percent the size of Singapore, and 61 percent the size of Thailand.

From 1975 to 2000, economic growth per capita in the Philippines was zero. From 2001 to 2005, economic growth per capita became 3.3 percent. To achieve that kind of per-capita growth, the economy must be growing by at least 5 percent per year. And it is.

When GMA began office in 2001, per-capita income was barely $1,000. Today, it is $1,500, thanks in part to the strong peso, which effectively increased dollar income per capita by 10 percent.

I will not cite the strong peso, the rise to record dollar reserves, the low inflation, the low interest rates, the improved credit ratings, the higher level of foreign investments.

I cite money made at the stock market. Since GMA took office in 2001, the stock market created P5. 2 trillion of additional wealth. That’s P5,200 billion.

Considering that only about 200,000 people actively play the stock market, each of them made about P26 million—by just sitting on their asses or simply sitting it out, having coffee at Starbucks, while the Phisix was rising to its 10-year high.

The rich of this country tripled their wealth even while a few of them were plotting to overthrow the president.

Finally, GMA has defeated all her major enemies, from Joseph Estrada to the Janjalani brothers. The New People’s Army is on the run, thanks in part to guys like General Palparan.

So why don’t the people appreciate these visible improvements?

Part of the answer is a communications problem. Mass media is sometimes perceived as the mess media. And the President sometimes simply refuses to face the media, even the media who should know better.

That is why when the President agreed to meet business writers for lunch Tuesday noon in Makati, it was a milestone. She delivered what I think is the most substantial speech of her presidency. She defined her goals and objectives, enumerated how she will go about achieving them, and promised a better tomorrow for many Filipinos.

Will she get to where she promised us? You bet we will.

Source: http://www.manilatimes.net/national/...70222opi5.html

[baron]

I so agree. She worked hard for the economy to improve. From economic loss to economic recovery to economic stability. Although she made unpopular decisions that never appealed the public, she guaranteed that these economic decisions will be for the benefit of the economy and the public. By now, no one can say that her economic reforms are futile. Not now when the country’s efficient economic management is being recognized even by the international community.

Now the president stated a target goal of 7% GDP growth for this year, 8% by 2008 and 9% by 2009. We have always been on a 4-6% target ever since. Now, why is she so confident we can reach that goal? Because she know she's working.

[jofox]

coz she is an economist....i love GMA

[darkdevil]

instead of helping GMA to boost our economy
some of the politician try to pull her down..

"pinoy mentallity" tsk tsk tsk ...

[SPRINGFIELD_XD_40]

Mabuhay ka PGMA !!!!

[baron]

I just read the news that the confidence of the business sector today in our economy is the highest in 11 years. With the continuous upturn of our economy as we urge more of these 24 months of economic growth, a stronger and more stabilized peso, and rising investments, who would not be encouraged?

I just hope this will not be ruined with some baseless criticisms of the opposition. After all, it's very difficult to deny all of them, not when all these economic indicators are breaking their own record highs.

[eax]

instead of helping GMA to boost our economy
some of the politician try to pull her down..

"pinoy mentallity" tsk tsk tsk ...

Dili "pinoy mentallity" it is a "crab mentallity".

Maayo bitaw iyang economic performance. Mao bitaw kanang mga critcs niya wala gyud maka-sulti about the economy.

[darkdevil]

mao diay na nga term..hehehee
xenxa na

[SamuraiArcher]

I agree...GMA is very good......

[ggierran]

i hope everyone would share our opinion..
but the reality is, those who have nothing in their pockets are easily corrupted into thinking that the opposition are pro- poor and GMA is just PRO RICH..
that has been one of the opposition's slogan from the start.
thanks to mr. erap who never experienced being poor once in his life..

i believe she will be able to reach the end of her term by 2010.
and hopefully by that time our economy and our country would be 10x much better than what we now see..