Which Yardstick?

I first encountered the Asian Development Bank study entitled “Philippines: Critical Development Constraints” over the weekend at Ellen Tordesilla’s blog entry, (thanks to leelock.) Despite the much hyped 7.3% growth in terms of GDP by the Arroyo administration, (which the report acknowledged,) the study notes that “both public and private investment remain sluggish and their share in gross domestic product has continued to decline.”

An article at Inquirer.net yesterday on the same report summarized the “‘constraints to private investment and growth’ in the Philippines” which included:

  • Tight fiscal situation due largely to weak revenue generation.
  • Inadequate infrastructure, particularly in electricity and transport.
  • Weak investor confidence due to governance concerns, particularly, corruption and political instability.
  • Inability to address market failures leading to a small and narrow industrial base.

The article is actually the second on the same report released last week. The other one focused on the exodus of skilled workers looking for greener pasteurs. The phenomenon raises doubts on the sustainability of the economic growth last year harped on by the current administration as the country is losing “not only human capital but it is also losing a lot.”

Curiously the timing of the statement of the US State Department as quoted by Philippine ambassador to the United States Willy C. Gaa couldn’t have been more perfect. According to the article mentioning the post on the Philippine embassy’s website:

Gaa thanked the State Department for expressing its continued confidence on the Philippine economy and democracy in its recently released US State Department 2009 Congressional Budget Justification Report.

So which is it really? Sans the numbers and technocratic jargons, my guess is that it’s the one a lot of us knew all along. The presence of the former just stresses the latter, (just as it should.)

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2 Responses

  1. Oi, thanks for the ADB link. Mabasa nga…

  2. First off, my bad for not having even mentioned your name there. It was actually through your blog that I first encountered Ellen’s entry so I’ve made the necessary update to that entry.

    Also thanks for dropping by.

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