Nathan Andrada’s Blog

Surely, the Philippine economy did beat analysts’ expectations but other than that, nothing is worth rejoicing about a 4.6 percent GDP growth. I am still very much amazed of how this administration continues to allay public concern about the risks of global economic meltdown. Even the Press Secretary still regards this figure as ‘positive.’ Clearly, our leaders in Malacanang and Congress have been behind the curve all this time since the crisis began.

One thing is for sure is that we are currently in an economic slowdown and it is disconcerting that the government has not openly discussed the solutions nor prepared us of what to expect next year. When our neighbors are already talking about stimulus plans to cushion the possible hard fall that is expected because of the economic and financial turmoil, our leaders in Congress are busy killing an impeachment complaint against the President and preoccupied with their investigations of the ‘Euro generals’ scam and former Agriculture undersecretary. Nothing wrong with these actions but their priorities are clearly skewed.

The jury is still out whether National Economic Planning Secretary Ralph Recto, who is a clear political appointee to the post, can steer the economy through an expected tumultuous 2009. The President’s economic team, are definitely going to have their hands full next year. Secretary Tevez of the Finance Department commands great respect from both the administration and the opposition in Congress and his experience is a huge plus. I am deeply concerned, however, with the liberal-minded Budget Secretary Rolando Andaya because of his inclination for high spending. For some reason, our filibuster-proof House of Representatives was more than willing to make sure government is paced for another record-breaking spending next year.