Economic Ironies

MANILA, Philippines -- ''I'll have the glory of dying without a penny of convertible currency... Vengeance can find no place in a revolutionary's heart.''

- Fidel Castro's ''My Life''

OWING to the energy and time wasted on the impeachment trial of Chief Justice Renato Corona, and President Benigno Aquino's obsession to see him convicted, the economy appears to be coasting aimlessly for want of a leader and a roadmap.

Yet, paradoxically, businesses appear to be sailing along smoothly at their own steam with the general economy mercifully spared and relatively insulated from the financial turmoil in Europe and the United States.

On the rosy side, financial reports, Initial Public Offerings (IPOs), corporate net incomes, OFW remittances, call centers, fixed investments, and stock market trading are all reporting impressive performances that President Aquino can always claim as his own accomplishments.

Thus, conglomerates and universal banks from the Metrobank Group of companies to PLDT, San Miguel, JG Summit, Filinvest, to BPI and BDO as well as middle income businesses, such as GMA-7, commercial banks, Jollibee, and others have all declared healthy operations and positive net incomes.

This is an exemplary performance by Philippine business at minimal governmental intervention as the principals, notably President Benigno Aquino, are busy running after political enemies and pet peeves.

This is the economic paradox that is turning out to be beneficial.

Needles to say, if there are paradoxes, there are also ironies that are depressing and alarming.

First, the middle class is not expanding or growing as fast a rate as the population.

That is, the gap between the very rich, despite their token attempts at Corporate Social Responsibility (CSR), and the very poor, owing to the failure of the State to slow down the birth rate, is widening and deepening.

Even the gap between the upper-crust conglomerates and the middle class is also widening to the extent that the middle class cannot bridge the gap between the obscene rich and the dirt poor.

In short, this is the irony of the paradox of success that needs to be narrowed.

When all is said and done, the poor are growing in numbers, and the rich are getting richer, and fewer as a percentage of the total population.

That is the paradox and irony.

You be the judge

* * *


A congressman from southern Luzon believes that a pro-Aquino party mate congressman, who is not incurably greedy, need not engage in irregularities in his district or steal taxpayer's money as he pockets enough allowances, office savings, and windfall incomes from projects to assure his reelection... If the representative is in the good graces of the administration, hardworking and smart, he (she) can generate or line up infrastructure and social projects as much as P700 million or more per year from which he receives confidential and substantial kickbacks from favored local contractors and brokers ranging from 15 percent to 30 percent of gross project cost... Additionally, a congressman receives P500,000 cash per month for himself... Further, if he is stingy or parsimonious in hiring staff members, scrimps on office supplies, and miscellaneous expenses, he also pockets the savings... Even left-leaning party-list representatives have abandoned the streets and their working-class background... They have become part of the bourgeoisie... Meanwhile, Japan has decided to de-commission all its nuclear reactors until further notice, resulting in 60 percent rise in electricity rates and imported fuels which has been aggravated by a persistently strong Japanese yen versus the US dollar... Incidentally, Rep Manny Pacquiao of Sarangani should retire from boxing while he is ahead being the richest member of Congress... If he loses to Tim Bradley in their June encounter, Manny Pacquiao would have lost not only his iconic hero status in the eyes of the people but would also derail his plans of aspiring for a higher political post... He will be an ordinary rich boxing hasbeen... Abangan.

(For comments and views please e-mail


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • US renews travel warning to Mindanao
    US renews travel warning to Mindanao

    The US State Department renewed its warning about the risks of travel to the Philippines, in particular to the Sulu archipelago, certain regions and cities of Mindanao and the southern Sulu Sea area. In an update on Wednesday of a travel warning it issued Nov. 20, 2014, the State Department said US citizens should continue to defer non-essential travel to the Sulu archipelago due to the high threat of kidnapping of international travelers and violence linked to insurgency and terrorism there. …

  • Phl gains support for APEC Action Agenda
    Phl gains support for APEC Action Agenda

    The Philippine initiative to put the interests of micro, small and medium enterprises (MSMEs) front and center in global and regional trade has made significant progress following the conclusion on Thursday of the 2nd APEC Senior Officials’ Meeting (SOM2) and Related Meetings in Boracay, Aklan. Called “The Boracay Action Agenda to Globalize MSMEs,” the Philippine proposal calls for a host of specific, concrete and practical interventions that APEC economies can implement to provide MSMEs wider …

  • Phl to join Bangkok meet on Rohingya crisis next week
    Phl to join Bangkok meet on Rohingya crisis next week

    The Philippines will join a 15-nation meeting in Bangkok, Thailand next week to address the migration crisis involving thousands of Rohingyas who escaped persecution in Myanmar and Bangladesh. Justice Secretary Leila de Lima bared this yesterday after meeting with United Nations High Commission for Refugees (UNHCR) representative to the Philippines Bernard Kerblat. In an interview, De Lima said the Philippine government has been invited to the meeting. …

  • Magnitude 4.2 quake jolts Sorsogon
    Magnitude 4.2 quake jolts Sorsogon

    LEGAZPI CITY—A magnitude 4.2 earthquake hit Prieto Diaz town in Sorsogon before dawn yesterday, the Philippine Institute of Volcanology and Seismology (Phivolcs) said. …

  • Drought-resistant rice breeds bared
    Drought-resistant rice breeds bared

    SCIENCE CITY OF MUÑOZ, Nueva Ecija – Amid the searing heat, the Philippine Rice Research Institute central experiment station here has identified nine rice breeds which have been proven to be drought-resistant and produce high yields in temperatures as high as 38°C based on a recent study. Thelma Padolina, lead researcher of the study titled “Screening of rice-induced mutants for heat and drought tolerance,” identified the breeding lines as the Ballatinaw lines, PSB Rc72H and Azucena lines. …

  • Phl, US assert rights, ignore China warning
    Phl, US assert rights, ignore China warning

    The United States military will continue air and sea patrols in international waters even after the Chinese navy repeatedly warned a US surveillance plane to leave the airspace over artificial islands China is creating in the disputed South China Sea. The Philippine government also declared it would continue activities in the region, calling on China to respect freedom of navigation and aviation. “Our position on the importance of letting freedom of navigation, freedom of aviation and …

  • MM shutdown eyed for quake drill; 6 schools warned
    MM shutdown eyed for quake drill; 6 schools warned

    Electricity and mobile phone services would be cut throughout Metro Manila, and all private and government offices and businesses, including shopping malls, would be closed. That would be the situation on July 16 between 3 and 8 p.m. to simulate the scenario of a 7.2 magnitude earthquake. The Philippine Institute of Volcanology and Seismology (Phivolcs) has warned that an earthquake of that magnitude could occur and kill at least 33,500 people and injure at least 113,600 others following a …

  • Subaru XV now priced among sedans
    Subaru XV now priced among sedans

    Motor Image Philipinas (MIP), the authorized distributor of Subaru in the country, has positioned its brand new crossover SUV, the Subaru XV, well within the sedan segment’s price range. This move, according to MIP, was made to give the public an opportunity to experience the brand’s unique automotive technologies by lowering its price. Buyers of […] The post Subaru XV now priced among sedans appeared first on Carmudi Philippines. …


Should Aquino be held accountable over the Mamasapano operations?

Poll Choice Options