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

* * *

BY THE WAY

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 chaff_fromthegrain@yahoo.com.ph)

Loading...

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.

  • Sy moves up, Villar enters Forbes list of billionaires
    Sy moves up, Villar enters Forbes list of billionaires

    Eleven Filipinos are included in Forbes’ 2015 list of richest people in the world. Filipino-Chinese tycoon Henry Sy Sr. continues to be the wealthiest man in the Philippines. The 90-year-old SM supermalls, banking and property tycoon ranked 73rd among the world’s richest with an increased net worth of $14.2 billion from $11.4 billion last year. Sy’s net worth was attributed to the continued growth of his SM Investments Corp. and his more recent venture, the City of Dreams Manila resort and …

  • Jolo apologizes to Bong in visit
    Jolo apologizes to Bong in visit

    Cavite Vice Gov. Jolo Revilla wept and embraced his father as he apologized for the “accidental” shooting incident in their Ayala Alabang residence, the family’s spokesman said yesterday. Lawyer Raymund Fortun came out of the private room at the Asian Hospital and Medical Center in Muntinlupa City to speak to reporters, who were barred from entering the hospital compound during the visit of Sen. Ramon “Bong” Revilla Jr. …

  • US billionaire says WWII Japanese ship found in Philippines
    US billionaire says WWII Japanese ship found in Philippines

    Microsoft co-founder Paul Allen said Wednesday he had found one of Japan's biggest and most famous battleships on a Philippine seabed, some 70 years after American forces sank it during World War II. Excited historians likened the discovery, if verified, to finding the Titanic, as they hailed the American billionaire for his high-tech mission that apparently succeeded after so many failed search attempts by others. Allen posted photos and video online of parts of what he said was the …

  • Australian drug smugglers being taken to Indonesian island for execution - media
    Australian drug smugglers being taken to Indonesian island for execution - media

    By Jane Wardell and Beawiharta SYDNEY/DENPASAR, Indonesia (Reuters) - Two convicted Australian drug smugglers were removed from a prison in Bali on Wednesday to be taken to an Indonesian island where they will be shot by firing squad, Australian media reported. The planned executions of Myuran Sukumaran, 33, and Andrew Chan, 31, have ratcheted up diplomatic tensions amid repeated pleas of mercy for the pair from Australia and thrown a spotlight on Indonesia's increasing use of the death …

  • World's oldest person wonders about secret to longevity too
    World's oldest person wonders about secret to longevity too

    TOKYO (AP) — The world's oldest person says 117 years doesn't seem like such a long time. …

  • Pacquiao big hit so far in Vegas sports books vs Mayweather

    LAS VEGAS (AP) — Manny Pacquiao has always believed he can do what 47 other fighters before him have failed to do — beat Floyd Mayweather Jr. in the ring. …

  • Another source of SAF execution video identified
    Another source of SAF execution video identified

    The National Bureau of Investigation (NBI) is still tracing the source of the video showing one of the wounded police commandos being finished off by Muslim rebels during the encounter in Mamasapano, Maguindanao last Jan. 25. A source from the Department of Justice (DOJ) said they have identified two persons who first uploaded the video that went viral over social networking sites. The supposed source of the video was elusive and claimed that somebody just placed it on an external drive. The …

  • Couple married 67 years holds hands in final hours together
    Couple married 67 years holds hands in final hours together

    FRESNO, Calif. (AP) — After spending 67 years together as devoted husband and wife, there was no question how Floyd and Violet Hartwig would end their lives — together. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options