Tuesday, February 28, 2006

GMA's "State of Emergency" might yet ruin the country's economic gains

Ironically, it’s GMA herself who is going to destroy the Philippine economy if she persists on her “emergency powers” under Proclamation 1017. The latest figures from the National Statistics Office show that the average capacity utilization of manufacturing industries stayed at an all time high of 80.4 percent in December. It means that a lot of factories are pretty busy despite all these political noise.

The December import figures also show double digit growth in both the purchases of capital goods (goods imported to produce more goods which includes machines, transport equipment, among others) as well as raw materials and intermediate goods. Hey, manufacturers are more productive as ever. The latest figure from the Bangko Sentral ng Pilipinas also indicates a slow revival of credit activity particularly in the farm sector as well as finance, real estate and business services.

And surprise, surprise. The latest figures from the Department of Tourism shows that in January, visitor arrivals grew 22 percent, owing to high visitor volumes from Asean, East Asia, South Asia, America, and overseas Filipinos. This has been a trend since the last two years. The Philippines is getting to be an interesting place for tourists again.

Should this State of Emergency stays for long, GMA might yet ruin all those economic gains. Hello, Malacañang!?

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