Our own worst enemy
Resilience, however, shouldn’t be a substitute for good governance. We shouldn’t have to overcome self-inflicted wounds every single time.
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Resilience, however, shouldn’t be a substitute for good governance. We shouldn’t have to overcome self-inflicted wounds every single time.
We woke up one morning last month to yet another headline screaming about the Philippine economy. “GDP growth to slump to 3 percent,” it said. “Lowest since the pandemic.”
The Philippine economy is expected to remain sluggish through the end of the Marcos administration, with economists from De La Salle University (DLSU) lowering this year’s growth forecast to 3.08 percent from 3.11 percent, citing persistent global and domestic challenges that continue to weaken economic conditions.
Meanwhile, a British think tank, sitting thousands of miles away, has declared that we are doomed to years of sluggish recovery. The most infuriating part is not the prediction itself. It’s that we gave them every single reason to make it.
A neighbor runs a small hardware store in Mandaluyong. Years back, he was buzzing with excitement because government infrastructure projects were everywhere. He was supplying gravel and cement to contractors left and right. His business was thriving. But today, he’s lucky if he sells a single bag of nails. The projects are frozen and the money is drying up. And my neighbor, who never stole a single peso from anyone, is wondering how he’ll pay his suppliers.
The P118.5-billion flood control scandal makes everyone’s blood boil. Not just because of the amount — though that alone is stomach-churning — but because of what it represents. While corrupt officials lined their pockets, ordinary Filipinos paid the price.
Infrastructure spending plummeted 45.6 percent in the first four months of this year. In April alone, spending crashed by over 50 percent. Half. We halved our infrastructure investment because greedy hands had dipped into the public purse.
The British think tank points this out with cold detachment. It said anti-corruption is good, but look at the economic damage. As if we don’t already know. As if the irony is not painfully clear — the very officials charged with building our future stole it instead.
The US-Iran conflict pushes up oil prices. The Philippines, with its incredible lack of energy foresight, gets hammered. Inflation spikes to the highest in Asia. Consumer spending collapses. Economists at the United Overseas Bank have warned that inflation could hit 7.5 percent — the worst since the 2008 global financial crisis.
What did our leaders do to prepare? What long-term energy strategy did they implement? What renewable investments did they prioritize? Absolutely none.
The British think tank calls us “energy dependent.” It sounds like diplomatic language for “completely vulnerable.” We import almost everything, produce too little ourselves, and then wonder why prices go up when global costs rise. We wonder, too, why the house we built with weak materials can’t withstand a storm.
The country apparently has a confidence problem. Capital Economics, a leading global macroeconomic firm, warns that weak market confidence will suppress investment and consumption. Our first-quarter GDP grew by just 2.8 percent — the lowest since 2009. Who can blame nervous investors and scared consumers?
When government officials are being investigated for stealing billions, when inflation eats away at every paycheck, when infrastructure projects grind to a halt, trust evaporates.
The think tank predicts our recovery will be slow, and we will struggle for years to come. They’re probably right. And whose fault is that?
Certainly, not the British think tank’s or the private sector economists’. They’re just the messenger. The fault lies with us. With our leaders who prioritized personal gain over public good. With our policymakers who ignored energy diversification. With our culture that too often accepts corruption as “just how things work.”
Absolutely, recovery is not impossible. Filipinos are known to be the most resilient people. Resilience, however, shouldn’t be a substitute for good governance. We shouldn’t have to overcome self-inflicted wounds every single time.
And sentiments blaming our economic troubles on our opposing China are just embarrassing. Are we so desperate for scapegoats that we’ll invent geopolitical narratives to explain our own failures? Our economy isn’t struggling because of the South China Sea. It’s struggling because of corruption, poor planning, and a lack of leadership. Period.
A British think tank poured cold water on us by predicting darkness ahead. Honestly, they’re just reflecting the homemade mess. The real issue here is whether our leaders have the spine, the integrity, and the vision to clean it up.
Or will we keep blaming former leaders and everyone else while our economy continues to bleed?
