"Stagflation" - that was the word an economist used to describe the future of our economy.
Fancy-sounding word to describe an economy that is fast falling off a cliff, with no immediate relief in the horizon.
And take note, this isn't just an "economist" - this is a former Secretary of Finance warning that our country could see zero or even negative growth for the Philippines in the next months.
All the signs were there, according to former Finance Secretary Gary Teves.
High prices of basic goods, commodities and utilities. High rate of unemployment (and underemployment). Workers who are employed barely making it through their day-to-day living on wages that doesn't even match half of their expenses. A weakening currency, combined with capital flight and low investment.
Coupled with this is a government that has proved to be too lackadaisical, too believing in its own propaganda, too occupied with providing short-term solutions – imagine, billions of pesos allotted in dole-outs that are nothing more than political bribes to the masses, but mere pittance on long-term solutions to the country’s major problems.
The biggest tragedy of it all, however, is that our country’s dire economic situation is coupled with a dire political situation: as the ship sinks, its leaders are on an all-out struggle for the lifeboats.
Whatever the results of the impeachment trial of Vice President Sara Duterte might be, there is no doubt that the 2028 elections will be an all-out battle among the country’s political oligarchs for survival.
And while it’s happening, no one even gives a thought on how to save a country that is on the verge of going under.
Kawawang Pilipinas!
#Editorial #OpinyonLaguna