With
this online edition of Jan. 25, 2008, CenPEG introduces its Fellow
Speaks corner. The corner aims to elicit and publicize abridged
but quick reactions by the Center’s Fellows on raging issues
of the week.
Fellows
Speak 1
Fellows Speak 2
As
reports of U.S. recession forced world stock markets to plunge threatening
global economic setbacks, President Gloria M. Arroyo aimed to bury
the issue right away by saying that because of “strong economic
fundamentals” the Philippines is safe from the economic virus.
CenPEG’s Fellows look differently:
What
is your reaction on Gloria M. Arroyo’s point that the Philippines
will not be affected by the U.S. recession because of its “strong
economic fundamentals”?
Prof.
Roland G. Simbulan: Precisely because those fundamentals
are based on the neoliberal market-oriented paradigm, we will be
affected. Under such circumstances, our OFWs’ (overseas Filipino
workers) remittances are the ones artificially saving the Philippine
economy from collapse.
What
is the political impact on the Philippines of the U.S. recession?
Simbulan:
The U.S. recession should be a signal for the country to really
diversify its markets, sources of raw materials and capital, lest
we continue to be vulnerable to the dire external consequences from
one major economic partner. Overall, it should lead to a serious
review and realignment of Philippine economic, political and foreign
policies, thus reducing the U.S. leverage in threatening us with
economic sanctions in negotiations.
Prof.
Felix Muga II – Our top science and math graduates
will find it hard to pursue further studies in the U.S. Maybe most
of them will consider Europe.
(Simbulan
is the former Faculty Regent of the University of the Philippines
system and former vice chancellor of UP Manila. Muga II is an associate
professor of the Ateneo de Manila University’s mathematics
department.) |
