[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=”]
[av_heading heading=’EDITORIAL’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading]
[av_textblock size=” font_color=” color=”]
Economic pivot
THE $24 billion worth of investments clinched by President Duterte during his China state visit should ensure that technological capabilities, knowhow and research are also transferred to the Philippines, thus, propelling our country’s pursuit for what progressive groups call “national industrialization.”
This economic pivot should do away the pitfalls of projects made by past administrations that were laden with harsh impositions dictated by multilateral financial institutions. The favorite whipping boys of activists in this regard are the World Bank and International Monetary Fund. These new investments should now depart from making us mere source of cheap raw material, cheap labor and a dumping ground of surplus products.
While it is a welcome prospect that the $15 billion economic investments will be concentrated on steel, railways, ports and energy, which are generally part of basic industries, yet, the Duterte administration must ensure that these investments will primarily fall under state control and strict regulations. These should be geared to the service of the Filipino people and not primarily for profit of Chinese firms and their local counterparts.
Since China will provide $9 billion in soft loans, including a $3 billion credit line with the Bank of China, making these investments transparent and above-board are also a must to avoid a repeat of the anomalous NBN-ZTE deal during the Arroyo administration and the Dailan-MRT deal during the Aquino administration. Trade and investments should become tools uplifting the lives of Filipinos, particularly in building industries that would make the country’s stunted economy self-sufficient and progressive.
If the gains of trade and investments are only reaped mainly by investors while still leaving our people in abject poverty, then, we should abandon such a policy.
[/av_textblock]
[/av_one_full]
