This very insightful comparative analysis proves that governance founded on hollow rhetoric, outright incompetence coupled with endless demagoguery really amounts to nothing: "Ironically, this year, one of the reasons cited why the Philippines supposedly improved both its economic growth and its competitiveness is: We have a honest President, BS Aquino. But two supposedly dishonest presidents scored much better than Aquino—Arroyo on record quarterly economic growth and Estrada on the best global competitiveness ranking of the Philippines ever. Quarterly growth under Arroyo was 8.4% in the first quarter of 2010—0.6 percentage points higher than Aquino’s highest so far of 7.8%. If an honest president (Aquino) can achieve 7.8% quarterly growth rate, how come a dishonest president (Arroyo) can do better at 8.4%? In fact, under a supposedly dishonest President, the Philippine economy had done much better. President Arroyo saved the Philippines from a crippling global recession in 2008 with an 1.1 [ercemt economic growth in 2009—one of only four countries in the world able to score positive growth following the worst slowdown in 80 years. The much despised President followed that up with a sterling 8.4 percent first quarter growth and 8.9 percent second quarter growth in 2010 for an unprecedented 8.65 percent semestral growth in the first half of 2010—when nobody was paying attention to her anymore. Economic Planning Secretary Arsenio Balisacan points out that in two years under President Aquino, per capita income increased by 11 percent. That’s an average per capita income increase of 5.5 percent per year. “Per capita GDP grew by 6.1 percent in the first quarter of 2013, faster than the 4.7 percent growth a year ago. This means that from the first quarter of 2011 to the first quarter of 2013, per capita GDP has increased by 11%, in real terms,” Balisacan told newsmen in his briefing on the economy. Note, however, that under President Arroyo, per capita gross national income, at current prices, increased from $1, 346 in 2004 to $2,872 in 2010, a period of seven years. That’s an increase of 113.3 percent in seven years or an average gain of 16.19 percent PER YEAR."
Posted on: Thu, 06 Jun 2013 19:35:31 +0000
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