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Towards a Modern and Prosperous Philippines

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James Matthew Miraflor

on 9 November 2011

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Transcript of Towards a Modern and Prosperous Philippines

Towards a Modern and Prosperous Philippines Mayamang Pilipinas,
Mayamang Pilipino James Matthew Miraflor Debt and Public Finance Campaign Freedom from Debt
Coalition In 1957, 54 years ago, the World Bank has published a report on the Philippine economy. “The Philippines has achieved a rapid rate of economic growth in the post-war period. Production has continued to grow at an annual rate of 7 percent…” The basic economic position of the Philippines is favorable. It has a generous endowment of arable land, forest resources, minerals and normal potential. Through a comparatively high-level of expenditure on education, transport, communications and industrial plant over the past 50 years, “...the Philippines has achieved a position in the Far East second only to Japan...” ... both in respect to its level of literacy, and to per capita production capacity. “The prospects of the Philippine economy for sustained long-term growth are good.” “...other favorable factors are... the high-level of savings and investment, ... and considerable possibilities for import substitution.” How did the Philippines do it, coming as it is after WWII?

The World Bank elaborates: “During the past two or three years, strict limitations on competitive imports have been combined with an easing of import restrictions on capital goods and raw materials... ... widespread tax exemption, liberal credit and growing government expenditures to create a climate of expanding domestic demand and high profits.” The strategy for rapid growth is clear. The administration of Carlos P. Garcia (1953-1957) knows it. Filipino First
Policy This policy heavily favored Filipino businessmen over foreign investors. Changes in retail trade greatly affected the Chinese and American businessmen in the country. 30 years later, the nationalistic and strong leadership of Dr. Mahathir bin Mohamed of Malaysia will conduct a similar program called a national policy that gave preference to the "bumiputeras" (sons of the soil) - native or ethnic Malays in business, government and education to attain and catch up with the Chinese and Indians "New Economic Policy" (NEP) We need to have a new policy PINOY MUNA! 1. Industrial Strategy 2. Land Reform 3. High Wage Policy 4. Guaranteed Income 5. Assertive Debt Strategy Freedom from Debt Coalition's National Economic Platform ....in order to realize a rich and modern Philippines. Taiwan Experience In the 1950s, after the Nationalist government came to Taiwan, land reform and community development was carried out by the Sino-American Joint Commission on Rural Reconstruction. Many of the large landowners were Japanese who had fled. The land program succeeded also because the Kuomintang were mostly from the mainland and had few ties to the remaining indigenous landowners. This created a strong Taiwanese Middle Class that served as the nation's domestic market for years to come.. ...which eventually became an important pinnacle of its industrialization project. The Philippines can now look to the future of farming: Small holder
agriculture which should be assisted by the latest technological advances in organic agriculture and "precision farming". In the US, starting hourly wage $7.20 (P324) In the Philippines, minimum wage is P404 per day. McDonald's contractual employees are probably getting much less. How much do McDonald's employees earn? Why a huge difference of pay for same work? SECRET: Because consumers can pay more. The workers spend what they get, and capitalists get what they spend. -- Michal Kalecki Developed economies understand that:
HIGH WAGES = HIGH CONSUMPTION Time to end the Cheap Labor Policy “...It is evident that nothing so much contributes to promote the public well-being as the exportation of manufactured goods and the importation of foreign raw material.” Sir Robert Walpole (1676-1745) UK's first Prime Minister, through the King’s address to Parliament, on 1721 legislation: Import Substitution has been used by almost all developed economies From the British Empire (1487-1914) to the United States (1865–1918) to the United States (1865–1918) to Japan (1858-1970s) to South Korea (1960s-1980s) Filipino First is the right track. The first step is the development of agro-industry. We should follow the assertive debt reduction strategy of Argentina. Nestor Kirchner 54th President of Argentina Argentina's growth accelerated after its debt restructuring strategies. The payment of a basic monthly income, funded with tax revenues, of 100 Namibia dollars, or about €9 ($13), for each citizen. There are no conditions, and nothing is expected in return. State-led Cooperativization Modernize cooperatives through government support on capital and technology But nationalization nor mere private distribution of lands may not adequately answer the specific needs of the Philippines now. What is need is a NEW mode of land reform: What we have right now is the Conditional Cash Transfer (CCT) program CCT is supposedly emulated from Brazil's Bolsa Familia program which enjoyed success P21.9 billion was allocated for this, translating to about P1,400 per family per month (P46 per day) for the poorest of the poor But what can P46 pesos buy for a family of 5 nowadays? A kilo of rice plus maybe some cheap street food. P46 is simply not enough. But what kind of agriculture? What we need is a program that guarantees the right to live Meet Sir William Beverige the architect of the modern welfare system The Beveridge Report identified five "Giant Evils" in society: squalor, ignorance, want, idleness and disease, and proposed a system of social welfare in the United Kingdom to address these. and this was when UK was devastated by WWII If war-devastated UK can do it, why can't we? a free public universal healthcare free universal public education free public housing system The primary components of welfare, which many nations adopt today are: Why would nations want added burden of welfare... aside from the fact that it fulfills basic human rights? is a penny either spent on the market, which then drives up manufacturing, or a penny saved, which drives up savings and enlarges the capital base Savings increases the Production Possibility Frontier (PPF). Because a penny not spent anymore on basic needs... Welfare drives up production and the economy. bit.ly/peoplepowerprosperity bit.ly/peoplepowerprosperity bit.ly/peoplepowerprosperity
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