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| AN OUTSIDERS VIEW |
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| Ken Fuller |
Last week, this column presented the highlights of a manifesto for development drawn up by a UK businessman-scientist, a long-term resident of the Philippines. Some of his economic proposals are attractive, but do they add up to a development strategy? The proposals for industrialization are, for example, a little thin, and I couldn’t help noticing that two or three of the proposals would directly benefit the businesses in which the plan’s author is involved.
But there are other problems. According to the document, its proposals would save an annual P751.7 billion — equivalent to 70 percent of the 2008 budget. This may be an exaggeration, as the savings include P269 billion in debt servicing, whereas this is actually an “off-budget” item. But this raises the question of how this particular saving would be made. Debt servicing is not discussed in the document, but now it is suggested: “write it off.” Okay, but shouldn’t there be some discussion about how the people will be educated and mobilized behind this proposal, in preparation for the counter-attack by the foreign creditors?.... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20120320com4.html
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