Rising inequality has been an inescapable phenomenon of global economic development over the past 200 years. Per the United Nations’ Sustainable Development Goals, growing inequality affects 70% of the global population and threatens “long-term social and economic development, [harming] poverty reduction and [destroying] people’s sense of fulfillment and self-worth,” all of which “can breed crime,...
Category: Economy
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The dubious legacy of the Marcos debt
As the nation marks the 50th year of the declaration of martial law on Sept. 21, 1972, it is relevant to recall how that chapter in Philippine history has affected the country and its people. Three months after the ouster of the Marcos regime in February 1986, a group of 16 economists from the University...
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Who’s misinforming the public on the debt service?
An issue has arisen on what exactly are the Philippines’ debt service obligations. Contending parties from the government and the media have issued contradictory statements on how to define the debt service: The government claims it is manageable; some in the media are raising alarm bells. Last Aug. 24, Budget Secretary Amenah Pangandaman was quoted...
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Food security? Ease the plight of farmers first
The issue of food security is in the headlines these days because of the attention the new administration is giving it and the fact that the new president, Ferdinand Marcos Jr., has positioned himself as head of the Department of Agriculture (DA). I have been living and working in the Philippines for 20 years, and...
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What is wrong with technocrats?
President-elect Ferdinand Marcos Jr.’s designation of known technocrats to manage the Philippine economy raises the issue of whether continuing to rely on this particular group of experts can actually do good for the Filipino people and the country. The rise of technocratic management of the world’s economies over the last 70 years has spawned studies...
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Missing the boat on population management and economic development
The Philippines has missed a number of opportunities toward long-term economic development. While it was in pretty good shape in the 1960s through the late 1970s—and certainly highly competitive with other developing countries in Asia—it began to falter at the turn of the decade. By the early 1980s it started to miss the boat in...