IBON says political capital must be used for real reforms in 2012
Christine Ubalde, InterAksyon.com
January 2, 2012

 MANILA, Philippines – With the Philippines expected to remain affected by the fallout from global economic woes, the Aquino administration should use the “political capital” of a popular President to push serious reforms, especially in manufacturing, to boost jobs, technology and capital in 2012.

The local think tank IBON Foundation Inc. offered this unsolicited advice to boost the Philippine economy at the first working day of the new year, as it noted how external risks remain high, considering the challenges to the country’s traditional trading partners and hosts of its huge migrant labor.

Ibon said in a statement real reforms are urgent considering how, in 2011, the Philippines was impacted by the slow global economic growth from a confluence of problems—the debt crisis in Europe and the slow recovery in the United States. This, as well as the government’s underspending last year, resulted in an overall anemic economic growth for the Philippines. .

The serious reforms should include those boosting the manufacturing industry, which is always greatly affected by external shocks, said IBON. This will help shield the country from the external environment which is expected to remain in the doldrums for a time, the think tank added.

“The Aquino presidency supposedly has high approval ratings from the public. If true, this can be political capital for the reforms that the country needs – that is, getting the support of the people not just on a populist anti-Arroyo or anti-corruption issue but for the necessary economic measures that are in the general public interest. The Aquino administration’s policy choices in 2011, such as giving greater weight to narrow foreign and domestic elite interests, unfortunately only underscores the challenge of pushing for real reform in 2012,” IBON said.

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