|
THE
government remains upbeat about its economic prospects
this year despite warnings of a “perfect economic storm”
that may sweep through the country if high food and oil
prices persist through 2009, Malacañang said Monday.
Deputy
Presidential Spokesman Anthony Golez said in a statement
that the Arroyo administration has “laid the strongest
macroeconomic fundamentals that our country [has] ever
had in order to weather any economic storm.”
“With
the unprecedented strongest economy for the past 28
quarters, we are ready to face any approaching economic
dangers. Our vibrant economy is giving this government
enough flexibility to cushion the effects of soaring
global prices of oil and food,” Golez said.
To the
critics, however, the ample cushion provided by the
robust growth won’t be enough if Malacañang persists in
its shallow course. One of them, Sen. Panfilo Lacson,
said the Executive betrayed a “headless economic
strategy” to cope with rising cost of living after
Palace officials doled out subsidies one week and then
imposed a shopping ban due to inflation the following
week.
In a
statement, Lacson lamented the inconsistencies in the
Arroyo administration’s economic policies, saying it
gave a glimpse of why the Philippine economy trailed
behind its Asian neighbors.
“For an
economist, Mrs. Arroyo is either absorbed in her own
little world or she is in a state of panic,” the senator
said, adding “Why else give billions of pesos in
subsidies one week, then discourage Filipinos from
shopping due to inflation?”
He
pointed to Malacañang’s subsidy spree last week—where
Palace officials launched one program after another,
offering subsidies for power, fertilizer and education.
In the case of power subsidies, Social Welfare Secretary
Esperanza Cabral conceded that the P500 power subsidy
for poor families was a one-shot deal due to lack of
funds.
Meanwhile, Golez noted that the President has
implemented various programs to directly assist those
hardest-hit by high food and oil prices.
“For
every perfect storm, there has to be good contingency
plans and the resources to implement its plans. These
have made our country strong and our people resilient,”
Golez said.
Analysts
have warned of political unrest if inflation, which hit
9.6 percent in April, continues to climb in 2009 as this
may lead to job losses and an economic slowdown. |
