The Philippine Economy in 2009: Bruised and Battered by Myths and Hype

MANILA — If there is anything good that came out of 2009, it should be a radical rethinking by the government of its economic policies.

The worsening crisis experienced by the country last year exposed the Philippine economy’s over-reliance on external sources of growth even as globalization exacerbates the country’s internal economic weakness and vulnerability. The country’s jobs and livelihood crisis continued to worsen even as the onset of a renewed fiscal crisis forebodes additional burden on the people in the years to come. Amid the unfounded hype about a global economic recovery, the challenge for Philippine development remains to be in the direction of defying the imperialist globalization offensive and genuinely building the domestic economy. Continue reading