In a major newspaper, three economic experts gave their reviews of the Philippine economy since 2001. Supposedly, this is to educate ourselves ahead of the annual ritual called SONA.
One, Tomas Africa, said that the government did well in sending Filipinos to jobs abroad, but failed to provide good-quality or high-paying jobs in the local economy.
Another, Cielito Habito, said that a fiscal crisis was avoided by a substantial increase in the value added tax in 2005. Still, the “efficiency” by which the government collects tax has reportedly not improved. The end result was an inability not only to pare down foreign debts of the government but also to fund crucial expenditures for education, health, agriculture, and infrastructure.
A third, Cayetano Paderanga, Jr., said that economic performance was good in terms of GDP growth (because of OFW remittances), a lowering of the inflation rate, and a relatively strong peso. But the record in job creation and reduction of poverty was not as good.