Posted by: luvin | December 19, 2008

Economy and Election

Philippines’ economic outlook for 2009 is not as bad as US and other economically connected countries, like EU  and Japan. The financial meltdown will have little effect on us because in the first place our financial importance is still negligible when viewed in global setting. Japan is expected to be affected because US is their number one debtor country. But of course we should be thankful for the conservatism that our financial institution have conducted their business, and to our sound economic fundamentals that has shielded our country from this global crisis. Ufortunately, despite the assurances of economic managers that we won’t be affected as much as the western giants would, some journalist are painting a different picture. PDI’s Armando Doronila’s statement is one example. In his column that appeared in PDI Dec. 12/19/2008, he stated; “We often hear Philippine economic managers trying to reassure the public of the “sound fundamentals” of the financial system. This complacency is also echoed by most in the business community. This is a dangerous illusion.” My reaction to that statement is this; who should be the better judge when it comes to the economy, the journalist or the economist?

Another reason that might be helpful, is the coming election. 2009 will not be a very difficult year economically because that would be an election year. And election spending will pump prime the local spending, local consumption…, it will certainly pump prime the local economy.

Election, although it has been a source of embarassment for us, has finally been helpful to our country. I’m not only referring to the numerous infrastructure development, and similar programs that appears like mushrooms during election time, helping stimulate economic growth. Perhaps it would be better if we have election every year.

Come to think of it. In the Philippine star inbox question about the most important ingredient of Philippine election, the most common reply is Money. Indeed. If I am going to give my three best factor I would say; Money, Machinery, Mass Appeal.

Machinery buildup needs a lot of money. Specially when the organization is for a national position. The amount needed for organizational and mobilization is already gargantuan, but the amount needed for maintenance would even be bigger. (ask any campaign manager or financier you know to verify the truthfullness of that assertion.

And talking about mass appeal which could be achieve through massive PR, ads, and other media blitz, the amount is dizzying. The fact is that, the bulk of a national candidates funds goes to this factor.

And there is one thing that also involves tons of pesoses, massive cheating. This factor affects the masses. So if all other ingredients are factored in, the impact to the economy will naturally be enormous.

So we should have election as often as we can have, and add more electorable position like constitutional convention delegates, more representative, more senators.

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