The current condition of the country's economy is unstable or sustainable in the sense that the source of foreign reserves or earnings has become dependent mainly from the OFWs remittances, yet this reliance on sustaining the economy must only play a second role for our economic programs and strategies. We should built a mainstream economy based on industries, or industrialize the country as the backbone of our stability, and not rather from other sources like the OFWs. Actually, the rise of the OFW in our economy can be treated only as an accident, not mainly the thought of the government from the beginning.
We need to accept that industrialization will make the country self- sufficient and self-reliant, specially when it comes to critical international situations or global economic crisis, we can live long and survive. Industrialization is no different like prepping for the apocalypse.
Unless economic policies are created to make favorable conditions on business and trade, we will find it difficult to achieve wealth and economic gains for the country and liberate it from foreign influences and interventions and world order dictated by highly advance economies of the world.
In this light, we should be preparing now by way of industrializing the economy.
The on-going tax reform measures will make no good generally for the well being of our people, instead, it will create negative impacts that would make further economic difficulties ahead amid the situation of uncertainties under the eenvironment of meager investments and tax base.
The other and only way to deal with our economic situation is to industrialize the country by promoting micro entrepreneurship, more businesses locally, foreign capitals, and intensify the commerce activity of the people in general that will spread and widen tax base of the government that eventually will lead us to reverse tax reforms instead.
Currently, we have the problem of a falling peso, interpreted as the worst performing currency in Asia right now, while others are improving. The effect of a dollar against the peso will further impact inflation and may not encourage in relaity employment, due to export industries which is supposed to be the recipient of the high dollar exchange has commonly have a high "imported input materials" that would not be beneficial at all to the sector. Unless, if there is zero foreign input materials in our export products, then, that the case would be the reverse.
Another is the increasing outflow of foreign investors closing down in the country that exceeds the inflow of foreign capitals. These are indicators that the country is heading towards uncertainties coupled by the pending tax reform bill in congress that would make more blows to the woes we experiencing right now.
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