Endless Possibilities

2010 posted a good year for the Philippines as its economy grew by 7.3 percent (the highest in 34 years) during the last quarter. Aside from the renewed investor confidence over a new government, the surge of remittances coming from the overseas Filipino workers (OFWs) was also largely credited in contributing to the overall economic progress of the country.
Citing the need to sustain a 7 percent economic growth in the remaining five years of the administration of President Aquino, former finance secretary to the Ramos administration, Roberto de Ocampo, said in a recent interview that letting the OFWs participate in big ticket projects of the government like the public private partnerships (PPP) will help attain and sustain full economic growth.
The projects lined-up under the PPP are expected to pave way for the state and private sector to collaborate on infrastructure projects like building roads, hospitals, and airports; with the rights usually given to the private company over a certain period of time.
With the 10 million populations of migrant Filipino workers abroad, de Ocampo suggested for the government to consider the OFWs investing on “significant projects like PPP.” This, he said, would be parallel on how the middle class are investing in huge companies and pension funds in countries like the Unites States.
“Right now, the government is beginning to tap remittances. I think they floated bonds that target OFWs. They could go beyond that…There are many of them (OFWs), it’s like 10 million in the population,” said de Ocampo.
Given the fact that the government was able to issue debt papers amounting to $550 million to OFWs in 2010, Finance Secretary Cesar Purisima said in a report from Philstar.com that the government is drawn towards the idea of selling more bonds to Filipino migrant workers, especially those that live in the US.
For 2011, the Aquino administration is set to unveil 10 PPP projects. Among these projects are: the CALA Expressway; the NAIA Expressway (Phase II); the LRT line 2 East Extension Project; the LRT 1 South Extension Project; the Privatization of LRT 1 Operation and Maintenance; the Privatization of MRT 3 Operation and Maintenance; the New Bohol Airport Development; the New Legaspi (DARAGA) Airport Development; and the privatization of Laguindingan Airport (operation and maintenance).
Noting that these ambitious projects are meant to draw in the interest of the OFWs and other major business sectors to invest in the country, many were expecting that President Aquino will mention more concrete plans on how the government will implement the PPPs in his recently concluded State of the Nation Address (SONA) last July 25.
A report from the Inquirer.net, however, reported that some members of the business sector were left disappointed as the President failed to address specific “PPP projects, macroeconomic targets, and solutions to problems plaguing local enterprises.”
Despite the perceived lack of thrust towards the PPP goals by the incumbent administration, Philippine Chamber of Commerce and Industry (PCCI) president, Francis Chua is convinced that the government is taking its time in assuring that all deals are done in transparency as promised; in line with its campaign of a corruption-free government.
People appreciate a government when they feel it working for them. The Philippine government, presumed to serve according to the welfare of the Filipino people, should not overlook any possibility of involving the public in any administrative project that the latter could participate in because anything is possible when the state and its people decide to work in unity.
(www.asianjournal.com)
(NYNJ July 29-August 4, 2011 Sec A pg.6)