MLA STANDARD EDITORIAL: ADO REPORT 2012
Many well-meaning observers of Philippine society, including the World Bank and the ADB itself, have been gently urging the Aquino administration to pay more attention to the work of reducing the rich-poor gap. No one can disprove the fact that when the Aquino administration took office, it took over a Philippine economy that was growing at 7.6 percent. After only a year under this administration, the economy shrank to a gross domestic product of 3.7 percent. This was the result, Budget Secretary Florencio Abad himself admitted, of the policy to constrict infrastructure spending. Other cabinet departments also virtually froze its activities in response to the Palace order to make sure that every project was transparent and free from any kind of corruption. The ADB report warns that letting inequality fester will cause instability. Indeed, the poorer regions will end up being the site of protests and even rebellions.
Many well-meaning observers of Philippine society, including the World Bank and the ADB itself, have been gently urging the Aquino administration to pay more attention to the work of reducing the rich-poor gap. No one can disprove the fact that when the Aquino administration took office, it took over a Philippine economy that was growing at 7.6 percent. After only a year under this administration, the economy shrank to a gross domestic product of 3.7 percent. This was the result, Budget Secretary Florencio Abad himself admitted, of the policy to constrict infrastructure spending. Other cabinet departments also virtually froze its activities in response to the Palace order to make sure that every project was transparent and free from any kind of corruption. The ADB report warns that letting inequality fester will cause instability. Indeed, the poorer regions will end up being the site of protests and even rebellions.
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