  I found this article at our daily online news, usually emailed to us or published in the intranet, giving us links on news bits that might be of interest to the staff. One of the articles is very interesting indeed... in a sad way. Philippines, South Korea: study in contrast May 19, 2004 Agence France-Presse JEJU, South Korea -- The riches-to-rags story of the Philippines in contrast to South Korea's march to First World status underscores the importance of the right economic policies and their implementation, the Asian Development Bank (ADB) said Monday. When the Manila-headquartered bank was established in 1966, the Philippines was second only to Japan as Asia's richest nation, while South Korea was among the top borrowers.
Nearly four decades later, their fortunes are completely reversed -- the Philippines is one of Asia's poorest countries and South Korea is now a key contributor to the bank. ADB president Tadao Chino said the two countries provided a study in contrast in the bank's overarching goal to significantly reduce poverty by 2015. The number of people living on less than a dollar a day in Asia has generally fallen, leading to a better quality of life and longer life expectancies, Chino said at a news conference at the close of the ADB's annual meeting in this South Korean resort island.
However, there are differences among countries and how they formulate and implement policies and multilateral aid. "Not all the countries develop at the same rate and that depends upon the various given conditions [and] environment for development, and also the effectiveness of the policies and their implementation," he said. Chino said the Philippines economy has improved and is projected to grow between 4.5 and 5.5 percent this year and next, compared to 4.5 percent in 2003. "It is not bad but more can be expected," he said. Chino said there were "complex factors" that inhibit the inflow of foreign investment as the country is burdened by a huge budget deficit, low levels of public spending and a lack of investment in infrastructure.
Financing the deficit keeps interest rates relatively high which in turn keep investors at bay, he said, adding that the Philippines' rapid population growth was also an impediment to growth. "If there will be major political and economic reforms, then I think we can expect much higher growth rates ... It will improve the lives of the people. "But that all depends upon the government and the people -- how do they make the effort for a better economy.
The most important is to improve the environment for private sector activities. " Other analysts outside the ADB have cited rampant corruption as a deterrent to investment in the Philippines. On the other hand, Chino held up South Korea as a model of poor countries that had received ADB aid and are repaying them now by becoming donors. South Korea put out the red carpet for the more than 3,200 meeting delegates who held meetings at a posh, glass-walled international convention center that offers a sweeping view of the ocean here.
Seoul contributed 113 million dollars to the latest replenishment of the ADB's anti-poverty fund, which totaled seven billion dollars to be disbursed between 2005 and 2008. "The Korean government has been contemplating ways to return the valued favors we received through the ADB to fellow member countries in need of assistance," South Korean Prime Minister Goh Kun said when he opened the meeting on Saturday. He said South Korea will establish an "e-Asia fund" to help poor countries in the region improve their competence levels in information and communication technology.
copyright 2004 INQ7money.net all rights reserved Pathetic isn't it? I heard that couple of decades ago, the exchange rate was even Php 1 = US$. I can't believe it coz now it's Php 56 = US$ 1!!!!!! My poor poor poor (literally! ) country. I don't know how we can ever get up from the slump we are in. I don't think our Government would be any help. Oh well (sigh)... on a much cheerful note, I think I'm gonna go to Singapore. I've done some "research" and I think Singapore is more fun and more fulfilling for me.
I think I wanna go to that underwater world and ride a dolphin (although it would offend the animal rights activists), I just can't let that pass. I wonder if I'll get to ride an elephant too and conquer my fear of heights!!! I'm getting excited by the minute. I just hope there'll be good weather on 11th June since it's already typhoon season here... grrr.... Better get our tickets!!! P. S. I have this feeling that I'm missing someone, but I don't know who... (???
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