I have about given up on passing comments on some of the Facebook forums, because the ones I am dealing with really have such a poor grasp of reality where economics and how that works come into play. They do not understand that they have been habitually lied to and brainwashed up until now. Helping them is on a fine line between a waste of time and more wasted money. Until the people here wake to the fact that the last 30 or so years has been a giant scam, nothing will happen to fix this place.
The lies are here for all to see. In fact, I saw a meme the other day that said, “Some countries drive on the left side of the road. In the Philippines, you drive on what is left of the road”. That kind of sums up the infrastructural situation here.
- The most expensive electricity.
- Slowest and most expensive internet.
- Unreliable phone services.
- A complicated and difficult location to do business.
- Worst traffic in the world.
And yet people here still defend the situation and insist on repeating what they did yesterday again today when they need a different outcome. Einstein talked about that, calling it, the first sign of insanity.
Show me where the infrastructure is that will bring this industrialization you speak of? You have no investments coming in and the local big business are busy investing overseas. These OFW remittances are not investment directed. Most of that goes into consumer spending. Condos are not factories that produce anything. I see no serious attempts to develop the rural communities. Their words are distortions and brainwash drivel pumped out by the oligarchy here. Believe me when I say this people. “You are part of the problem that is causing the issues of the Philippines.” Even the national debt is being hidden as investments when it quite clearly, is not. Study the data being put out by the various government departments here. It is contradictory and you call it growth. But where is the growth coming from? It is not from locally produced activity. And is all based on work done overseas by the OFW’s or BPO’s. None of which is local. So it is not Philippine growth. It is foreign growth. And who benefits from that? Not the Filipinos, because the discretionary spending of the people who use the BPO’s for services is overseas. The discretionary spending of OFW’s is overseas. Once again you display your complete lack of knowledge of reality.
So before you once again miss the point. The people who use the BPO’s are living and working in a foreign country, and they are not in the Philippines. They spend their wages in their countries, and they do not spend it here, in the Philippines. Oh sure, a few BPO workers live and work here, but the tens of thousands of customers who call some number in the States, or wherever and have it picked up here, are not adding one centavo to the economy in the Philippines from their discretionary spending. Actually, I am considering leaving because I foresee the BPO industry itself totally imploding. I worked in the industry for a long time and its days are definitely numbered in its current from. Some of the biggest out sourcing companies are already working on newer technologies. While you people have all your eggs in one basket here.
- No exports except people.
- No commodities.
- No factories.
- No infrastructure.
- No local growth except for a population which is under skilled and under educated.
You are delusional my friends. I have a worked in this field all my life, and what you see here is the biggest mess I have ever seen. Peoples homes for example, produces no growth. In fact rising property prices do the exact opposite over time. And although they may produce wealth on an individual basis, it is only when it is traded that it actually has any value to society. Why? Because the cost of owning a home is a liability. It costs you money to live in it. An asset is like a business where each day it trades, makes sales, gains revenues, and produces goods and services which are commodities society needs on a daily basis. They produce ongoing long term employment. They pay salaries, and create opportunity for flow on work which fuels a society to grow. Housing is a bubble. It only has value when you sell it. In your life time you may buy and sell a home 2 or three times. Some even less. That is a very narrow route to make money as it is so rare.
Furthermore it is not consumable, meaning that next week you will not need another house. I have yet to see any serious infrastructural developments that will produce the growth this country needs. And as for the FDI you brag about. Where is that? The Philippines is dead last in FDI in Asia – except perhaps for Norkor. But even it is starting to make noises about opening up – Vietnam, bombed into the stone age 40 years ago, is passing this country by, as with the rest of Asia. I hate to be the one to tell you, but you are sitting on a ticking time bomb folks. The financial situation here is really screaming as it stretches to the breaking point. I am just praying I can get my family out of here before it totally falls apart.
For your information, I was part of an economic reform group in a country overseas, so i do actually have some very sound knowledge about how this actually works. It is not just talk, I have actually done it. And what I see here is unsustainable without major overhaul.
It is a balloon waiting to burst. And the tip of the needle is already tickling the surface.