Social and political criticisms
The Philippines awash with dollar reserves to the tune of over $70 billion, lends $l billion to IMF. IMF in turn will lend this to illiquid European countries which include Spain, Greece...
Of course, the President;s action did not escape the scathing remarks of critics and anti-s like me.
That this comes at a wrong time, and that there are so many people who are hungry etc.
My gosh; these people think with their tongues and lips.
The money is not a give away; not a donation, not a gift. It is an investment, a savings at IMF; a reserve for some rainy day; a deposit.
We should be proud that Philippines is now a new lender rather than a net borrower; PHL is now a part of elite group of nations who are not suffering: we did a 6.4% grwoth rate vs. 1.9% in US, and even less in Europe. PHL is fortunate to be insulaed from the financial doom and gloom at US and Europe.
Come on. It is the time to be happy and proud.
And stop the yakking and thinking with the yaskking....
