Jan 28, 2008

[Philippines] Monkey See, Monkey Do

Flickr: donny27 - Peso
by donny27.

Hot on the heels of President Bush announcing his solution to the growing US economic crisis - a fairly hefty stimulus package, our own government seems to be attempting to position the merits of a similar measure.

An economic adviser to the President is now proposing P75 billion stimulus package of our own in order to combat the effects of continued downward spiral of the US economy at this time. Admittedly given our history for financial decisions motivated by less-then-ideal aims, I can't help but receive this proposal with and eyebrow raised and my doubts flying freely. Sure, it seems to make sense for the government to address the global effects of a possible US recession, but at the same time the added spending plans for the government always makes one think of extra income for our legislators and other spenders outside of what is officially declared.

Many see the US stimulus package as too little, too late, so why exactly should we be immediately following suit? There might be a need for a more calculated response to this issue and not simply following what the US is doing. Take for example the hedging facility for OFWs that has been recently launched by the President. Now that makes a bit more sense to me.

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