Only the wealthy to benefit from hype in PHL economy

AN urban poor group slams the positive performance rating of the Philippine economy, with businessmen considering the local stock market as second best performing in Asia, only next to Thailand.

The year 2012 is claimed to be one of the best years ever for the Philippine economy as the country’s Gross Domestic Product is expected to surpass 5 percent to 6 percent and the stock market ends the year on its 38th record high.

Kalipunan ng Damayang Mahihirap (Kadamay), a nationwide alliance of urban poor groups, claims that only a few wealthy compradors in the country are to beneift from the investment upgrade and to welcome 2013 with high enthusiasm, while millions of poor Filipinos remain hopeless of the well-publicized hype in the Philippine economy .

The group also says that rampant unemployment has remained unaddressed by the Aquino administration which encourages labor flexibilization and labor export rather than real national industrialization programs to create decent jobs for the not less ten million unemployed Filipinos.

“The twisted economic programs of the Aquino administration patterned from the neoliberal globalization will only worsen the condition of the Filipino poor in the coming years as the delivery of social services such as education, housing and public health services is gradually passed on to the hands of businessmen, said Gloria Arellano, Kadamay national chairperson.

The group promises to fail Aquino’s Public Private Partnership programs which it says are behind the demolition of homes of hundreds of thousands of urban poor settlers as well as the privatization of public hospitals in different regions in the country.

According to the Arellano, Aquino’s failure to alleviate millions of Filipinos from poverty will be marked by spiral of protests as early as January next year.

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