One particular sinister expertise of the previous administration was how to spend and disburse public funds with neither care nor remorse – and how to incur public debts without reserve or concern. On One hand, it nonchalantly made payments to gain and to stay in power. It lavishly spent for local non events and luxurious foreign travels. On the other hand, it borrowed money like a drunk, incurred debts upon debts without any guilt or regret. As its infamous and shameless legacy, it left a public purse that is empty of cash but full of debts. And how!
This is exactly why the present administration has no rational option but most probably to do the following – among other consonant agenda: One, extirpate all graft and corrupt practices in government, and apply the full force of the law to their principals and agents. Two, pay special attention to the doings of the Bureau of Internal revenue, the workings of Bureau of Customs, the operation of the Department of Public Works and Highways plus the conduct of all government owned corporations. Three, make special arrangements either for the reduction if not the reprieve of portions at least of both local and foreign debts, specially those with “Sovereign Guarantee”.
This is not mere fantasy but solid reality: The Philippines is rich while the Filipinos are poor. There is definitely something basically wrong with such as contradictory pairing. Where is the wealth of the Country? Who actually have such riches in their possession, illegally and/or illicitly? In whose names are they fraudulently credited? In what banks here and abroad are they surreptitiously deposited? What lands, mansions, corporations and the like, have been bought with them and possibly registered in fictitious names or other individuals?
It is woefully said that the moment a child is born in the Philippines, the little and innocent creature already owes the government some 48 thousand pesos. This is not only detestable but also scandalous. Furthermore, the newly installed administration would ultimately prove to be a big failure if it remains flat broke or it dares to even increase the present total debt of the Country. There appears no reasonable and acceptable option for the incumbent national leadership other than to get and/or bring back to the public purse, anything and everything that by law and fact belong thereto.
There must be a great amount of money in cash and in kind that rightly and justly belong to the people through their government, that must be brought back to the public coffers by all legitimate means, and that will thus enable the present administration to bring to fulfillment that brought it to authority. Good will and honest intentions are only worth the funding that will bring them to ground reality.
23 JULY 2010