ur memory is now hazy on
the padding of the international reserves at the height of the country’s
economic crisis in the early 1980s. It involved double counting of the value of
oil shipments on the way to the country which apparently had been sold while in
transit and of the proceeds of the sale. This led to the resignation of Jaime
Laya, one of the respected technocrats in the Marcos regime, as Central Bank
governor even as it was later established he had no hand in cooking the books.
It led to the loss of trust by international bankers, making
it more difficult for the country to raise dollars and eventually resulting in a
suspension of the country’s debt payments.
Despite this, economic data in the main were considered
reliable during the Marcos years. Then Prime Minister Cesar Virata and Planning
Minister Gerardo Sicat would not countenance fraud in drawing up the national
income accounts and the CB’s balance sheet. And Ferdinand Marcos, whatever could
be said about him, respected his chief economic advisers.
Of course, PR spin has always been part of the political
game. The economic figures given a spin, however, remained sacrosanct. Now it
seems official statistics have already been affected by the contagion of
cheating and lying in government that started at the highest level.
A group of former finance and economic officials from
previous administrations last week, in a statement titled "Fighting corruption
is never harmful to the economy," practically accused the Arroyo administration
of fiddling with economy data.
The group said there is a "growing concern among experts
about the glaring and unprecedented inconsistencies in official statistics on
growth, income and poverty that raise doubt about the reliability of economic
growth data."
It went on to say that official poverty statistics affirm
that whatever growth was achieved in the past five years benefitted only a few.
It added that this "growth" has even swelled the ranks of the
poor by almost four million Filipinos, with poverty rising not only in absolute
numbers but also in relative terms.
The group demanded transparency, accountability and fair
play, saying these are the only foundations for a strong economy. "Economic
gains based on corruption in government are mere illusion, are of limited
benefit, and cannot last long," it said.
Gloria surely must have read something similar on her way to
getting her PhD in Economics. But the lesson has not sunk in and is not sinking
in. She and Mike apparently have a far simpler principle in life - to make hay
while the sun shines.
And continue to make hay they will unless they are soon sent packing.
