It has not been a good period. The past few weeks have been filled with negativity, from continuous oil price hikes to increased LPG costs, skyrocketing rice prices that had to be controlled, and revelations about confidential funds while ordinary Filipinos struggle to make ends meet. I can’t even turn on the TV, read the news, or listen to the radio without being bombarded with more stories of despair. And it’s not just bad for most Filipinos who can’t afford any more financial blows. It’s bad for our entire country and its future, as we witness the steady erosion of the economic progress we had achieved in the past.
Just a decade ago, the peso-to-dollar exchange rate was 43:1, but now it has surpassed 57:1, a depreciation of over 31%. When a country focuses on spending rather than producing, it ends up borrowing more. Ten years ago, our national debt was around 5.7 trillion pesos, and now it stands at approximately 14.3 trillion pesos, a staggering increase of 150%. Our children and grandchildren will bear the burden of this mismanagement of the Philippine economy and treasury.
And it won’t stop there. How could it? We’re not earning more, we’re not saving more, because we’re not producing more. We’re only borrowing more and paying a higher price when the exchange rate favors our debtors over our own people. Senator Bato claims that the controversy surrounding confidential funds is politically motivated. Is he being serious, or is he simply ignorant? When Filipinos are suffering, struggling to afford rice and basic necessities, the existence of billions in confidential funds spent without proper explanation feels like rubbing salt on their wounds. It is political, but not from a weak political opposition that hardly exists. It’s political because it is driven by the people of this country who are desperately crying out for relief. The same people who overwhelmingly voted for the current political officials who live in abundance while the economy remains stagnant.
The pain, Senator Bato, lies in the stark contrast between abundance and scarcity, between massive confidential funds and a struggling economy. Yes, it is undeniably politically driven by the insensitivity of those in power. Even those who oppose the Marcos-Duterte administration do not wish for economic and political disasters. At this point, any disaster will affect everyone. Our country is already in a fragile state, characterized by political corruption and low productivity. Any external shock could easily push us into a severe crisis. Rising food and fuel prices are affecting everyone, regardless of political affiliation. It’s not yet a national emergency because there isn’t a single issue or group threatening the political power of those in charge. Despite all the problems, the suffering is not yet critical. In other words, the majority of Filipinos still do not blame the elected officials for their hardships.
However, there is still time to turn things around. While the situation may be bad, it is not beyond repair. We can all tighten our belts, but it is the belts of those in power that need to be tightened the most. They must set an example or face the wrath of the people when their patience runs out. The wealthy individuals and corporations must be the first to create opportunities and invest in the country’s development. They have the resources and capital to make a difference. Power and wealth should be used to inspire hope, encourage hard work, and increase production. We cannot continue drifting without a clear plan for the country. No vision has been articulated, no specific missions have been defined to support any vision, and no roles have been assigned to the citizens. Unless the government wants to keep relying on borrowing for subsidies.
While I want support for the millions of victims who are trapped in poverty, subsidies should also pave the way for development and empowerment. What is the plan? How is it progressing? After all the resources we have poured into our nation, have we become more productive as a people? Is our government more transparent and accountable? I have always been skeptical of federalism due to the potential for local warlords and political dynasties to thrive. However, I recognize that our country relies heavily on the efforts of progressive and dedicated local governments rather than the national government. In the absence of inspiration from the top, we must depend on the good examples set by community leaders, local politicians, and business leaders who have the foresight to take risks for the greater good.
Our country is on the verge of a major shift. We may not know exactly where we are heading, but we must move away from our current state of aimlessness. With or without a planned change, circumstances will eventually force us to adapt. And when we no longer have anything to hold us together during difficult times, it will be every man and woman for themselves.
My years in the Philippines have shown me that we are a resilient people, not because we are self-sufficient, but because we can endure immense suffering. It’s time to break free from this cycle of despair.
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