Tuesday, September 05, 2006

Malakas at Matalino na Siya!

Sino? Si President Gloria Macapagal Arroyo (PGMA).

Al-Pazeera (aka the Associated Press) ran a story today on President Gloria Macapagal Arroyo of the Philippines. I picked it up via Yahoo News.
The Philippine president, one of Washington's strongest backers in the war on terror, has been the target of constant coup rumors since she was swept into office in January 2001 by the country's second "people power" revolt. Now she has just performed another escape act by fending off a second impeachment attempt.

The late-August victory prevented a potentially explosive trial in the Senate — an opposition stronghold — on allegations of vote-rigging, corruption, human rights abuses and violations of the Constitution. As a result, she has gained an aura of political invincibility, immune from the opposition's best shots while she manages a never-ending string of crises, including natural disasters, terror attacks and other emergencies.
Source: Yahoo News - Philippines' Arroyo a political survivor (PAUL ALEXANDER, Associated Press Writer)

PGMA is tough and smart. Her opposition seems dumbfounded by her ability to hang onto power. The article goes onto say it is going to a long few years until she is required to step down and how the political class is going to be struggling amongst itself over her legitimacy. Instead, the political class should focus on stabilizing the Philippines.

I have said this before and will say so again. The Philippines is a land starved for capital. They have an incredible amount of ingenuity and can-do but lack capital. Jeepney shops don't have mechanized sheers but instead ladders and manual sheers with 10' long handles. The job gets done but why should that human effort be wasted by going up and down a ladder to sheer sheet metal? The peso is pushing 50 pesos = $1.00 (from a low of probably about 57 = $1.00).

What would the Filipino economy be doing were it not for the political instability?