‘The Philippines is oozing with money’

Dr. Bernardo Villegas

By Cristina DC Pastor

If you heard Dr. Bernie Villegas grinning and raving about the economy during a January 26 investment roadshow at the Philippine Consulate, you’d pack your bags and take the first plane back to the Philippines.

“The Philippines is oozing with money,” said the economist who’s been called “prophet of boom” for his often optimistic outlook for the country.

The money is coming from the remittances of 10 million overseas Filipinos, and a stock market that is performing excellently in Asia, he told an audience of American business executives and prospective investors. “Banks are so liquid. The country is awash with funding,” he said.

All these dramatic improvements are the results of 25 years of “very painful, slow” process of political, financial and social reforms, he told the program organized by the Philippine American Chamber of Commerce and the accounting firm Eisner Amper.

It began with the restoration of democracy and civilian supremacy under Cory Aquino, followed by Fidel Ramos’ deregulation of the telecommunications industry, which laid the groundwork for the breakup of the PLDT monopoly. Joseph Estrada (yes, him) provided farmers with farm-to-market roads and more efficient irrigation system. Gloria Macapagal Arroyo endowed the country with infrastructure. Now, Benigno Aquino III is building on the efforts of Arroyo and the leaders who came before him.

In fact, Villegas back-pedaled to dictator Ferdinand Marcos, saying he was “not all the devil” he’s been portrayed. He was responsible for reducing the country’s dependence on oil and for getting the country to tap alternative sources of energy.

“The HSBC was not practicing geomancy,” said Villegas of the bank’s recent forecast that Manila will be among the Top 20 economies by year 2050 along with China, India and the U.S.

Villegas was predicting 7 percent to 9 percent growth in the next five, 10, 20 years.

Corruption, red tape, natural calamities and grinding poverty in some parts of the country are still around to hinder growth, he said, but maintained, “We can grow 7 percent to 9 percent like China.”

Was it the Black Water Dragon who said something about positive monetary flow?



28 Comments

  1. Glenn Howard wrote:

    Hello, just wanted to tell you, I liked this blog post. It was funny.

  2. Elvis Chuma wrote:

    I don’t even know how I ended up here, but I thought this post was great. I don’t know who you are but certainly you are going to a famous blogger if you are not already ;) Cheers!

  3. Miyoko Romito wrote:

    I like what you guys are up too. Such intelligent work and reporting! Carry on the superb work.

  4. Tambra Pergram wrote:

    Wonderful site. Plenty of helpful info here.

  5. Carl Ave wrote:

    Very interesting points you have here.

  6. Aldo Lanosa wrote:

    Great content : D, thanks for putting it up.

  7. Bernadine Sanzone wrote:

    Thank you for the sensible critique. Me and my neighbor were just preparing to do some research about this. We got a grab a book from our area library but I think I learned more from this post. I am very glad to see such magnificent information being shared freely out there.

  8. Donald Phou wrote:

    fantastic points altogether, you just won a new reader.

  9. Aldo Lanosa wrote:

    I wish to convey my appreciation for your kindness in support of men and women that absolutely need help with in this study. Your personal dedication to getting the message all around appears to be especially valuable and has constantly empowered regular people much like me to attain their pursuits. Your entire insightful tips and hints implies so much to me and additionally to my office workers. Warm regards; from everyone of us.

  10. Carl Ave wrote:

    I am not sure where you’re getting your information, but good topic.

  11. Jeanelle Ankrom wrote:

    Some truly excellent information here.

  12. Jada Curtner wrote:

    You have noted some very interesting details , regards for the post.

  13. Colton Albright wrote:

    Generally I don’t read post on blogs, however I wish to say that this write-up is very compelling to me. Thanks, quite great post.

  14. Ramiro Secor wrote:

    Enjoyed reading through this, very good stuff, regards . “All things are difficult before they are easy.” by John Norley.

  15. Chad Wilensky wrote:

    Wow! One of the useful blogs We’ve ever arrive across on this subject. Actually Excellent. I am also an expert in this topic so I can understand your hard work.

  16. Lynell Dushaj wrote:

    I’ve been absent for some time, but now I remember why I used to love this web site. Thank you, I’ll try and check back more often.

  17. Wilbur Fellhauer wrote:

    This is very interesting, You are a very skilled blogger. I have joined your rss feed and look forward to seeking more of your great post. Also, I’ve shared your web site in my social networks!

  18. Marlene Raeder wrote:

    Very interesting information!

  19. Claudio Armstrong wrote:

    I really enjoy looking through on this site, it holds excellent content.

  20. corburt erilio wrote:

    Hiya, I’m really glad I have found this information. Today bloggers publish just about gossips and internet and this is actually annoying. A good blog with interesting content, that is what I need. Thanks for keeping this web-site.

  21. Antoinette Langel wrote:

    Keep up the good work , I read few articles on this site and I think that your site is really interesting and has sets of wonderful info .

  22. Phyliss Guinta wrote:

    Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Actually Great.

  23. Betsy Yingling wrote:

    I like your web site. I will definitely come again again.

  24. Shasta Wesch wrote:

    I do not even know how I ended up here, but I thought this post was great.

  25. Sunni Schnetter wrote:

    Just a smiling visitor here to share the love (:, btw outstanding design and style .

  26. Eliseo Petton wrote:

    I’ve learn some just right stuff here. Such a great informative site.

  27. Ben Shaheen wrote:

    Keep up the excellent piece of work, I read few blog posts on this site and I believe that your blog is really interesting and has got sets of superb info .

  28. Colin Funkhouser wrote:

    I genuinely enjoy looking at on this site, it contains great content.

Leave a Reply for Colton Albright

%d bloggers like this: