Economy is fundamentally weak -- CPP
September 29, 2004

The Communist Party of the Philippines slammed Malaca�ang''s latest pronouncements to the Filipino people that the fundamentals of the Philippine economy are steady and strong.

The economy is in fact, fundamentally weak, said CPP spokesperson Gregorio "Ka Roger" Rosal in reaction to the Palace's statement. Malaca�ang had issued its pronouncement to assuage fears arising from the all-time low peso value registered the other day.

"Tunog sirang-plaka na itong linyang 'the economic fundamentals are strong' ni Arroyo," (Arroyo's 'economic fundamentals are strong' line sounds like a broken record), Rosal said.

"In reality, the Philippine semifeudal economy can never be fundamentally sound," said Rosal. "Local production is so backward that basic tools such as needles and screwdrivers are either imported or produced with foreign capital."

Trade deficits and a dependence on foreign loans to bridge the acute capital shortage are just some of the chronic problems of such an economy, he added.

Citing government statistics, Rosal pointed out that the Philippines' accumulated trade deficit since 1990 already comes to $60.66 billion.

As a result, explained Rosal, the country has to keep on borrowing money and kowtow to the dictates of the International Monetary Fund which invariably drive the economy further into backwardness and dependence on foreign capital and technology.

Reference:
Anne Buenaventura
Media Officer
Cellphone Number: +63910-240-3553

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Economy is fundamentally weak -- CPP September 29, 2004

Economy is fundamentally weak -- CPP
September 29, 2004