Africa said that the greatest damage to the economy since the 1950s has come not from any “political crisis” but from destructive economic policies imposed by successive administrations.

“Domestic manufacturing has shrunk to its smallest share of the economy since the 1950s and agriculture to its smallest in the country’s history not because of any specific ‘political crisis but because of reckless ‘free market’ policies especially since the 1980s,” he said. “Joblessness has soared to record sustained highs, poverty has deepened and unprecedented millions of Filipinos have been driven abroad not because of EDSA 1 or EDSA 2 or the current clamor for Ms. Arroyo to step down but because governments have failed to implement true agrarian reform and to build national industry.”

“The perception that foreign investors are an unambiguous good for the economy also needs to be corrected,” Africa also said. “Indeed, a more democratic political system is even necessary for there to be any real benefits from foreign investors. Under the current set-up foreign investors come into the country and make their profits from our cheap labor and raw materials while dominating the domestic market. If there is anything we should be concerned about in terms of foreign investors it is that successive governments have given them so much leeway that the economy is not getting its rightful benefits from them.”

Asked whether a prolongation of the present political crisis would bring long-term damage to the economy, Africa had this to say:

“Will the current ‘political crisis’ result in a new government that will implement progressive measures of national development? If so, the prolongation of the political crisis with the outcome of a change to a more democratic government not only does no long-term damage but leads to long-term benefits. And vice versa. So it is not the ‘political crisis’ per se that causes damage or brings about benefits.” (Bulatlat.com)

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