Of Manchester and Marawi
IN 75 days between mid-March and early June this year, the United Kingdom was hit by three terrorist attacks that left dozens dead and more than 100 injured.
On March 22, 52-year-old British citizen Khalid Masood drove his car on the pavement on Westminster Bridge killing four pedestrians and injuring 50 others. He got out of his car when it crashed into railings and killed an unarmed police officer with a knife before he was shot dead by a bodyguard of a government official.
In the evening of May 22, 22-year- would have created an atmosphere of old British- born Salman Abedi fear among the people and pessimism detonated a bomb packed with bolts among investors. The economy, in and screws at Manchester Arena just particular, would have started to as thousands of people were leaving derail from its accelerating and robust after a concert by Ariana Grande. The growth. It did not. explosion left a total of 23 people, Published reports cited BMI including the bomber, dead and more Research as saying the imposition of than 115 injured. martial law in Mindanao was unlikely
The third attack, which was to derail economic growth of above 6 launched on June 5, three terrorists in a percent this year. rented van plowed through pedestrians I believe the strength of our on London Bridge up to Borough economy is shielding us from any Market where they alighted from adverse impact of the terrorist attack the vehicle and went on a stabbing in Marawi City. I saw a news report rampage. Eight people were killed and quoting a stock market analyst as at least 48 were injured. saying the declaration of martial law
The series of terrorist attacks in Mindanao did not spook investors. ( experts are saying more are likely Optimism among investors and to be made) would have created an consumers remain high, the stock atmosphere of fear among the people, market is booming and the peso disrupting normal activities and even continues to strengthen against the causing instability in a country, but dollar. these did not happen in the UK, which The Philippine Stock Exchange also proceeded with a snap election as index (PSEi) closed at a 10-year high of scheduled last week. 8,001.38 points on June 5. In another
I believe the reason is the United report, the PSE said the combined Kingdom’s strength, and its people’s income of listed companies grew by resilience. Terrorist attacks are like 17.8 percent to P683.30 billion in fires that cannot be sustained if the 2016 from P580.15 billion in 2015. surroundings are wet. It’s like trying Consolidated revenues rose by 6.6 to build a fire in the middle of a calm percent to P7 trillion from 2015’s P84 pond—it may burn something but it trillion. will not dry down the pond, or bring The “World Investment Report down a nation. 2017” of the United Nations Conference
While the terrorist attacks in the UK on Trade and Development (Unctad) are different from what happened in also confirmed the Philippines’ Marawi, the Philippines and Filipinos i ncreasing attractiveness as an are showing the same strength and investment destination. According to resilience as the European nation. the report, the Philippines is the second
Members of the Maute terrorist most-favored destination for foreign group attacked Marawi City last May direct investments (FDI) in Southeast 23, prompting President Rodrigo Roa Asia, and the 10th overall. Duterte to impose martial law in the The Philippines emerged as the whole of Mindanao. top performer in Southeast Asia last
In another time, or perhaps with year, when it recorded a 60-percent another chief executive, the terrorist growth in FDI inflows. The benefits attack and the imposition of martial law of a growing economy also continue to show in the employment sector. According to the Philippine Statistics Authority (PSA), the unemployment rate declined to 5.7 percent in April 2017, down from 6.1 percent in April 2016 and the lowest in more than 10 years.
Underemployment also went down to a low of 16.1 percent, or from 7.43 million in April 2016 to 6.47 million in the same month this year.
These developments comprise what I call the positive side of what is happening in Marawi, which does not receive as much publicity as the terrorist activities.
We should realize that in the end, the strength of the republic and its people will make it very difficult for terrorists to succeed. We need to support President Duterte’s efforts to boost the economy and sustain its growth to ensure that terrorists will never be able to sow fear among us.
Let’s ponder on what Manchester Mayor Eddy Newman said during a tribute to the victims of the May 22 bombing: “The people of Manchester will remember the victims forever and we will defy the terrorists by working together to create cohesive, diverse communities that are stronger together.”
This piece first came out in Business Mirror on June 12, 2017 under the column “The Entrepreneur.” For comments/ feedback e- mail to: mbv.
ph./ secretariat@gmail.com or visitwww. mannyvillar.com.