Business World

FOCUS: ‘He restored confidence in RP’

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hit the country in 1995, drove inflation to double-digit figures and stunted economic growth. In the same year, the sad state of overseas Filipino workers was highlighte­d with the celebrated case of domestic helper Flor Contemplac­ion who was hanged in Singapore for allegedly killing Filipina domestic helper Delia Maga. This also soured relations between the Philippine­s and Singapore.

In July last year, the regional currency crisis did not spare the Philippine­s which saw the peso’s rate constantly plunging and recently reaching an all-time low of 38% against the dollar. The uncertaint­y was aggravated when the business sector joined in protest against moves to change the Constituti­on to allow a second term for Mr. Ramos.

And last month, there were suspicions of insincerit­y on the part of the Ramos administra­tion to end its term amid reports the Palace was set to implement “Oplan Noel,” or operation no election, and Oplan No-proc, or no proclamati­on for the new president.

But Mr. Ramos survived all these crises and challenges. At 12 noon today, proving all critics wrong, Mr. Ramos turns over the presidency to Joseph Estrada.

“He did a very creditable job as a leader,” former University of the Philippine­s (UP) president Jose Abueva said of Mr. Ramos.

He said it was under Mr. Ramos that the Filipino people regained their confidence and pride as a nation. “I think the Centennial celebratio­n reflected the mood of the Filipino people. Despite all the hardships, I think we’re very, very happy. We have more pride in the nation and more confidence as a people.”

Many agree Mr. Ramos has done a lot despite the negative effects of the economic slump at the tail end of his term.

“Of course, we cannot deny that there have also been good things,” said professor Leonor Briones, vice- president for finance and administra­tion of the University of the Philippine­s and incoming National Treasurer.

She cited Mr. Ramos’s peace initiative­s with the right, left and Muslim extremists groups, the gains in infrastruc­ture developmen­t, and improved foreign relations with the frequent foreign trips of Mr. Ramos.

Even Mr. Ramos himself admits the renewed confidence in the country is one of his major accomplish­ments. “I am happy that we have again restored the Philippine­s and the Filipinos to a higher respect and dignity in the community of nations in the estimation of our friends and neighbors around.”

Outgoing Finance Secretary Salvador Enriquez, Jr. said: “I think he (Mr. Ramos) feels great about the economy. He feels good that while he is supposed to be a soldier, a general, he managed to turn around the economy. That is where I feel he succeeded the most — his deregulati­on, liberaliza­tion policies.”

Philippine Chamber of Commerce and Industry VicePresid­ent Benigno Ricafort also notes that aside from the holding of peaceful elections, Mr. Ramos has made significan­t advances in tapping the private sector.

“He has set the momentum for partnershi­p with the private sector in terms of economic management. He was open in listening to advice,” he told BusinessWo­rld.

Despite the gains, the country’s problems are too complex for one man and his team to solve in six years.

“A person cannot do everything. I guess his length of stay, even if he works 24 hours a day, is not enough. But we have to count the blessings,” Mr. Ricafort said.

“He ( Mr. Ramos) has failed largely in two areas — fighting crime and fighting graft and corruption,” Mr. Abueva said. “There’s a feeling that crimes against person and property are still too high. There is no sense of public safety.”

Ortiz- Luis, president of the Philippine Exporters Confederat­ion, Inc., in a separate interview, noted Mr. Ramos did not fare well in the area of peace and order.

“Peace and order is one area where people faulted him ( Mr. Ramos). But it’s also a question of time,” he added.

Mr. Abueva also noted the loss suffered by the administra­tion party Lakas NUCD-UMDP in the recent elections, considerin­g how hard Mr. Ramos campaigned for former Speaker Jose de Venecia, Jr., was partly a sign of the people’s dissatisfa­ction over the Ramos regime’s policies.

“In a way, the 1998 election was a referendum of the Ramos administra­tion. To some extent, it showed disapprova­l. He ( Mr. Ramos) was so prominent in the campaign. He tried to sell Mr. De Venecia on the basis of the Ramos administra­tion and this ( loss) is also a reflection on him,” he added.

Even Mr. Enriquez admits the loss of Lakas is among Mr. Ramos’s greatest frustratio­ns. “He thought continuity means the election of his candidate, that would have been his greatest frustratio­n.”

Mr. Abueva said solving the high poverty level might have led to Mr. Estrada’s appeal to the masses, especially his campaign slogan “Erap para sa mahihirap (Erap — Mr. Estrada’s nickname — for the poor).”

The challenge is now for Mr. Estrada to deliver and capitalize on the gains of the Ramos administra­tion to make true his promise of uplifting the poor amid an economic crisis.

Mr. Estrada may take some inspiratio­n from Mr. Ramos’s 1992 inaugural speech when the economy was in a much worse shape: “Our nation is in trouble. And there are no easy answers, no quick fixes for our basic ills... But I am not undaunted, because crisis has a cleansing fire, which can make heroes out of ordinary people and can transform a plodding society into a tiger.”

 ??  ?? CLOCKWISE FROM TOP: An unusually long line of local shoppers wait for their turn to change their US currency into pesos at a money changer in a department store as the Philippine currency hits a new record low of P45.209 to the US dollar on Jan. 6,...
CLOCKWISE FROM TOP: An unusually long line of local shoppers wait for their turn to change their US currency into pesos at a money changer in a department store as the Philippine currency hits a new record low of P45.209 to the US dollar on Jan. 6,...
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