From butt of jokes in 1986, Philippines has risen to creditor nation, says ex-finance chief


CITY OF SAN FERNANDO—Who is having the last laugh now?

The joke going around the world in 1986 was that the Philippines had no money but it had a ministry of finance.

This is no longer true, the finance secretary during the Corazon Aquino administration, Jesus Estanislao, said here Saturday during observance rites of the 26th anniversary of the People Power Revolution.

The Philippines is now a creditor, rather than a debtor, nation, said Estanislao.

The biting joke about the Philippines was sprung on Estanislao when he went to Italy, Spain and other rich countries in 1986 to borrow money to revive the Philippine economy following the ouster of strongman Ferdinand Marcos.

Estanislao was chairman of the Development Bank of the Philippines then.

“In one country, I was supposed to meet the minister of snow. I said, ‘How can you have a ministry of snow when you do not have snow?’ And an official said to me, ‘In the Philippines, you don’t have money but you have a ministry of finance,’”

“Twenty-six years ago, we had no international reserves, we couldn’t pay our debts and we kept borrowing. Now our reserves amount to $80 billion and we have lent $500 million to the [International Monetary Fund] that in turn lent the money to Spain and Italy,” he said.

Best Christmas gift

“We have become a creditor nation.”

Last December, Estanislao said he received the best Christmas gift in the form of an international banking report that listed the Philippines between the 30th and 100th strongest economies in the world.

“By 2050, the Philippines is seen to be the 16th strongest, biggest economy in the world,” Estanislao said.

“I’m here to tell you that this is possible because of what you’re doing in San Fernando,” he said, referring to the performance governance system (PGS) adopted by the city government.

In the Harvard University-designed PGS, everything, such as its vision, mission, goals and objectives, is measured. The PGS also enlists civil society and community groups in its decision-making.

Estanislao said that in a conference on democracy in South Korea earlier, the Philippines was hailed as the nation that “fired the shots in Asia,” which eventually led to the downfall of communist regimes in the 1990s.

Model of good governance

Last week, he said international experts who met with President Benigno Aquino III for a briefing on the government’s anticorruption drive advised him to keep doing what he was doing.

“The Philippines is going to be a model of good governance in the world,” said Estanislao.

He said his group, the Institute for Solidarity in Asia (ISA), was helping local governments use the PGS as a tool for improving their services and citizen participation.

Still, Estanislao said, public officials and citizens must address local issues like instituting political reforms and changing the political culture. This, he said, would help the Philippines overtake Thailand and Indonesia in terms of economic growth.

“We have to build our economy together, filter down the benefits to the barangays,” he said. “We’re all in this together is President Noynoy’s message.”

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  • jose_rizal11

    Mga nega star mag comment na kayo!!!! lol ipalabas nu na mga magagaling nu na comment now na!!!

  • Joji


    • Kiko_Mangingisda

      Footprints ba ika mo….baka finger print ng magnanakaw/kawatan…..ay kung di ba naman corrupt ang amo mong pandak….di sana matagal na nakahaon sa kahirapan si Juan de la Cruz….magsasalita ba ang international community/expert that keep up the good work on anti corruption campaign…..bakit ano ba naman alam sa economic ka ba….either may doctorate or M.A. ka ba sa economy or rather economic adviser ka ba……abnoy ika mo……sabi nga nila….ang naghuhusga ng abnoy sa kapwa ay siya mismo ang mas/pinaka abnoy…..kung di ka rin makakatulong sa inang bayan…..better shut-up….or mag tooth brush ka naman…….baka naman miyembro ka rin ng kawatan….

    • Jeffrey James T

      nananaginip ata si joji. diyos y por santo marami pa ring tanga sa pinas!

  • arjoedeg

    Thanks to Cory, FVR and GMA if this is true. Erap and Pnoy has nothing to do with this claim.

  • pepengkabayo

    From butt of jokes in 1986, Philippines has risen to creditor nation, says ex-finance chief.

    1986 was the year Cory Aquino began her Presidency.
    I did not know we were Butt of Jokes then. Though, it is not funny, we did a comedy of People Power.

    2012 is now the year, our country is reaping the fruits of Gloria’s Economy.
    Good Job Madam President though you are still behind prison bars from bringing the country in place. Though the current administration maybe a little mediocre, the upsurge of what you did won’t matter for he will be carried upwards.

    Gaya nga ng kasabihan…..Si Gloria ang Nagtanim, Nagbayo, Nagsaing, si Pnoy na ang Kumakain.
    Pasalamat naman diyan.

    • dgboy

      OO nagtanim ng mamasamang damo. Paano kaya kung ginamit lahat ni Gloria sa kabutihan ang utak niya sana siguro matagal natamasa ng Pinas ang minimithi niya. Sa tingin mo sa 9 na taon , worth it ba yung progress ni Pinas under GMA, isip-isip.

    • Jeffrey James T

      salamat saan? sa mga nakaw ng amo mong mandarambong? HOY GISING!!!

  • Kiko_Mangingisda

    Nagtanim ng kasamaan…matinding corruption….nagbayo at nagyurak ng karapatan pantao….nagsaing at nagluto ng dayaan sa eleksyon….oo pinoy ang kumain ng lahat ng kamalasan ibinigay ni pekeng presidenteng gloria mo…..pasalamat saan sa lahat ng kapestehan ibingay sa inang bayan….

  • pinklace88

    sa pakapalan talaga ng mukha wla nang mananalo sa GMA protectors, hahahaha :) wla na kasing ninanakaw kaya may reserves na, eh noon tanungin nyo si FG kung nsan ung reserves —> jose pidal account, your honor!

  • UsoUso82

    the story is true that we have enough reserve money today. however, we still have the burden of debt to pay. the truth is that we are not building the blocks of sustainable economy by creating businesses in our own backyards.
    we go out and earn money, and with our hardship we intend to consume it rather than creating
    something good for business. our education as well is supporting the OFW memtality which breaks apart families and increasing the path to a peaceful community.
    The sad part is Pnoy who is promoting the agenda of the past, creating chaos to a peaceful
    co-existence of the past & new leaders today. Promoting the weaknesses of the past governance and rather creating a vision of a more progressive nation of the future. As for me, that is corrupting the minds of the young Filipinos, and much more than the present agenda of corruption.

  • Jao Romero

    we’re still a debtor nation. i don’t think we can claim to be a creditor nation until we have no outstanding debts to pay.

    • diegogo

       the US has how much external debt? What was your point again? Exactly!

      • Jao Romero

        that a debtor cannot be called a creditor. and you know that the US is now a debtor nation, right?

      • diegogo

         poor analogy. Not just anyone can have the capacity to be called a “creditor” country. FYi,  the US has been a debtor nation for the longest time  . And yes, a debtor can also be creditor. A bank is a perfect example…they can lend you money at the same time borrow.  Btw, show me ONE country that has no external debt. I rest my case. Thank you.

      • Bebot

        talo si Jao the Anarchist!

      • Jao Romero

        then the debtor is offering money they do not own. and if no country has zero debt, then that means well – welcome to the financial crisis. where debt is a game of musical chairs.

        that’s why the world is going to pieces eh? because “smart” people think they can lease money that isn’t theirs. capitalism gone crazy. smh.

  • cion

    Who was the President in 2006,it ‘s Pres Gloria Macapagal Arroyo and prior to that it’s Fidel Ramos, and they were the one who made the  agreement with US to outsource jobs in to the Philippines, so Filipinos will have jobs without leaving our country.Exchange Visitor programs in the 1960’s where most of the Physicians and Nurses (comprised mostly of baby boomers) were given the opportunities to further their studies abroad and in return made great contribution to the progress of medical care in US .During Ramon Magsaysay and Macapagal then followed Marcos, Philippines(Filipinos) made recognition of goodwill thru out the world , rice , sugar exported  in abundance to US and other parts of the world. But the greedy ones ,manipulated so they can discredit the accomplishment of other Presidents to feed their  desire to monopolize the country’s businesess and industry, refusing to pay taxes dues they owe suppossedly to  the gov’t -Suhol system (very corrupt form )indeed ,which is still very much in practice of the rich businessmen to stay in power.

  • diegogo

    Q: who’s the butt of jokes now?
    A: PNoy haters who couldnt seem to accept that “Abnoy” hasnt dragged the country yet into the mud as they were predicting (or hoping for?)…on the contrary, we’re moving to greater heights.

    HAHAHAHA…mamatay kayo sa inis HAHAHAHA

  • cion

    OFW and Balikbayans made Philippines stayed afloat amidst the global financial meltdown,and they enriched all the businesses in the Philippines,period. EDSAI only brought shame to all the dignity we Balikbayans and OFW made thru out the world. And with all the remittances in billions of dollars and other currencies made it possible for the Cenral Bank Reserve to report that we now are creditors ( with high creditworthiness) .

    • dgboy

      ang yabang mo naman, kami dito sa Pinas nagtratrabaho rin at nagbabayad ng tax na mas malaki pa sa remittance mo. 10percent lang ng remittance galing abroad constitutes our GDP. Huwag mo naman kami maliitin dito dahil lang nagtratrabaho ka sa abroad.

  • cion

    And to add to my comment, we all wish for a brighter future for our family and a peaceful Philippines, molded in a  morally sound and law-abiding Filipino citizens. And only wish our elected politicians would  be role models for our children and grandchildren who will be our future lawmakers that will shape the future of our democracy Thank you for this opportunity to express it freely thru this forum.

  • Datu Suki

    If we are creditor, why are we the 52nd poorest nation in the world? By the way, I voted for noynoy.

  • TIM

    Mabuhay si Presidente Aquino, this is the kind of President we are looking for, businessman have their trust on how he manage the country, the reason why people kept their money in the Phil rather than depositing abroad.

    • victorts

      Huwag mong iluklok sa pedestal si Pnoy.  Mga tao pa rin ang nagpapaaktibo sa ekonomiya ng Pilipinas – mga OFW.  Tanggalin mo ang mga ipinadadala nilang foreighn currency sa bansa at bagsak ang ekonomiya ng Pilipinas.  Sa ngayon nga ang growth ay bumaba mulas sa 7.4% to 3.something na lang.  At patuloy pa itong bababa kapag hinid inasikaso ni Pnoy ang ekonomiya at iukol na lang niya ang pansin niya kay  Corona.

  • SadPinoy

    It’s true we have $80-billion in reserves now, but let’s not forget the fact that our national debt as of Nov 2011 is $115-billion of which about $60-billion is external debt.  The Philippines’ external debt rose from $360-million in 1962 to $28.3-billion in 1986. Thanks to Marcos, the Philippines became the most indebted nation in Asia towards the end of his rule.

    • ivener

      not so… Japan is the most indebted country in ASia… we are talking trillions of dollars of Japanese debt.

      • SadPinoy

        Indebtedness is relative.  In 1986, Japan’s external debt was more than the PH. However, PH was deeper in debt in the sense that it could no longer service its debt.

  • pepengkabayo

    Though it won’t be translated to reality only figures,
    This is good economic news for us.
    I think when GMA left the Presidency, she already put the road for Pnoy to follow.
    GMA being the Professor of Pnoy in economics, she won’t let her pupil down as you know a teacher knows the capacity of her pupil.
    That is why, Pnoy slogan is Tuwid na Daan or Straight Path, there is already the guide.
    Good Job, Madam Professor President GMA.

    • Pete

      Remember that Gloria Arroyo ruled for almost a decade and still the Philippines belongs to the poorest countries in the world.  How could you say that she put the road for Pnoy to follow? I think, even if Gloria was his professor in economics, Pnoy has his own good way to run the government with his anti-corruption program. Remember that Gloria is only good in publicity.

      • skyrockettt

        i think it was just the media saying we are the poorest in the world during GMA’s term. The media fail to headline the good accomplishments during GMA’s term, instead, they highlighted only the bad news. And now that PNoy is here, the media will publish all signs of reforms and developments to make it appear that Noynoy is our greatest savior. But the truth is, GMA laid the pathway towards true economic development, Noynoy only inherited the foundation and is now bound to strengthen it. He could have not started from scratch otherwise his programs would be as a mess as his railroaded impeachment against the CJ. Hopefully he’d be able to continue and prosper in terms of economy. And of course i support any means of the president to improve PH economy.

  • JJF724

    Congrats to PNOY good economic management, cost savings and unti-corruption drive.  May God protect you at all times.

  • Bebot

    “Philippines between the 30th and 100th strongest economies in the world.”
    That’ s a lot of in betweens…so puede tayong 99th? E, there are 192 – 196 countries in the world, so, if you look at it from the other end, we can also be in the 100 poorest nations.


    • Chris

      Per GDP as a whole we are in the 40s… but per capita, we’re not even in the 100th place…

  • Tayshaun

    Wow!! Great news indeed!

  • Marlou Wang

    OMG!!! OMG!!!! OMG!!!! ang sarap ng balita ni Secretary Jesus Estanislao!!!! Kitam!!! We are being observed by the world… pigkatapos malalagpasan pa natin ang Thailand at Indonesia… WOW! good news ito…. kaya dapat, mga kababayan… sipain natin sina Corona, Enrile, Miriam, at antiprogress na mga senator!!!!

  • Night


  • mekeni62

    may pera pala tayo. bakit di gamitin para sa ekonomiya? creditor na rin daw tayo. magpapautang eh gutom ang mga mamamayan hoy!!

    • Karabkatab

      Kapagka gutom ang isang tao, hindi pera ang kailangan.  SIPAG…

      • mekeni62

        kapag lugmok ang ekonomiya hindi ka dapat magmalaki na may savings ka TANGA.Dapat lang na gamitin ito.BUGOK! Isa ka pa.

      • Karabkatab

        Mekeni mikanot ka sana… (hahaha) Translation, Katulad ng isang family lugmok (walang income kasi mahina ang ani) aba kailangan meron savings.  Define Economics aber? Para maniwala naman ako sayo na mekeni (mikanot) ka nga.

      • mekeni62

        ha ha try harder you pathetic moron.

      • Karabkatab

        “Pathetic Moron” is another borrowed expression that am sure you don’t even understand Mekeni Mikanot. 
        Yo descanso mi caso, ya que son una mierda podrida.

      • mekeni62

        umm kastilaloy ha ha ha nice try.

    • Dipaloloko

      hoy! unggoy.  yang perang yan…di libre na pwede ipamudmod sa mga mamamayang batugan tulad mo. magbanat ka ng buto para may makain ka, tamad!

      ay!..unggoy ka nga pala.  di marunong umintindi…hehehe

      • mekeni62

        ang laki talaga ng sira ng ulo mo.Sinabi ko bang ipamudmod.TANGA.kaya nga sabi ko gamitin para sa ekonomiya.GAGO!! Unggoy pala ha? TAMAD? nagpapatawa ka.Hindi ko na ibibida sa iyo ang estado ko sa buhay at baka maglaway ka sa inggit hampaslupa ka.

  • pepengkabayo

    From butt of jokes in 1986……Philippines joke going around the world in 1986 was that the Philippines had no money but it had a ministry of finance.

    This is really funny.
     I thought awhile the Philippines is the Sick Man of Asia but now We were Butt of Jokes in 1986.
    Which is which.
    The only thing I can say is…..We filipinos take the joke seriously. If it is a joke, it is a joke, no harm done and don’t take it seriously.
    On the other, news that from Debtor Nation, we are now a Creditor Nation is really a Big Joke.
    He he he he. pakikiliti nga ng aking kilikili, nakakatawa parang totoo.

  • Dominic

    Good news, well done Philippines!!

  • thewatcherz

    sana naman umunlad na tayo sa pinakamadaling panahon  at hindi aabutin pa ng year 2050 ayon  sa mga economic experts sa abroad

  • Banana Na

    nag-umpisa yan sa terms ni GMA bago tumaas lalo ang INTERNATIONAL RESERVES sa pilipinas, ibig sabihin, magaling siya sa economics…yun lang, malakas pa rin ang corruption sa government ni GMA, culture na yata yan being a government official at employees, may matino pa rin kaso mas konti na lang, yun, pinuno ng BSP at ministry of finance ay kinuha rin ni PNOY sa dating gov’t ni GMA, itong dalawang pinuno ng BSP at MOF ay magaling talaga sa pang ekonomiya sa bansa… 

  • remario58

    The change has started now in our life time, it will not be achieve overnight but it will be there, this is not like siling kulikot that you feel hot right away when you take one of that sili into your mouth,. The change would be gradual it wiil be felt inch by inch. foot by foot, the change would take effect that is for sure, And I am proud to say that the change has occured in my life time rather than after. That is why P-Noy and his people would try to implement the needed changes to bring us to the next level. The only constant in this world is CHANGE, we need to constantly change ourselves, we as a people and as government to adapt the ever changing environment that we are in. We only need to support the people who run this country now, they are trying their very best to come up with the solution to better the lives for all of us.

  • skyrockettt

    i think it was just the media saying we are the poorest in the world during GMA’s term. The media fail to headline the good accomplishments during GMA’s term, instead, they highlighted only the bad news. And now that PNoy is here, the media will publish all signs of reforms and developments to make it appear that Noynoy is our greatest savior. But the truth is, GMA laid the pathway towards true economic development, Noynoy only inherited the foundation and is now bound to strengthen it. He could have not started from scratch otherwise his programs would be as a mess as his railroaded impeachment against the CJ. Hopefully he’d be able to continue and prosper in terms of economy. And of course i support any means of the president to improve PH economy.

    • raul n

      gloria is an economist.but the economy during her time was propelled by deficit govt spending and borrowings. during election too much money was in circulation to boast her candidacy..pork barrel was abused such that there was fertilizer scam, bribery in infra projects as finding of world bank discovered..the most expensive highway in the world the diosdado macapagal highway, etc. president aquino inherited a budget with a wide deficit that is why when he took over economic austerity measures have to be undertaken resulting to slow growth resulting in sacrifices of some

  • billygunn23

    really? no wonder there were barely any infra project when this administration took over. maybe they were thinking let’s not spend the money so that when international surveys are made, the Philippines would be ranked as among those countries with lots of reserves. and you still thank Penoy for that? are you kidding?

  • ThudOthwacker

    Lending $500 Million while still indebted with tens of Billion dollars. That’s false justification. And “YES”! You are still a butt and joke Estanislao. 

  • joboni96

    ‘we have lent $500 million to the IMF that in turn lent the money to Spain and Italy’

    WRONG financial policy
    by doctorated unelected bureaucrats

    we have billions of loans and
    you lend money at
    a lower interest rate
    than you’re paying for your utang?

    either hilo or may commission
    ang nagdesisyon nito

    as of latest count
    we can pay off all our loans
    using our dollar reserves and
    still have $10 billion left

    and $18 billion per year coming in
    from our bagong bayani ofw’s

    stop 30% of national budget
    going to loan servicing
    every year

    sipain na ang mga bureaucrats na ito

  • InterPoll

    “The Philippines is now a creditor, rather than a debtor nation.” – Estanislao

    Spare us the bullshit, Mr. Estanislao! The PHILIPPINES’ EXTERNAL DEBT stood at $60.9 BILLION as of end March 2011. The Central Bank estimated in 2010 that the country’s external debt service burden would amount to $8.49 BILLION in 2011. So much for being a creditor nation. You cannot fool all the people, Estanislao – only the gullible ones.

    • Good_Governance

      Perhaps you were absent from class when your Econ 11 teacher was teaching the class about the difference between flow variables (e.g., lending over a period of time) and stock variables (e.g., level of external debt at a point in time), and therefore ought to be forgiven for your less than bright comment.

       A country can be a net creditor to the rest of the world (i.e., is lending to other countries more than it is borrowing) while maintaining a certain level of external debt.  China, for example, is currently the largest external lender to the US, currently a debtor country, but its own external debt at the end of March 2011 was close to US$590 billion. Similarly, the Philippines is currently a net creditor country.  In fact, it has been exporting capital since around 2004 when the current account in its balance of payments started to show surpluses instead of deficits. 

      I should add that being a net creditor country for several years now is nothing really to brag about. In our case, it reflects mainly our failure to effectively use our national savings to finance domestic investment. Our investment rate, which is abysmally low at around 14 percent or so of GDP, needs to be raised substantially if we want our economy to grow faster.

    • Romeo Jover

      60 billion external debt but our gross international reserved 75 billion so we still have 15 billion to help other country who are financially in trouble

  • InterPoll

    False Economic prophets like you, who prey on the ignorance of the masses to peddle lies and false hopes, should be flogged.

  • Alajero

    …Mr. Estanislao…..heto ang piso…maghanap ka ng ibang tangang kausap….isama mo na rin itong bopol na PDI reporter…nakakahiya kayo!!!

  • yaptangcom

    If cheerleading were a competition in governments around the world, the Philippines would be the runaway winner, hands down! It’s plain to see, the Aquino administration has been playing the media and public relations stunts like a virtuoso would play the violin. By all means, accentuate the positive and downplay the negative, even if it means lying through their teeth. Let’s get real, the Philippines being a creditor nation is like saying grinding poverty and widespread hunger in this country no longer exist. Let’s not pretend to be what we’re not. Fact of the matter is, we are still very much a poor third world country, and no amount of cheerleading and hyping from Mr. Estanislao can change that irrefutable fact.

    • Good_Governance

      Being a “creditor nation” is a matter of definition, nothing more nothing less. It only means that our country currently, and for the past several years, has been a net capital exporter (that is, it has been lending more abroad than borrowing, as reflected in surpluses in the current account of our external balance of payments).

      The status of a country as “creditor”  does not mean it is rich or poor.  You are right that our country remains poor but it is also true that some “debtor” nations like the USA are rich.

  • InterPoll


    Leave China out. Unlike the Philippines, it does not allow itself to be
    dictated upon by the IMF-WB via some treacherous technocrats. Your
    ululations are meaningless farrrt. I know you are just trying to kiss the
    a_s of Estanislao, but you just come out as a trying too hard, second
    rate, self-absorbed idiot.

    Arroyo was an Economics professor(did you try sucking up to her too?).
    She was not able to do much except enrich herself and her family.

    Your glittering generalities do not alleviate the life of the poor. Keep
    your delusions to yourself. Shove an icepick up your a_s.

    • Good_Governance

      Really sir, your illiteracy and lack of grace are beyond belief. It seems to me that you are truly incapable of intelligent discourse.

  • gayweathersucks

    That $80B reserve was achieved with the financial infrastructure that GMA has put in place. Pag may pumalag … TATAMAAN talaga!

    • JennelAmargo

      tamaan yung igit mo!

    • OFW_Dubai

       ang galing!!!!….pero mas malaki pa sana kung hindi nya kinurakot  yung iba….mwahahaha

    • Good_Governance

      The $80 billion international reserve has much more to do with OFWs, our real heroes, and very little to do with GMA. OFWs have performed a critical role in transforming our status from a debtor country to a creditor country. These brave women and men have endured the isolation from families, with many of them risking their lives in dangerous places like Libya, Lebanon, etc., to send home their hard-earned savings thus adding substantially to our international reserves. Workers remittances are the biggest single factor explaining the current account surpluses in our external balance of payments in recent years. The biggest heroes in the creditor country story therefore are not the economic policies of GMA or Pnoy but the OFWs.

  • Expatnyc

    The article also forgot to mention that the USA now owns money from the Philippines in the form of Treasury bills I think… I could be wrong but I saw a news report on cable TV about the countries that loaned money to the US, the Philippines among others tho’ not a whole lot of money but hey… money is money.

    It has been proven that there is a strong correlation when there is strong, capable, effective officials or leaders in attracting foreign investors specially if TRUST and TRANSPARENCY become the hallmarks of the administration.
    Getting rid of corrupt politicians is just one part, education both formal and vocational training to supply demands on manufacturing and building of infrastructures, good stewardship of natural resources, and strengthening the military / police to maintain peace and order.

  • glenn

    This should be much bigger news. Why are lending money to countries who have much higher standard of than we do? Can’t we use the money for our citizens? We need so much schools, roads, hospitals to build. Can’t we loan that to our farmers, fishersmen and our entreprenuers? We pay our teachers in a month what they pay their teachers in three days. Pnoy was in the news offering a 22sq.m house to policeman’s family of three daughters. That is smaller than the garage of an ordinary european policeman. They have welfare and universal healthcare for everyone. After all of this, I bet they wouldn’t even stop using the word Filipino to mean maid/domestic helper.

  • basilionisisa

    Interesting! Good to know, thanks.

  • Green_Latern

    Thanks to previous administration !!!
    Hope that our current admin can mantain this :(

  • Aps Acct

    I pity on those people whose mind has succumbed to their belief that Phils is hopeless and going to be a forever poor nation. To these people, please leave this country to those who still believe there is hope; your crab mentality is so pathetic. Try to appreciate good news for our country,

    • yellow_brigade

      thanks for being optimistic..our country needs positive thinker..

  • tskpinas

    If we have a strong economy I don’t see it. Maybe in the newspapers and press releases, but walking in streets of Manila I just don’t see it.

    So maybe the joke now is “The Philippines is the 30th largest economy but 30% of the population is below the poverty line”.

    • Norodin

      I dunno, I feel like the way financial markets work, return of investments on loans take a lot of time to appear, there being ten year bonds and the like. It’s probably the financial sectors and finance and banking industries that would most likely feel the immediate benefits of a creditor nation, what with those bonds being floated on the market, bidding and trade for those bonds… It’s like the same upper economic 1% of the nation being condemned by a lot of lower and middle class in the US.

  • joshua

    Well, we are richer than auntie sammy, auntie got 15 trillion usd in debt..tent cities, mobile homes, food stamps..think positive..LOL.

    • eye_in_the_sky

      in many ways we have always been batter than them. we never had to work as doggedly as them. we never established our worth in terms of our credit ratings. we are simple based on actual value, they are affluent based on assessed capacity to assume over a value over a period of time. we are poorer in some ways, but we are happier in many other ways.

      but we seem to be always refusing to see that, until now, because the sights are just too glaring.

  • joshua

    Keep up the good work…

  • Norodin

    Good. Just make sure that our debtor nations don’t default on their debts no matter what, like Iceland… Makes me wonder… will we one day reach a point where other foreign nationals will decry the capitalist debts from imperial Philippines? XD Cuz the politico’s from Greece did it when they defaulted on Germany aide.

  • J

    “2050, the Philippines is 16th strongest in terms of economy….”

    Pagdating ng 2050 ang population the Pilipino halos doble na (190 million na assume na ang population growth ay 2% kada taon). Kung walang mangyayaring pagbabago sa governance at politics baka mas mababa pa sa 3% ng populasyun ang kokontrol sa economiya ng PH. Ang mayaman lalung yayaman habang ang mahirap ay patuloy na mahihirapan.
    Magkatotoo man o hindi ang prediction hindi ko na makikita pa ang pagbabago. Sana sa loob lamang ng 10 taon mabawasan ng 50% o higit pa ang corruption sa gobierno. Sana maabot natin ang mga sumusunod:

    – Kapulisan ay totoong nagsisilbi sa bayan
    – Wala na ng political dynasty
    – 10 minuto na lang ang renewal ng driver’s license.
    – Maayos na mga kalsada na may kanal sa lahat ng barangay
    – Lahat may sariling bahay
    – Maayos na kable ng kuriente, telepono at wireless na lahat ng cable-tv.
    – Maayos at maluwag na daloy ng trapiko sa mga siudad.
    – Wala ng Abu-Sayaf, MILF, MNLF at NPA


      Wishful thinking… Hanggang 2012 lang ang Mundo!

  • santiago

    with people thinking negtively… we will ALWAYS BE the butt of jokes! chill! celebrate a little…. that’s why JPE mentioned to WORK TOGETHER so that the prosperity can be felt up to the barangay level…. nothing is free…nor will they be easy… YOU and I have to work to see that this becomes a reality….bickering is the last thing we need…. someone or some group should own VOTER EDUCATION to rid us of government officials who are just POPULAR and not fit to serve…. all our efforts will come to naught when all this money is managed by people who are there to make use of the money themselves…. that is the main reason WE DONT SEE IT…. for now… that is why the former finance minister mentioned about instituting political reforms and changing the political structure because the hard-earned money always ends up in the wrong hands!!! 
    multi-party systems don’t seem to work, but the people tasked to change it don’t want to change it because that would mean not being able to tail whoever is enjoying the upperhand… hence the institutionalization of the BALIMBING–those who stand for no principle at all except for being in government— be given a committee with the accompanying BUDGET that swells THEIR pockets!

  • Cynthia

    I am not an economist as others seem to be but I only know that we are able to pay our debts and that is important and hopefully it stays that way.  With the global economic downturn since mid 2000 which a lot of us do not fully comprehend, we are better off than a lot of ex-rich countries.  While it is true and obvious that we still have lots of poor families, our middle class has grown into a remarkable percentage and that is a good achievement in terms of economy. 

  • Raymund Baroy

    How much does the Philippine government owe to external and internal creditors? I credit PNoy’s government for slowing down on borrowing money and by increasing finances through the BIR and  Customs. This is indeed good news! 

  • mchang1978

    Baloney, all is baloney, says Qoheleth.

  • pepengkabayo

    Many says that is a Good News. From Butt of Jokes to Having the Last Laugh.
    If that is a good news, where is the proof to prove it.
    I think that is only the opinion of Mr.Estanislao, thinking that we are not the butt of jokes anymore. Probably correct if he compares 2012 to 1986.

    Granting for the sake of argument to be somewhat believable.
    Where is the proof to disprove the butt of jokes.
    Filipinos are still poor, hungry, no infrastractures made, gasoline price is rising, crime is on the loose,traffic is at worst, peace is not in order etc etc much more filipinos are growing population not only in the country but abroad, doon na ipinapanganak.
    Or Pnoy is too curipot to spend.

    The only thing minor that is happening but major to Pnoy is jailing of GMA and Impeachment of Corona….to divert the real issue.
    But that is really the Butt of Joke to many….jailing a former President on electoral crime where Pnoy is beneficiary and Impeachment of Corona who has nothing to do with the Presidency.
    That is the Butt of Joke…not having the Last Laugh but Laughing to die.

    • yaoje

       Kung tlgang bulag ka sa katotohanan bulag kana tlga magpakailanman at sarado na pati isip mo….cguro nga para sa mga taong ang paniniwala ay ikakaunlad ng bansa ang coruption mas maigi ngang katulad nlng kay GMA ang pangulo natin…dhil kung isa ka sa may connection sa kanya napakayaman nga ng magiging lagay ng Pinas para sayo.

    • Phenoy

      Why do you call filing of charges against GMA and impeachment against Corona a diversion? This is the BEST way to reverse a cyclic culture of corruption in the PI. There is no accountability, public officials get governement jobs, ‘hurakot’ as much as they can, then exit without the fear of prosecution. The higher your position, the more immune you are. An excellent example is Imelda: why in the world is she still around, walking free, and her family holding government positions? Because of this cycle of corruption, the Fiipino psyche has been corrupted as well. The average Filipino woul just ‘forgive’ these people, they might say ‘its been a long time’ or something like that. In the U.S. the law will track you down, even 50-60 years after you committed a crime. I don’t think that there is a more corrupt president than GMA in the history of the Philippines (besides Marcos). What she did was brazen and the appointment of Corona was the icing on the cake. GMA and Corona deserves to be prosecuted and jailed.

  • Good_Governance

    What’s missing from the discussion so far is the critical role of our OFWs in transforming our status from a debtor country to a creditor country.  These brave women and men have endured the isolation from families, with many of them risking their lives in dangerous places like Libya, Lebanon, etc., to send home their hard-earned savings thus adding substantially to our international reserves.  Workers remittances are the biggest single factor explaining the current account surpluses in our external balance of payments in recent years. The biggest heroes in the creditor country story therefore are not the economic policies of GMA or Pnoy but the OFWs.

    A further comment on our present country creditor status. It can change quickly over the next few years as domestic investment in our economy accelerates to support faster economic growth. Hopefully, the improvements in governance that the Pnoy administration seeks to promote will support the desired acceleration in domestic investment.  Should this happen, the resulting reversal to a debtor country status should be seen as a badge of honor, not shame. 

  • sked482

    Maybe to the IMF we are a creditor nation, but if one looks at the overall debt of the government we are still seriously under debt, I think to the tune of around 50k per Filipino. We can only say that the Philippines is truly a creditor nation when we have positive net lending to other countries, ie. money lent > debts.

  • barada69

    good governance? unfortunately politicians are so quick to claim credit  for work they didn’t do.
    the reason the Philippines has a positive foreign exchange reserves and income is because of OFW and call center workers. As a matter of fact these 2 groups of people are doing these politicians a great favor by providing much great financial help to Filipino families who can’t find jobs locally. So instead of creating jobs locally these politician can focus on their graft and corruption, enriching themselves and and what they do best…. grandstanding, pa-pogian !

  • CiudaddeManila

    This is good news. It only goes to show how much foreign investments can do to uplift our economy. And this news came while the whole battle of the two foreign casino tycoons is raging over their investment in Manila Bay. Lets attract more foreign attention and lure them into investing in more tourism, manufacturing, and BPO ventures in the country. Start to open the floodgates for even more foreign investments to come so that more filipinos wont have to leave their country to work. Economic liberalization Now! Free up the 60/40 ownership provision and we’ll see a very bright future for the country ahead.

  • GProf007

    This is good news, but of course for the study that the Philippines is projected to be 16th strongest economy by 2050… We need to do our part. Instead of seeing this article on a negative light maybe Filipinos need to see that for the nation to succeed we all need to do our part. We can’t simply complain, or always have issues about everything, why not let us all have a more proactive role. :-) I believe it is possible, but everyone must do their part and not simply be a spectator. :-)

  • Jozz

    “Righteousness exalts a nation…”… its a fruit of the matuwid na daan approach!

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