House Minority Leader Edcel Lagman on Monday belittled the economic gains in the first year of President Aquino’s administration and disputed figures in the latter’s State of the Nation Address (Sona) delivered before a joint session of Congress last week.
In his contra-Sona, delivered in the House of Representatives, Lagman painted what he said was the true state of the nation.
While complimented the President for elevating the banning of “wang-wang” to a national symbol of good governance and probity in public office, he said such a play on words and symbols was only meant to attract popular attention and hide a lack of vision.
“Of course there is completely nothing wrong with banning the use of wang-wang, but the presidency must be above symbols,” Lagman said.
He said Mr. Aquino’s purchase of an expensive Porsche sports car early in his term and the flaunting of power and wealth by his party mates, friends and shooting buddies were symbolic of a bad and abusive governance.
On the economic front, Lagman said the standard economic indicators were far from encouraging.
While the unemployment rate fell from 8 percent in April 2010 to 7.2 percent in April 2011, the underemployment rate rose from 17.8 percent to 19.4 percent, while the trade deficit, which measures imports over exports, increased from $957 million in April 2010 to $1.2 billion in April 2011, Lagman said.
The inflation rate was 5.2 percent in June 2011 against 3.6 percent in June 2010. Consequently, the purchasing power of the peso fell from 83 percent in June 2010 to 79 percent in June 2011, he said.
Lagman said that compared to 2006, the base year, the peso was worth only 83 centavos in June 2010 and even less at 79 centavos in June 2011.