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Sen.
Miriam Defensor Santiago truly deserves a seat in the
International Court of Justice, what with her mastery of
international laws, save for a little problem: The
recent tongue-lashing she gave the officials of the
Joint Foreign Chambers of Commerce (JFC) may boomerang
and deprive us, as a nation, the honor of having her
nominated to this enviable position.
The
tongue-lashing came when Senator Santiago refused to
allow the officials of the joint chambers to explain
their letter to President Arroyo asking her not to go
with the desire of some congressmen and senators to
amend the Electric Power Industry Reform Act (Epira) of
2001.
Said
the senator in reply to the request of the business
leaders that they be allowed to explain their position
on the Epira: “You may not continue.
You do
not determine what you can say or not say. I determine!”
That
statement reverberated worldwide, or at least in some
news desks that included the prestigious Wall Street
Journal.
In an
article written by Greg Rushford and published by the
Wall Street Journal, he revealed that people close to
the President had been informed that several European
ambassadors were prepared to file a formal diplomatic
protest.
The
root of the controversy is the proposed amendment to the
Epira. But amending the Epira will mean that the full
privatization of the power sector, particularly the
National Power Corp. (Napocor) will not be realized this
year and the many years ahead. That will also mean that
the high cost of power in this country will continue to
hound electric consumers, who are already saddled with
the value-added tax and the corruption load on their
backs courtesy of the almost, if not, totally bankrupt
Napocor.
That
was the essence of the concern of the joint foreign
chambers, but some senators allied with President Arroyo
looked at it as foreign intervention in the affairs of
Congress, specifically the Senate.
Nonetheless, and despite the outburst of Mrs. Santiago
and Sen. Juan Ponce Enrile, it appears that Trade
Secretary Peter Favila is still hopeful that 85 percent
to 90 percent of tallied investments would push through,
proving that the Philippines attracts serious investors.
The
Department of Trade and Industry (DTI), it was gathered,
would go along with the study conducted by the JFC that
the Philippines can attract $9 billion in foreign direct
investments (FDIs) between 2007 and 2010. Favila sees
investment growth exceeding 12 percent this year, as the
DTI has surpassed that growth rate in 2007.
Preliminary statistics would show that combined
investments registered with the Philippine Economic Zone
Authority and the Board of Investments in 2007 reached
P353.232 billion, beating the P305-billion goal for the
year.
Favila
said he was optimistic that with the rising prices of
oil in the world market and the weakness of the dollar,
the Philippines could position itself as an outsourcing
site for multinational companies wishing to cut down on
their production cost.
The
JFC, in a workshop in 2006, said the Philippines has the
capacity to attract $9 billion in FDIs up to 2010 due to
the continued improvements in the country’s investment
climate, labor quality and physical infrastructure.
To
many, the call of the joint chambers was just plain and
simple pushing for the lowering of power rates because,
as the biggest power consumers, its members would stand
to benefit from it.
Concerned sectors also say that amending the Epira would
give a bad image to the government, especially in the
eyes of banks and financial institutions that extended
assistance to investors in putting up new power plants.
Remember that these financial institutions extended the
loans because of the passage of the Epira (a law which
makes engaging in the power industry more attractive and
doable because it promotes open and true competition),
as they relied on the rules it set.
E-mail: raulbvalino@yahoo.com.ph |
