Our economic growth has slowed down, based on recent figures released by the National Economic and Development Authority (Neda). The second quarter of the year registered a 6-percent growth, lower than the first quarter’s 6.6 percent and last year’s figure.
Inflation in July was high at 5.7 percent (highest in five years), prices of food and utilities continue to increase, and the poor among us continue to suffer the effects of a slow economy. Oil prices are higher, rice is expensive, the peso is weak, and we are all reeling from the effects of the tax-reform law (although some would argue that the TRAIN law is not to be blamed for any of this). Neda Director General Ernesto M. Pernia said that it is partly caused by “policy decisions undertaken that are expected to promote sustainable and resilient development.”
These decisions include the closure and rehabilitation of Boracay from April to October this year, the closure of several mining pits, the imposition of excise taxes on nonmetallic and metallic minerals and the stricter enforcement of aquaculture regulations in Laguna de Bay, which resulted in a drop in freshwater fish catch. The closure of Boracay is affecting our tourism sector and has, in fact, caused service exports to dive from 16.4 percent in the first quarter to 9.6 percent in the second quarter.
Pernia assured the nation, however, that these “measures should ensure sustainable and long-run growth for the economy,” and that these policy decisions were “prudent and judicious.” He also said that despite the dip, our economy is still one of the best-performing economies in Asia.
But what will it take to revive the economy? The positive outlook is always welcome, but I do hope the government is taking active measures to make sure Filipinos can still afford to live decent lives during these economically trying times.
An invitation to my group art exhibit
I would like to invite everyone to the second exhibition of the four-man painting group QUARTET, of which I am part. The other members are art critic Cid Reyes, designer Boysie Villavicencio and Dr. Jose Duran. The group was formed under the auspices of The Artologist Gallery last year, and has been selected for the privilege of being the gallery’s fifth anniversary exhibition this year.
I will be showcasing three works in the said exhibition. Collectively called Time After Time, these artworks serve to bridge my “profession as lawyer, passion as a painter, and love for country.” I am grateful to The Artologist Gallery, the other members of our painting group and our friends in the art community for their support and encouragement. I hope that you, my dear readers, can come by and view the show.
The exhibit, Quartet: The Second Time Around, opened on August 11, but you can still catch it until the 21st of this month. The Artologist Gallery is at the ground floor of the Shangri-La Plaza, East Wing Activity Center.