So, which president actually made us the “Sick Man of Asia”? I decided to take a look at one prominent analytic indicator… the Philippine peso - US dollar exchange rate. I particularly looked for the rise and fall of the Philippine peso from 1965 (the Year Ferdinand Marcos took office) to 2012. Luckily, I found a site (www.fxtop.com) that actually calculated for historical Foreign Exchange data.
Here’s what I’ve found:
Yet, a question still lingers in my mind. If Ferdinand Marcos did cause our downfall, why haven’t any of the other five presidents after him done anything to bring our economy up? In fact, they’ve brought it down even further. Well, Benigno “P-Noy” Aquino Jr. still has a chance to make it right.
Yes, we’ve had a windfall in terms of foreign investments since early 2012; yet, somehow, it just doesn’t seem to be enough. P-Noy can’t afford to rest on his laurels right now. He’s got a great big mountain to climb.
Guys, here's an updated chart (as of June 3, 2013) containing the following data:
- Blue Line: PHP-USD Exchange Rate (USD to 1-PHP / 1000)
- Green Line: Gross Domestic Product - GDP (in billions USD)
- Red Line: Debt to GDP Ratio (percentage % of Debt / GDP)
- Data Source for GDP: The World Bank via www.tradingeconomics.com
- Data Source for Debt-GDP Ratio: The World Bank via www.tradingeconomics.com
- Data Source for PHP-USD Exchange Rate History: www.fxtop.com
On the other hand, I think I owe GMA an apology. I openly accused her of bringing our economy down; but, after looking at the World Bank data, I may have been wrong.
During GMA's term, our GDP rose to around 170 Billion USD from a mere 71 Billion USD when she took over. She also managed to bring down our Debt-GDP Ratio to 44% from a high 63% when she first held office. She even managed to improve our exchange rate a little bit. It might be a stretch, but I believe that the economic windfall we are enjoying today may have started during GMA's time. P-Noy may be riding a wave created by GMA.
I suppose many are still wondering why haven't felt this economic boon. I have two suspects for you... population and corruption. I'm already looking for data on these two indicators and will post it here soon.
Well readers... What do you think of this new twist?