Petition to the Senate and Lower House to Amend the Constitution and End the Death of the Philippine ECONOMY

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Petition to the Senate and Lower House to Amend the Constitution
and End the Death of the Philippine ECONOMY

We petitioners want more ELECTRICITY so there are more factories, offices, jobs, and more progress for our marginalized members as follows:

· We marginalized senior citizens want better hospitals with more imported equipment to give us better care; so, the nation must be more globally competitive to earn dollars to import the equipment.

· We marginalized young people are missing out on Harvard. Fewer Filipinos than Singaporeans and Thais are Harvard alumni. We want more imported computers, lab equipment, web networks so there are better schools and more educational chances for us globally.

· We unemployed or underpaid maids, drivers, scientist, lawyers, professionals want more imported machines and technologies to enable the rise of new or better jobs for us and boost our annual productivity from $5,500 per year on average to the $72,000 in South Korea and $118,000 in Singapore. (Data are from the World Factbook of the CIA at www.cia.gov)

Petition 1: We urge at least ¾ of Senators and ¾ of Congressmen to use Article 17 of the Constition to amend the Constitution so that foreigners have have majority control of utilities and infrastructure that they build-- power transmission systems, water, telecom, railways, etc., instead of only a maximum control of40%, which is not control. With the new provision, global utility and infrastructure firms would rush to build utilities and infrastructure in the country. It is because Filipino wages are now only 40% as high as in China. Utility and infrastructure firms would expect to make money serving a second wave of investors that will race to the Philippines—the global manufacturers/ exporters that will want to use the efficient, new utilities and low Filipino wages.

· Global banks and private equity ventures will happily finance them. They will see the Philippines as a new frontier--a new China. There will be money and projects to make the country rapidly prosper.

· Economic growth will be high—10% to 15% annually (as other booming nations achieved), and job growth so rapid—6% to 8% annually—that full employment is achieved in five to six years.

· A bad constitution has made our people poor. It prevented foreigners from building Philippine utilities and infrastructure by restricting their control in these projects to only a 40% maximum. They reacted by hardly investing in power plants, railways and infrastructure. We could not build them adequately either because we lacked funds. Now we have only 1/6^th as much electricity per person as in China, Thailand, Malaysia. So, not enough offices and factories are being set up nationwide by foreign or local investors. Result: few jobs, great poverty. Time to end the misery by amending the Constitution.

Petition 2: Bigger Gov’t Spending For Infrastructure Financed by Deficits

· We urge Malacanang to borrow more than its target 3.3% of GDP. The rate should be 15% sustained for at least five years, and borrowings should be spent for infrastructure The $36 billion more of funds in 2014 rising to $60 billion by 2018 would result in the nation becoming a stronger victor at world competition. There would be more jobs and riches in the Philippines.

· Officials fear inflation too much. When borrowing is spent productively, more goods are soon produced to end the inflationary pressure from too many pesos chasing too few goods.

· The Philippine public debt as a percentage of GDP, at 52%, is today noticeably lower than in these globally great countries: Japan 200%, Singapore 109%, Germany 83%, Israel 75% and America 62%. So, why do our leaders fear debt? When the UK was the world’s greatest power in the 19th and early 20th Centuries, it used big budget deficits to spend on the bureaucracy and weaponry to sustain its power. Its government debt relative to the GDP is still quite high today at 76.1%.

· America during President George Washington and during World War II used huge budget deficits to build infrastructure and utilities for the new nation or to develop armaments for World War II. America was born and grew up in debt.

3: Weaken the Peso: Promote More Investment Inflows and Exports

This third measure follows from the second policy—the printing of more pesos to finance the expanded debt. The resulting large amount of new pesos printed—about P1.4 trillion in 2014 on top of the possibly P6 trillion of money expected to be in the system by 2014, along with more pesos printed in the following four years--will weaken the pesos to a forecast P60 per dollar. However that full depreciation may not be realized as foreign investors buy the new pesos needed for them to invest in the Philippines. These good effects would follow from a peso depreciation:

a. Many more foreign manufacturers invest in the Philippines. Their dollars will buy more pesos to finance their ventures. And their peso manufacturing costs would translate into lower dollar prices for their exports, boosting their competitiveness abroad.

b. Local firms also become more globally competitive, like the foreign manufacturers.

c. Philippine dependents of OFWs and FilAms would get more pesos for the dollars remitted to them. As they spend the money, dependents stimulate the economy.

d. More retiring or retired Filipinos abroad would retire in the country, helping the country with dollar inflows. Even OFWs may stay and work at home.

e. More foreign tourists visit the country.

Bad Effects of Peso Depreciation. Commuters will be hurt by the depreciated peso. Their gasoline price costs may need to be lightened by subsidies. Importers of raw materials will not be hurt. They’ll be able to pass their higher peso costs on to richer, better employed, and more workers.

SUMMARY: THE NATION AND PEOPLE GET RICH FAST

On top of low Filipino wages, incoming foreign investors will add four weapons needed for world success: 1) their big capital 2) advanced technologies, 3) managers who are masters of competition, and 4) their products to assemble in the Philippines and export. The following benefits for the country will follow:

· Filipino made multinational products, made with lower wages, will defeat China in world markets. Exports will double every two to three years. Millions of workers will be hired.

· Workers annual productivity will be $50,000 to $100,000 per worker, their annual wages $25,000 to $50,000 each, or five to 10 times as high as now. Filipino workers and managers become globalized.

· More jobs and higher incomes will get the real estate, hospitals, schools, farmers, fishermen booming.

· Some bigger farmers will make more money and mechanize their operations. Their workers could become as productive as American farmers, each feeding 300 people compared with nine now.

· Gross Domestic Product will rise 15% annually or higher, as in Guandong in China, an economy like the Philippines in land area and population. Its GDP rose 15% to 20% annually in the past 30 years.

· Jobs will grow 6% or higher annually, eradicating unemployment and poverty in seven years or less

· With foreign capital inflows, the electricity supply is raised six fold in 12 years, making the Philippines then equal Malaysia, China and Thailand now, with full catch up in another six years.

· Busier workers with have few babies, cutting down population growth.

· More and better jobs will be available for everyone: taxi drivers, maids, farmers, youth, professionals.

· Incomes per person rise 13% or higher annually, doubling incomes every six years or sooner.

· The government will make more money. There is more money to improve education and to mount sting operations against corruption. Officials will get better paid, also countering corruption tendencies.

· All banks, constructors, exporters make far bigger profits. Many Filipinos become billionaires—85 to 400 of them, commensurate with the numbers in Singapore and Hong Kong, instead of only four now.

We will fight for change because the future is exciting. We want to build a great nation fast.