Rising joblessness proves anew: Aquino’s economic growth a bubble waiting to be inflated, not inclusive

Aquino asks cabinet members reasons for unemployment rate
from inquirer.net

The rising joblessness, as shown in the latest SWS survey, has once again proven that Aquino’s economic growth is not ‘inclusive’ and is merely a bubble that awaits inflation.

According to the latest survey results, the country’s unemployment rate rose to 27.5 percent during 2013’s last quarter, which accounts for approximately 12.1 million jobless, job-seeking Filipinos. The count is 2.5 million more than the previous quarter’s joblessness count.

In 2013, Aquino boasted about an inclusive economic growth, as the Philippines was hailed the world’s second-fastest growing GDP, next to China. Despite such ‘growth’, the rising unemployment rate proves its insignificance and negates its inclusivity, contrary to what the government claims.

The country’s GDP growth is basically a bubble created by low credit interest rates leading to seemingly larger public consumption and a growing construction sector, an unsustainable rise in OFW remittances and the BPO sector, and overall, still an import-dependent, export-oriented economy.

Agricultural lands remain in the hands of Aquino’s relatives and his allies, and our manufacturing industry is largely a semi-manufacturing industry controlled and dominated by foreign capitalists. Without any means can a backward, pre-industrial, and agrarian economy provide for the needs of the people.

The Filipino workers will not buy Aquino’s efforts in covering up his administration’s flaws. Way before Yolanda and the earthquake that struck Visayas last year, the US-Aquino regime has failed to create jobs for the Filipino people due to its insistent implementation of neoliberal policies in the country, allowing foreign capitalists to liberally profit from the blood and sweat of the people.

In his three years in office, Aquino has played a significant role in maintaining the status quo, wherein only capitalists and landlords benefit from what he calls an ‘inclusive economic growth’. Since the beginning of his term, the 40 richest Filipinos, including Aquino’s kin and close allies, have mounted if not doubled their assets, while the people suffer from the absence of jobs, very low wages, widespread contractualization, trade union repression, endless price increases, and the state abandonment of social services such as health, housing, and education.

The lack of genuine agrarian reform and national industrialization of basic and heavy industries, not calamities, are the main reasons for the country’s rising unemployment rate. It is about time that Aquino’s systematic trickery is exposed. He has no right to ask ‘what went wrong?’ and in fact, should be the first to know why the country’s unemployment rate has, and will continue to increase during his remaining time in office.

The workers in Southern Tagalog have had enough of an imperialist puppet president who ceaselessly massacres the livelihood of the people for the sole advantage of capitalists and the whole ruling class.###

End neoliberal globalization!

Genuine agrarian reform and national industrialization now!

Struggle for national democracy with a socialist perspective!


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