I just read a new article from the Philippine Daily Inquirer where frustrated First Lady wannabe Korina Sanchez-Roxas gets some ire from Filipino K-Pop fans on what she said. Although it would have been better to actually just leave this idiot alone — though one thing that always caught my attention is the last thing she said on Twitter that says, “Basta, malaki ang contribution ng Pilipinas sa ekonomiya ng Korea.” In English it means, “Just to let you know that the Philippines has a huge contribution to Korea’s economy.”
As much I don’t want to really talk too much about the K-Pop phenomenon (and I still want to raise the issue that the K-Pop craze badly needs a break) but I guess it’s more than time to ask Mrs. Roxas herself if she knows how South Korea became an economic power. While I do believe that the Philippines has some contribution to the South Korean economy considering that some South Korean companies do have a joint venture in the Philippines or how Filipinos are using Korean stuff — she really needs to badly ask herself how South Korea managed to become an economic power.
She needs to reconsider how her husband Mar Roxas sadly flip-flopped from the time he was the Department of Trade and Industry (DTI) Secretary under Joseph Ejercito Estrada and how he ended up changing his mind when he became Noynoy’s anointed successor. Before, he was actually in favor of completely removing the 60/40 provision so there will be more jobs. However, he ended up changing his mind where he believed that it’s not really a priority to remove the anti-FDI restrictions.
What was interesting was that according to Asian Correspondent — there were at least three Philippine presidents that actually did something for the economy. Joseph Estrada (as stupid as he is) started to dismantle the 40-year state protectionism of retail and provided more incentives for multinational firms. Gloria Arroy deregulated the energy sectors by giving them escape to the 60/40 limitation. If those idiot Noytards want to know how Noynoy Aquino somehow helped the economy as it’s said by the same source that he actually passed 29 business and economic reform laws. They served as minor but powerful constitutional amendments.
So what’s making South Korea a major economic power? It’s all about the economic policies. Although South Korea is presidential-unitary (though they do have a prime minister appointed by the president) — the key factor to their economic success is free trade. North Korea’s long-term poverty-ridden condition is because of the use of economic protectionism. South Korea’s policies that allowed healthy competition in the form of foreign investors. They accepted foreign investors either through flexible joint venture packages or 100% ownership. It was through the use of foreign investors that South Korea managed to encourage competition, generate more jobs and collect more taxes in total. Whoever says that only foreign investors get rich needs to be re-educated with international economics because that view is totally false.