Sunday, December 21, 2014

How President BS Aquino impoverished the #Philippines with pork

The money that the administration funneled into DAP (and its predecessor, the PDAF) was supposedly aggregated from 'savings' in the national budget. What happened in 2011 when this horrifying plunder scheme was set in motion was that funding for several public works projects (initiated by the Arroyo administration) were cancelled for no apparent reason. The funds that were NOT used as a result of these arbitrary cancellations were declared 'savings' and pooled into a massive, unaccountable fund under the control of Penoy Aquino. This is NOT a 'glitch' as you call it; it was a MALEVOLENT act to re-allocate taxpayer money and increase the President's personal pork barrel.

Furthermore, one of the direct results of these cancellations was a huge DROP in public spending. This in turn caused a massive drop in the GDP growth rate (down to 3% from around 6% the previous year) and a moribund economy. Penoy Aquino's idea to create 'savings' instead caused a serious downturn in the economy. It worsened the jobless rate and destroyed valuable opportunities for local business. We still live with the consequences of that stalled economy to-day.

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