More than two years ago, sometime in September of 2005 I saved this article from the Philippine Daily Inquirer entitled “'5% growth or worse 'Forecast of economic 'collapse' in 2 to 3 years chills businessmen” I saved the article in my computer because I wanted to know if the future projections of the business environment in our country will come to pass. In this article, according to economic analyst Peter Wallace “There is a 60% to 70% chance the Philippine economy will experience "modest growth" as it struggles with rising global oil prices and internal political uncertainties” He continues that if President Gloria Macapagal-Arroyo fails to carry out tough fiscal reforms and change her leadership style, the country is "heading towards a recession" or prolonged economic slowdown. Now that two years has actually passed, businessmen can take a breather because the analysis of Peter Wallace did not seem to take place. We did not just experience modest growth, we experienced … [Read more...]