IKONOKLAST: emerging market, power, Philippines,

PH AN EMERGING POWER PER UK PRONOUNCEMENT

Erle Frayne D. Argonza

Good day to you fellow global citizens!

Just recently, a team from the British diplomatic corps made an unusual pronouncement in Manila: that Philippines is an emerging power. For a world power that once conquered Manila during the world war between the empires of Spain and Britain, the UK remark is truly unusual.

Cordially and tactfully delivered, the remark hopefully could open up more floodgates for greater investments between the UK and PH. UK better bring in more investors—bringing in more FDIs (direct foreign investments) than hot money capital—and show sincerity in relating to its partner in the ASEAN.

Known for profligate engagements in derivatives operations and related speculations, UK has been the center of operations of known predatory financiers led by the Rothschilds and fronted by George Soros, a fact that has been causing chagrin on and ambivalence towards the British by developing countries. UK diplomacy better change that image and change it fast.

On the other hand, it is time for Filipino investors to move into London and Northern Ireland with greater capital intensity. Sure, there are a lot of Filipinos in the UK, with circa 200,000 located there, albeit largely for domestic work. It is time that the population composition of Pinoys in UK better change, with greater numbers of professionals, investors, and aid volunteers (to developing countries) deciding to seek domicile there.

As to the numbers of British citizens located in PH, the number is 10,000. Composed largely of retired seniors, the number is also reinforced by diplomatic professionals, business executives, philanthropic aid workers, artists and students. The composition may need to change soon, as PH is an open society and its multi-cultural environ is a plus factor for British and other Europeans to seek domicile here.

Let’s go back to the contention of emerging power. This contention was culled from the observation of PH as an emerging market, which together with other emerging markets will equalize the OECD powers by 2025 as per World Bank forecast. Emerging markets have large populations and significant middle income consumers (earning $6,000-$30,000 per annum).

PH has around 19 Millions out of its 94 Millions of warm bodies as comprising that global middle class. Small for now and seemingly stagnant, the 19 Millions can be made to grow, and the number is significant vis a vis the total population. All over the ASEAN, a total of past 100 Millions of people are in that category today.

The USA has 160 Millions in the global middle income category. It is no wonder that the World Bank made the forecast, knowing the sustained growth that the emerging markets have been showing. As the USA stagnates along the way, ASEAN will surpass it in terms of doubling its middle income to past the 200 Millions warm bodies before 2025 yet.

With Philippines, Indonesia, Vietnam showing the way to what emerging markets are in the ASEAN, it is no wonder that traditional world powers are in a hurry to re-chart the directions of their foreign policies, aimed at creating long-term modus vivendi with the emerging markets.

PH political clout will most likely increase along the way as its economic clout also strengthens. The domestic stakeholders better take note of the new perceptions of OECD powers such as UK on PH, and widen that latitudes for rapid growth and wealth redistribution to accelerate the creation of a middle class past the 50 Million mark soon.

This time around, PH shouldn’t miss out on the emerging global opportunities and perceptions of multi-polarity. Stakeholders should put up or shut up in meeting the gargantuan challenges at hand.

[Philippines, 02 June 2011]

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