Federalism spells disaster for PH – economists
A shift to federalism can only spell disaster for the Philippines, possibly stoking “hyperinflation” and ceding more powers than what many local government units (LGUs) are ready to handle, top economists from the University of Asia and the Pacific (UA&P) warned on Monday. UA&P’s Bernardo Villegas – also known as the “prophet of boom” due to his consistently upbeat view on the Philippine economy – is not so optimistic on the proposed shift to a federalist form of government. “I think it will be a disaster. I won’t go as far as (former) Chief Justice Hilario Davide saying it’s going to be hell but it’s not necessary and it’s counterproductive,” Villegas said in a joint economic forum held by First Metro Investment Corp. and UA&P on Monday. “Imagine the duplication of all expenses of all levels and the completely arbitrary way of putting together provinces for the so-called federal states,” Villegas said. The economist said the Philippines should learn ...