Both have the unpredictable potential of flaring into larger wars, including the possibility of a limited nuclear war, if there is such a thing.Singapore exports are 184 percent of its GDP or the value of its annual economic production; its imports are 184 percent of GDP. Vietnam exports are 93.18 percent of its GDP, down from 105.8 percent in 2021; while imports are 93 percent. Malaysia exports are 73.84 percent of GDP and imports 61.73 percent.
One, the Department of the Interior and Local Government should order the more than 1,500 LGUs to approve business permits in ten minutes. The labyrinth of permits businessmen must secure is often impossible to navigate. To get a business permit, you need 17 sub-permits; to get an electrical connection, you need 17 sub-permits. The permits take time to secure, if at all possible. Since the permits are designed to be difficult hurdles, an applicant must pay a fortune to beat the system.
The bulk of the idle deposits are – in government banks. Land Bank, the biggest Filipino bank, has P1.53 trillion of excess deposits, or the difference between its deposits less loans . The 7th largest domestic bank, state-owned Development Bank of the Philippines, has P759.66 billion of deposits and P522 billion of loans, leaving P287.44 billion of un-lent deposits.
The P5.3-trillion combined idle deposits of the 38 commercial banks can finance 26.5 million new classrooms, irrigate 26.5 million additional hectares of rice lands and create 2.65 million jobs. We have the wherewithal to solve three major urgent problems – the food shortage, poor quality of education and unemployment.
If you have facts on your side, pound the facts; if you have law on your side, pound the law; if you have neither facts nor law, pound the table. I had the pleasure to meet the new German Ambassador to the Philippines, Andreas Pfaffernoschke, at a diplomatic event last month.
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