an empty victory: rating upgrades in the time of widespread corruption and poverty
there was a time when the blinking christmas lights outside the walls of the central bank complex along roxas boulevard highlighted the country's impressive economic statistics -- faster growth, slower inflation, etc. now, it's just plain giant lights greeting everyone a joyous christmas. still, it's ironic that just outside of its well-guarded gates, the scene is distressing and far from merry: malnourished street children either begging or selling sampaguita garlands, homeless people sleeping on pavements, tricycle drivers waiting and calling for passengers, thereby contributing to traffic congestion, and other depressing sights. we are not blaming the central bank, tasked among others to chart the course of the philippine economy along with other economic planning agencies, for the widespread poverty in the country. poverty in the philippines is just so malignant that it will probably take a hundred years, hundreds of billions of funds, focused programs...