Tuesday, March 23, 2010

Reaction Paper on World Bank Current Issues on Philippines

What does World Bank do for a country like the Philippines? World Bank is one of the institutions that helps 3rd world countries for progression. They finance infrastructures like road building and supporting feasibility studies to help the economy grow. Well this is so far as what I understood of reading the content about World Bank. So far it had done good in financing such good causes but sadly enough, these good causes turns out to be “gawd causes” it’s a mockery that the Philippines though being helped with such institution continues to corrupt the approved budget set for our country. Sigh, it’ll never end.

According to the director of the Southeast Asia Corporate Network of The Economist Intelligence Unit, “The Philippines is perceived as one of the most corrupt countries in the world,” Wood told the Business Roundtable in Makati City earlier this month (Oct 2008), citing the results of the latest survey on corruption done by Transparency International. “The perception is very correct.” And it is not just a perception, it is the reality. The Philippines is one of the world’s most corrupt nations. And what does President say about this – she disagrees. This was but 4 months passed.

Recently, firms were banned by the World Bank after thorough investigations, 3 of these firms were from the Philippines. Why? Once a banking institution should approve to finance, financial reports should be accurate in submitting it back to the bank. There was an agreement done but it was not met. World Bank discontinues the funding unless requirements are done by the second party.

Isn’t this a proof enough? Funds were diverted, World Bank saw that, World Bank suspends – contractors complains and pleads to the government for help, government spats back at the World Bank though they know already that they couldn’t do anything about it. Publicity. World Bank would still be “World Bank,” and the Philippines would still be a corrupt nation. No wonder brain drain exists among us Filipinos, many would prefer to be working abroad than to stay. Sad, but true.

Photo courtesy: beerkens.info

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