Philippine Stimulus

Seems Congress is prepairing 100 billion peso stimulus package, roughly 5 percent of nominal GDP, not bad in scale, but I haven’t seen any of the details.(Can’t seem to find an online copy). As usual opposition makes noise because corruption would probably eat most of the stimulus, and recent reports suggests that they are going to use money from the SSS and GSIS. This is frankly scary because this is shadowing/mimicking what happened in the pre-need crisis early this decade. The GSIS and SSS do not have as large an endowement to begin with and it is probably not a good idea to enter investments they do not have any experience with. (I am reading reports that they plan on investing in infrastructure projects, which is very scary, because most of these projects are just not profitable in a purely financial sense, rather they are profitable in a societal utility sense.)

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