Reform, not revolution

In the choppy waters of Philippine politics, we are now navigating a storm of corruption allegations more scandalous than a telenovela plot twist.

- JOEY CONCEPCION

Having spent 20 years of my life championing MSMEs as the unsung heroes keeping our economy afloat, I’m here to sound the alarm, but not the abandon-ship kind. No, my call is for stability and continuity. After all, if we start rocking the boat too vigorously, we risk capsizing the whole vessel, passengers and all. And let's be honest, in this archipelago nation, we've got enough real storms without manufacturing more.

Picture the Philippines as “Philippines Inc.,” a corporation where the President serves as CEO, the Cabinet as C-suite execs, legislators as the board and every citizen as shareholders. It’s a model that works in thriving economies across Asia, from Singapore’s squeaky-clean efficiency to Malaysia's steady growth. But right now, our company is weathering a PR nightmare: a corruption scandal that’s eroded investor trust faster than a depreciating peso (which, by the way, just hit a low at a time when remittances ought to be counterbalancing the dollar’s strength).

Drawing on my own experiences and those of my peers in the corporate world, I can say that losing investor confidence can be catastrophic. Suddenly, you find yourself explaining to nervous shareholders why they shouldn’t bail. Translated on a national scale: foreign investors are pausing, and the peso’s slide is making imports expensive.

Big firms with deep pockets might be able to dodge currency woes like pros, but MSMEs? They’re the lifeblood of our economy, often unexposed to forex fluctuations but deeply vulnerable to the ripple effects. When consumer spending dips amid uncertainty and when suppliers tighten credit, or remittances falter because overseas Filipinos question our future, these small players hurt the most.