Many Filipinos Should Get Rid Of The Idea That "Only Foreigners Get Rich" In Allowing More Foreign Direct Investment In the Philippines



Neri Colmenares is the latest poster boy for ignorant opposition against foreign direct investment while he hypocritically compares himself to Rick Astley. Many Filipinos tend to say, "But only the foreigners will get rich!" believing the lies that protectionists have set for them. Many of them adhere to Heneral Antonio Lunatic's idealism of self-industrialization. Even after seeing the difference between North Korea and South Korea and how China progressed not during Mao Zedong's regime but during Deng Xiaoping's regime, one can see that many are still stuck with the idea, "But only foreigners will get rich." Well tell that to all the first world countries that only foreigners get rich and they'll just laugh you off.

I've discussed on how Communist China progressed with Dengism and not with Maoism. It's time to look at North Korea and South Korea. North Korea engages in ultranationalistic stupidity while South Korea engages in regulated free market capitalism. North Korea defends its North Korean pride and ultranationalist policies rather well but at what cost? The Kims ruling North Korea have only created a state full of starving people. South Korea forgets about South Korean pride and has become more open to foreign direct investments. It still retains its sovereignty as an independent nation and it benefits from foreign direct investment. When it comes to foreign investment, they do get rich but they must also pay their income taxes to where they earn it.

How do the first world nations benefit from foreign direct investment? When there's competition, there's bound to be competency. Local businesses will be forced to compete. But not only is there competition there's bound to be supply and demand balance. Demand for work will be met because there will be more jobs for Filipinos and more suppliers and customers for local businesses. Just imagine that a foreign restaurant will buy materials from local suppliers in order to produce their food. You can have local suppliers benefiting from some imported supplies if local supplies are scarce. Not only that, more investors means more taxes for the Philippines to collect. Do they even know that foreign direct investors not only provide jobs and services but also they provide the nation more income through taxes?

It's time to ask would many Filipinos either choose to remain poor or commit suicide or whatever choices they have than support economic liberalization. As said, the Philippines needs rulers who support economic reforms, opening up the economy and educating Filipinos with basic economics. Knowing basic economics is not determined by a genetic determinant like being Pinoy is definitely NOT an obstacle to knowing basic economics. Like not everyone is destined to master Mathematics but certainly anybody can handle the fundamentals with hard work. If that were true then why are there Pinoys who are competent businessmen? Why are there Pinoys who are well-to-do? It's not about their being Pinoy but it's all about their hard work and dedication. While not everyone can become a high class businessman but anybody can escape from miserable poverty if they work had enough and budget the money properly. But then shouldn't the government still allow more policies that will give opportunities for Filipinos to escape poverty be part of their job?

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