Philippine Communists

A recent article by Mark Fineman in your newspaper reported about the desperate acts of the communists in the Philippines. They are even foolhardy enough to threaten the U.S. military installations in the country.

I would like to make use of that perceptive article to assure your readers that President Corazon Aquino is succeeding in her counterinsurgency measures.

By giving priority to economic reforms, she has won back many of those who sympathized with the communists during the previous regime because of the manner that Ferdinand Marcos’ cronies depressed the incomes of farmers through certain onerous monopolies. In the coconut region alone, where one-third of the population lives, farmers’ incomes have trebled since February, 1986.

Contrary to reports in some U.S. newspapers, President Aquino continues to be immensely popular among the Philippine masses. Despite the fact that 60% of the population still lives below the poverty line, Filipinos are not losing hope because they see their leaders suffering with them. Foreigners should realize that Filipinos can be infinitely patient as long as they see their leaders sharing their own burdens.

As an economist working for a leading private think tank in Manila, I can assure you that the Philippine economy is rapidly recovering.

The economic managers have done a superb job of stabilizing prices and the foreign exchange rate, in contrast with the hyper-inflation and maxi-devaluation still plaguing other debt-ridden countries. The Philippines has rated an A in the austerity measures imposed by creditor banks. Now it will be given the opportunity to grow at about 6% per year in the next five years.

Precisely because Aquino has been so successful on both the economic and political fronts, her foes are now waging their last-ditch struggle to destabilize her government.

However, as she has done in the past, Aquino will outwit her opponents from both the extreme left and extreme right. I have no doubts that under the leadership of President Aquino, peace can be restored to the Philippines. By the beginning of the next decade, our country will be joining the ranks of the newly industrializing countries.

BERNARDO M. VILLEGAS

Senior Vice President

Center for Research

and Communication

Manila