Short of funds? Where have all the money gone?
To tame inflation, bankers, including the central monetary authorities, have been keeping our money in the vaults. These “lazy” bankers kept the money out of circulation.
Thus, depriving the economy of a “sinful P1 Trillion” which could have been used to shoot up the GDP up to 11 percent growth.
Here are more idle funds. This one is collected from OFWs. Of a net income of P1.258 billion in 2006, the Overseas Workers Welfare Fund spent only P45 million for loans and seminars. A whooping P1.2 billion was left unused. This should have been invested here to create jobs and keep more Pinoys from leaving for work abroad.
Whew, from where I sit, I view these two scrimping as shameful crime!