"The Filipinos are a rational people. We are corrupt not because we are morally bankrupt but because we know that the benefits of corruption outweigh its costs." This was how Prof. Winnie Monsod of the UP School of Economics emphasized her belief that there is hope for the Philippines to attain economic recovery. The expertise of Prof. Monsod, one of the most respected economic gurus in the Philippines today, was tapped by the Bulacan Chamber of Commerce and Industry and the Dangal ng Bulacan Foundation, Inc., during the Economic Forum held last January 25, 2005 at the Hiyas Pavilion.

Ms. Monsod, popularly known as "Mare" got hold of the audience's attention with her feisty but precise description of the present economic situation and the nation's leaders. The audience composed of members of the business sector, the academe, representatives from the government sector, and students of business showed their appreciation of the discussion by remaining attentive throughout the three-hour forum

During the first part of the discussion, Ms. Monsod presented statistics relative to inflation, foreign exchange rates, investments, budget deficit and credit ratings. Oil is the biggest contributor to the high inflation rate. The common perception is that a strong exchange rate is a sign of a strong economy, but she emphasized this has its downside. A strong peso will increase the dollar price of our exports, hence this might dampen the interest of foreign buyers of our local products. A strong peso will likewise reduce the purchasing power of beneficiaries of dollar remittances of our OFWs.

"No dull moment with Ms. Monsod," as she would hit the table to emphasize that "Filipinos are tired with politics". A recent survey conducted by the UP School of Economics showed that majority of the Filipinos believed that the quality of life will continue to deteriorate in 2005, most of whom are also not happy with the Arroyo government. However, majority of the Filipinos do not agree that Estrada should return to office, nor do they believe that martial law is the solution to our woes. She said what we need are politicians with "a soft heart but with a hard head".

She cited positive indicators in the Philippine economic environment: promotion of agriculture and mining, increased remittance from OFWs, continuous good performance of the Philippine stockmarket, good prospects for the tourism sector and an increasing demand for office space.

Asked whether she agrees that the Philippines is not ready for the WTO, Ms. Monsod vehemently said "No, because we can make a tremendous opportunity from our membership in the WTO. China is dying to become a member." She cited the fate of the garments industry, which, despite the protection afforded by government for thirty years.