Nor does Mr Jose Rabacal, a 29-year-old Filipino sipping beer at an Addis Ababa airport cafe, think he’s a human economic indicator.
But he is, and so are his 10 compatriots as they bided their time recently during a multi-hour layover. Each moved to Africa from the Philippines for opportunities that leaders failed to offer at home. Each left behind a family they see once a year – if they are lucky.
“I haven’t seen my three kids in 14 months,” says Mr Rabacal, who works in mining in South Africa.
“But the money I make here is more than I could ever hope to make at home. It would be nice if my government thought about the sacrifices we Filipinos, we Asians, are forced to make.”
GETTING THINGS MOVING
The good news is that the Philippines now has a President who not only gets the problem, but is doing something about it and offering an example to other developing nations that think it’s just fine for ambitious people to seek opportunities outside their homeland.
Since taking office in 2010, President Benigno Aquino (picture) has homed in on why the Philippines remains a junk credit.
He attacked corruption, got a handle on public expenditure, improved infrastructure and worked to boost competitiveness. These days, the Philippines can raise funds almost as cheaply as investment-grade Italy.
Yet, the issue of remittances from expatriate earnings has long been as ignored in Manila as it is misunderstood.
It’s the human equivalent of China’s vast currency reserves. The conventional wisdom is that hoarding US$3.2 trillion (S$4 trillion) of cash is a strength, the ultimate rainy-day fund.
In reality, it’s a weakness. The reserves are a trap; if China sells them, markets crash.
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