Saturday, April 04, 2009

Nograles slams OECD

I just had to react to a breaking news item on Inquirer.net about Congressman and Speaker of the Philippine House of Representatives Prospero Nograles slamming the Organisation for Economic Co-operation and Development(OECD) for black listing the Philippines as "a non-cooperative tax haven".

The congressman deserves a round of applause, no, more than applause, a standing ovation for slamming this action of the OECD and further pointing out that it is, in fact, the members of the OECD who are directly or indirectly responsible for the economic crisis the world is experiencing now.

Among its members include the United States, the United Kingdom, Germany, Iceland and Spain all of whom have had financial institutions closed or bailed out of bankruptcy. A full listing of its members can be found here. I just wonder where the OECD was when the financial institutions of its own member nations were making bad choices and imprudent decisions when their economies were booming.

I am no economist but it doesn't take any financial expertise to see how well our local financial institutions have fared compared to the biggest most reknowned institutions abroad. This tells me that, at least in this regard, our government must have done something right.

I really thought crab mentality was a Filipino trait, apparently it's international.