Joining Loren's bandwagon

It’s a given that we will have a Green Vice Presidency if and when UN Climate Change Champion Loren Legarda wins in the election in May. She’s been planting trees since 1998 when advocacies for the environment was not yet fashionable.

Loren had also been talking about the dangers posed by climate change even before typhoons Ondoy, Pepeng and Santi hit us in the face, making us realize that what she had been saying all along had been right.

But a news item had me thinking that Loren can be the most well-rounded vice president our country ever had. I am referring to her warning that the Bangko Sentral’s relaxing of its offshore investment ruling can spell disaster for our country.

When the BSP last December issued a new guideline that any Filipino can now buy up to $30 million from local banks and invest the same abroad, I scratched my head thinking about the negative ramifications of the move.

As I was wondering why the likes of Mar Roxas and Ralph Recto had failed to appreciate the impact of the BSP pronouncement, it took a Loren Legarda to warn the public about it.

Loren admonished that the new BSP rule can be exploited by corrupt government officials of the outgoing administration to launder their ill-gotten wealth. She warned about the possibility of the BSP rule sparking capital flight.

How right was Loren when she said that while the Philippines has been hard-pressed to attract foreign investments, now comes the BSP practically asking Filipinos who have the capacity to invest in the country to park their money offshore.

For her astuteness and foresight, I am joining Loren’s bandwagon.