Other positive economic indicators include the strengthening of the peso, a record-high PSE index, growing OFW remittances and increasing investments in sectors such as business process outsourcing (BPO), tourism, property and construction. All these, and more, constitute good news and work together to create a strong economy.

However, there is a flyin-the-ointment and calling attention to it is no less than the international credit ratings and research firm Moody’s. In reaffirming its stable outlook on our country’s credit rating, Moody’s said that despite the impressive economic outlook last year the growth was not broadbased and mainly due to surging remittances from overseas Filipino workers (OFWs).

Moody’s, in the same breath, also warned that economic stability could be disrupted at some point in the future if political and social discontent remains unresolved. The agency was even quoted as saying: "Prosperity shared by the population will lead to greater social and political harmony."

Now, this provocative thought when brought into sharp focus compels us to examine a number of vital concerns affecting the welfare of our people and I am reminded of a revealing interview on the issue of skyrocketing prices of medicines with the former top honcho of the Philippine International Trading Corporation (PITC), Roberto "Obet" Pagdanganan.

Talking about the 100Billion pharmaceutical industry, he depicted a situation resembling the proverbial Gordian knot and untangling it for sure will require a sustained and concerted effort. To wage an all-out war against the prohibitive cost of medicines, he said, legislative reforms are urgently needed and the two bills pending before Congress aimed at rationalizing the medicine industry will need a lot of push to move.

In a nutshell, the needed legislative reforms would strengthen the patent law and create a drug price control office. He said in other Asian countries (India, Thailand, Pakistan, etc.) a drug price control office is immediately set up once a patent has expired. This office puts a cap or regulates the maximum retail price of medicines whose patents have already been lifted.

It is a sad commentary that in the Philippines 80% to 90% of patents have long been expired but prices still remain out of reach of the poor and marginalized sectors of our society. How come? For one, information dissemination is grossly lacking in promoting generic medicines as compared to branded ones. To dramatize the situation, he said it’s like crafting a good film but no movie house wants to show it.

The continuing spike in prices is rendered all the more disheartening, even untenable, considering that prices of similar medicines in our neighboring countries are comparatively much, much cheaper.

Intriguingly, this is one issue that seemingly has been swept under the rug by the apathy and nonchalance of our policy makers, an issue that mysteriously wields the clout to tame and reduce the entire Legislature, known for its cacophony of noises, into a committee on silence.

Looking back at our latest electoral exercise, it makes you wonder why no politician aspiring for a seat in Congress ever dared to come out in the open with a platform or advocacy to improve our health care system mainly by rationalizing the exorbitant cost of medicines.

With our people’s patience still tenuously holding, let us hope against hope that out leaders will find the moral courage to step up to the plate and bat for the interest of the governed.

Email: businessagenda_report@yahoo.com.ph.