While President GMA may have noble intentions, her science of economis sometimes yields to the arts of politics.

Therefore, she is not expected - and she does not - make economic pronouncements that erodes her political capital. We are not negative, nor anti-GMA when we present the other side of the story.

For instance, her latest SONA read like a praise hymn in a cathedral of converts was really a FONA - a Future for the Nation Address, not reflective of her true, weak state today.

So, let's be honest that hey, we have to pull ourselves together more to get out of this laggard stage the economy is in today - overtaken in growth rate by war-ravaged Vietnam. Do not say the Poverty Incidence had gone down when a reputable private sector survey says more people go hungry today than ever. Do not deny the fact that "underemployment" today is a high 26% compared to 16-18% in other years.

Let us not tout about robust export growth rate. Be forthright and admit that our two major exports - electronics and garments - are almost 100% dependent on imported raw materials. We can't make chips yet and our textile industry is dead. And so the economic impact is therefore not significant.

The "development" in the Philippines is cosmetic. It is capital, not labor-intensive which enriches the capitalists but hardly creates labor opportunities. The "development" is concentrated within Manila and the rich environs of Calabarzon in the south and Bulacan and Pampanga in the North - an argument for Federalism, indeed.

The Philippines is an agricultural nation and agri accounts for 15-20% of the GDP (Gross Domestic Product) but with a slow annual growth rate - our food production threatened by cheaper imports abroad due to globalization.

Our banking system, according to London-based Rating System Fitch has not been the engine of development that it was created to be. Rating banks a poor "D" and "E" categories, Fitch says our accounting system lacks integrity, the balance sheets are weak due to banks' inter-related lending and generally owned by closely-knit families which tend to lag behind in technology investment because such move is capital intensive.

The banking system is owned by 12 major banks controlling 77% of assets and together with foreign banks account corner 93% of banking service. Fitch says a banking cartel exists, which is not good in any other country or any industry for that matter.

While government tends to thrive on economic statistics, there are people-centered issues that may question the value of priorities in governance. Education, the ticket to a better future, did not have an Education Secretary for over a year until Congressman Jesli Lapuz was recently appointed. Our education system is deteriorating with half-baked graduates. From time to time, the integrity of our professional exams is not under scrutiny.

Our English, science and match proficiency is worsening by the year and there are now more dropouts that don't finish with a degree at all. To top it all, no longer are OFWs made up of mere domestic helpers, laborers, sea men and caregivers but the best teachers, doctors, bankers and scientists we have simply because there are not enough opportunities in the local market.

The other issue of a high 2.3% annual population growth rate did not merit a paragraph in the SONA. Yet it is a grave problem which produces many unproductive mouths to feed and keeps the mothers for going after a productive economic activity while tending to their kids.

Politically, the fact remains that GMA has the lowest approval rating among all presidents after Marcos - it is not a statement of the Opposition but by independent credible survey makers. But in governing a nation, it is important that people row the boat in the same direction - which is GMA's problem right now.

Until the legitimacy issue is clearly settled and the COMELEC is cleaned up for future elections or plebiscite, ours will be a divided nation that will cripple the growth plans of even the brightest economist-president.

Finally, while the present budget deficit woes may be licked - how long will this last?

With the mega-projects and the mega regions needing P1 trillion funds to complete them in three years, how will our debt problem exacerbate then?

Today - already 40% of the total Philippine budget is allocated to pay debt principal and interest to the detriment of public service.

How much more can we sustain a growth that is debt-propelled? How will that affect sovereign risk rating or foreign exchange stability?

Those issues must not be lost on those who prefer to remain in Cloud Nine rather than carry the millstone around their shoulders.

And tell folks, we have a long way to go. And we must all sacrifice.