Like many Filipinos, I hope that the raging global economic crisis will leave us relatively unscathed. The official statistics say that our economy is still growing at the rate of about 3-4 percent per year. Yet, I have this nagging concern that our economy is not producing the jobs needed to allow Filipinos to cope with the crisis, get out of poverty and attain better lives.

What are the prospects for jobs in our country today? The official statistics from the National Statistics Office say unemployment in our country is at 7.7 percent. On the other hand, SWS surveys since May 2005 show unemployment consistently over 20 percent, rising further in 4Q 2008 to an astonishing 27.9 percent, which means that out of a labor force of some 40 million, 11 million were unemployed! The SWS numbers probably include those who are officially only ?under-employed?; but no matter how you cut it, the situation is dismal. Add to these the 9-10 million Filipinos working overseas and we have a stark picture of up to 20 million Filipinos unable to find satisfactory work in their own country!

The plain reality then is that our economy is not generating the jobs needed to enable millions of Filipinos to live decent lives. And the primary reason for this is that we are not attracting the investments needed to produce those jobs.

One of the key indicators of this is the ratio between investments and GDP. Economists look for a ratio in the range of 23-25 percent for adequate job creation. The ADB report of August 2008 shows the Philippine investment ratio for 2007 at 15.3, which compares very unfavorably against Vietnam?s 41.7, Thailand?s 26.8, Singapore?s 22.6, Malaysia?s 21.9, and Indonesia?s 24.9.

A closer scrutiny of the Philippine record is quite revealing. In the final years of President Fidel Ramos? administration, from 1995 to 1997, the Philippine investment ratios registered at 22.5, 24.0 and 24.8. From 1998 to 2000, under President Joseph Estrada, the ratios were 18.8, 21.2 and 19.0. From 2001 to 2007, under President Gloria Macapagal-Arroyo, the ratios dropped consistently from 17.7 to 14.5 in 2006 then to 15.3 in 2007. The current six-year plan of the National Economic and Development Authority targets a ratio of 28 percent by 2010.

Why the low level of investments? Investors seek from government a level playing field; stable laws, regulations, and policies; a functioning legal and judicial system, with contracts duly enforced; and competent and honest officials. In surveys where investors are asked to rate countries in terms of their competitiveness, attractiveness as a place to do business, and levels of corruption, the Philippines does very poorly, especially in survey after survey on corruption, where we have recently risen to the top of the lists of the most corrupt countries in Asia or even the world!

Poor governance leads to a low level of investments which leads to inadequate jobs being created. And so if we are to create more jobs to give more Filipinos a chance at a better life, we have to address the issue of governance. In our system of government, power is very much centralized in the Office of the President, and the issue of governance ultimately rests on the President herself.

The record of this current administration is dismal when it comes to things that matter to investors. Regulations and policies have no stability and are adjusted to cater to friends or to political expediency. Corruption is not only ignored, it is tolerated and rewarded, especially as it seems to benefit the highest government officials and their families. The justice system is seriously flawed and the worst criminals go unpunished.

Fortunately, we have the elections of 2010 to look forward to. We must believe that the elections of 2010 will provide us a golden opportunity for the fresh start that we desperately seek. We must not allow the forces of apathy and cynicism to lead us to believe that there is nothing we can do to effect the change we need.

To achieve this change, there are clear imperatives.

The first is that we must have the 2010 presidential election. In the face of formidable forces that are determined to deprive us of that right so that they can perpetuate themselves in power, we must be passionately determined to do all it takes to ensure that we do have the 2010 elections. We are ready to face any challenge. If it means fighting it out in the courts or again mobilizing tens of thousands in the streets, so be it. We absolutely need and deserve a fresh start.

The second imperative is to select the candidate for president who has the track record, the competence, the character, and most of all, the leadership to inspire our nation to the progressive future that we all deserve, spurred by increased investments and jobs. But we cannot stop at making our choice and hoping for victory ? we must be active participants in getting our candidate elected. Active and concerned citizenship is absolutely essential if change is to be achieved.

And, of course, the final imperative is that the elections be clean and credible, where the will of the people is clearly manifested in the final results.

All these must come to pass if we are to have hope for a brighter future. It must all begin with having the 2010 elections. It is time to pick up the pieces, put behind us our lost decade with its utterly uninspiring, morally bankrupt leadership, and once again move forward.

Mr. Del Rosario is the president and CEO of Philippine Investment Management Inc. (PHINMA). Email: rrdelrosario@phinma.com.ph