Pax Silica has been presented by the government as a major opportunity for the Philippines. But before the country commits to anything, there appears to be a more fundamental question to answer: What kind of industrial economy does the Philippines actually want to build?
That question emerged repeatedly during Rappler’s Ask Me Anything on Pax Silica, where lawyer Carlo Ybañez and IBON Foundation researcher Luisa Gabriela offered differing perspectives on the initiative, but found common ground on several safeguards the Philippines should demand.
Both argued that the country should not simply be swept up by the scale of the promised investments. Instead, the Philippines needs transparency, careful negotiations, and a clear industrial policy that defines what it wants to get out of foreign investment.
In light of that, Ybañez argued, November — the month that the Bases Conversion and Development Authority (BCDA) has targeted for the signing of a framework deal between the Philippines and the US — may simply be too soon to sign.
Pax Silica is not yet a treaty
