Let's talk about the bank, what it tried to do in this notion of colonial development and really, quote unquote, underdevelopment.

Yeah.

So in the 1910s until 1920, you had essentially a buildup of credit globally because people were investing in war material, but also in just supplying countries that were going to war during the First World War.

And so you have an expansion of credit, not just in Europe, but also in Southeast Asia.

You have various acts of colonial developmentalism in In French Indochina, in the straight settlement, and also in the Philippines.

In the Philippines, that was called Philippinization.

So that was a political Philippinization, but that was also an economic Philippinization.

It's like semi-technical.

So, you know, obviously, uh, what- what's a resort to Tooze argument? So, [laughs] um, let's talk about the bank, what it tried to do, and this notion of colonial development and really, quote-unquote, under development.

Yeah.

So in the 1910s until 1920, you had essentially a buildup of credit globally because people were investing in war material, but also in just supplying countries that were going to war during the First World War.

And so you have an expansion of credit not just in Europe, but also in Southeast Asia.

You have various acts of colonial developmentalism in, in French Indochina, in the Strait Settlement, and also in the Philippines.

In the Philippines, that was called Philippinization.

So that was a political Philippinization, but that, that was also an economic Philippinization.

It's, like, semi-technical.

Pero do you wanna talk about the other side of this, na parang may automatic visceral fear tayo palagi when dealing with major powers?

Yeah.

So, uh, yung kaliwa natin, yung Maoist left na pinaka-anti-Paxilica or yung Makabayan bloc, ang tradition niyan actually is for-- to my mind, uh, Rectonian.

Nanggagaling 'yan kay Claro M. Recto.

So historically, yung anti-Americanism galing kay Recto.

So ano ba yung, uh, elements ng economic anti-nation-- uh, anti-Americanism ni Claro Mayo Recto na minana ngayon ng Makabayan bloc? Well, first and foremost, ang big issue for him was yung parity rights ng Amerikano sa Pilipinas.

Parity rights after 1946 meant na yung capacity, yung, uh, yung, uh, rights ng American company na nag-i-invest sa Pilipinas is the same as the rights, would be the same as the rights of a Filipino company.

Can you-- Okay, what is your-

Uh, what do you think?

Yes.

Uh, well, uh, I think there should be a change kasi tatandaan natin yung 1993 BS, uh, Bangko Sentral law na spinonser ni Raul Roco.

It explicitly said na tanggalin yung developmental mandate ng Central Bank.

Kasi yung developmental mandate ng Central Bank inabuso ng Marcos administration.

So because of the trauma of that, they said we will just u-- we, we will just have a s- effect on, on monetary policy although mas maraming ibang goals.

But on monetary policy, the singular goal is price stability over development.

Mm-hmm.