Crisis ? a paroxysmal attack of pain and distress or disordered function; an emotionally significant event or radical change in status in a person's life; the point of time when it is decided whether an affair or course of action shall proceed, be modified or terminate; decisive moment; the turning point such a point in the course of the action of a play or other work of fiction (compare climax, resolution); the immediate sequel to the culminating point of a period of prosperity in rising market at which the business organism is severely strained and forced liquidation occurs (see business cycle); an unstable state of affairs in which a decisive change is impending such as recurrent cabinet crisis trouble (France); a psychological or social condition characterized by unusual instability posed by a excessive stress and either endangering or felt to endanger the continuity of the individual or his group such as social condition requiring the transformation of existing cultural patterns and values (see juncture). (Webster's Third New International Dictionary)
Crisis ? a state of affairs with the distinct possibility of a highly undesirable outcome. (Webster)
Fiscal ? relating to taxation, public revenues or public debt management and policies (Webster's Third New International Dictionary)
DIMENSIONS OF THE PHILIPPINE FISCAL CRISIS:
A ROADMAP TO FISCAL REHABILITATION
by
REP. JOEY SARTE SALCEDA
Lakas-Kampi, 3D Albay
Chairman, House Committee on Economic Affairs
Senior Vice Chairman, House Committee on Appropriations
A thousand needles on thyself before a single needle on thy patient.
Is the Philippines in the midst of a fiscal crisis? Yes, and that is the singular conclusion of eleven UP professo ...