In a speech before the graduating class of UP School of Economics, PCIJ’s Sheila Coronel spoke about poverty, the problems of the political system, and the possible explosion of the social volcano. She even said that her generation had failed, and it is the turn of the generation of the graduating class:

Ultimately, this means forging a new social compact, one built no longer on the mutual, if unevenly distributed, benefits of a system based on patronage and spoils. We need a social contract that is premised on the right of every citizen to the fundamentals of a decent life and on a more equitable sharing of the wealth our country produces.

This is your task now. The generations before you — including mine, which reached adulthood in the 1980s, at the dawn of people power — have failed. I am probably the same generation as your parents. Now in the throes of middle age, my generation has realized that many of our great hopes about this country have been frustrated, our big dreams of reform have turned to dust. While Edsa 1 is the defining experience of our lives and we will always be proud that we took part in restoring freedom, we have also failed to build a just and equitable society. That undertaking is yours. And as economists trained in the country’s premier university you are uniquely placed to play a reforming and nation building role. The UP School of Economics has a tradition for critical and innovative thought. For the past 20 years, it has upset presidents with its uncompromising analyses of our country’s economic problems. You are the bearers of this tradition.

Unlike her, though, I am not optimistic. For the example that our generation had shown to them had taught them to be apathetic, cynical, and indifferent. Yet, as Confucius had said, “A youth is to be regarded with respect. How do you know that his future will not be equal to our present?” I am willing to be surprised, but the indications are not good.