- 1 year ago
El economista Luis Manuel Piantini explicó que en un período de cinco años, el producto interno bruto (PIB) creció más de un 10%. Además, saludó la gestión del Ministro Joel Santos, quien estuvo en nuestro programa el día 24 de enero del año en curso, destacando su manejo en el Estado.
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00:00The Telematutino has started, as always,
00:06grateful for the support you give us, that intelligent audience.
00:11Today is February 25, 2025.
00:15Today is another anniversary of the birth of one of the founding fathers, Francisco del Rosario Sánchez.
00:23He was born on February 25, 1816.
00:28Today is the 209th anniversary of his birth.
00:34He was barely twenty-something years old.
00:36The Trinitarians were very young.
00:39They were practically boys, as they were called at that time.
00:42And yet they assumed the role, the responsibility and the commitment
00:48to free the country of the Haitian yoke.
00:52The president spoke a lot yesterday at the weekly meeting.
00:56He referred to the salary increase.
00:59What happens?
01:00The normal thing is that in that tripartite dialogue for the salary increase,
01:08the government takes on the role of mediator between the employers and the workers.
01:16But now, unlike in the past,
01:19the president put on the table a minimum salary increase of 20%.
01:26The workers ask for 30%, but each one asks for what they want.
01:30The mouth is free.
01:31And the businessman has made a proposal of 10%.
01:36It seems that it is worth 20%, because the president has already said it.
01:41He recognizes that since 2018, the real salary has increased by 20%.
01:53Not the nominal salary, but the salary in which you have the ability to buy.
01:59Why?
02:00There have been two increases, I think of 20% and 18%, and now this third of 20%.
02:08I think that there are many large companies that support this increase.
02:15But small companies, medium-sized companies, micro-companies,
02:22the majority do not support this salary increase.
02:27And if they don't support it, they have no choice but to reduce the staff.
02:32In fact, we are even seeing that large companies are reducing their staff.
02:42Large companies that are reducing.
02:46And even more, there are companies that are hiring from outside,
02:52all the part that is messaging, cleaning.
02:56Because what is the problem?
02:59You have a person who cleans, or who is a messenger,
03:03and now with this increase, the salary goes to 29,000.
03:08But what happens is that you have a secretary who earns 30,
03:13or an accountant who earns 30, or an assistant.
03:16You are forced to make an almost general adjustment of the salaries.
03:21I reiterate, large companies can.
03:24Because in turn, large companies,
03:27what they do is that at the price of the products they generate,
03:32they increase and compensate.
03:35But small, medium, and micro-companies can't always do that.
03:41That is, they can't charge their products the salary increase.
03:47That is why I think that the issue of small and medium-sized companies
03:53and micro-companies should be more considered.
03:57Small and medium-sized companies in general.
03:59On the other hand, yesterday the president spoke broadly
04:03about the behavior of the economy.
04:07I would say that he went ahead of the speech on February 27.
04:11He is going to repeat that.
04:13The economy is growing by 5, with inflation of 3.4,
04:17we have the lowest levels of unemployment,
04:20the highest number of employees,
04:23the country is well seen by the classifying companies.
04:30Our country's risk index is at just 200 points,
04:37which is below the average of Latin America
04:40and is well below countries that have a degree of investment,
04:47which we don't have.
04:50Obviously, one of the figures,
04:52one chooses the numbers that best suit him.
04:56Because, for example, what about the increase in the exchange rate?
05:00What about the situation where interest rates don't go down?
05:05Reserve losses in the central bank?
05:09Those kinds of things are important variables.
05:13But, logically, the president, who has to sell optimism,
05:17he chooses the best numbers.
05:20Employment, growth, inflation,
05:25in which we are doing very well in the face of Latin America's challenges.
05:29On the other hand, the president also spoke about CENASA.
05:35CENASA is a great institution.
05:39I have always said that it is the best,
05:42it is the best ADS.
05:44But, of course, they manage the part
05:49related to subsidized insurance.
05:53They also have the contribution.
05:56And that subsidized insurance, they lose money.
06:00It seems that there is a deficit of 2 billion,
06:03but they, in part, compensate it with the regimen
06:09that you pay.
06:11Because there are a lot of people who prefer CENASA
06:14than a private ADS.
06:16So, the president assures that the services have improved
06:22and that the government would be willing to support CENASA
06:26with that deficit.
06:28And it is logical, because they assume,
06:30with a hundred and something dollars, I think, of resources,
06:35they assume 2 million people in subsidized insurance
06:41who take medication, who take procedures.
06:44That is to say, Dr. Santiago Hassin has done a good job
06:51and he deserves all the support of the government.
06:55On the other hand, yesterday it was sworn
06:59before the National Council of Magistrates,
07:02Dr. Jenny Berenice Reynos, as Attorney General.
07:10Yesterday I spoke of the great merits.
07:14She started as a paralegal and went up as an assistant lawyer
07:21of the Attorney General of Santiago,
07:24Attorney General of Santiago, Attorney General of the District,
07:29Attorney General of the Court of Appeal,
07:33until she came in the 20th to the Attorney General of the Board,
07:39in charge of the prosecution.
07:42I think that this election, this postulation of the president
07:47has been well received by all national sectors.
07:52She is a guarantee of the continuity
07:55of corruption cases, some of which are 4 or 5 years old.
08:01But you also expect her to look the other way
08:04and also look at the corruption of this government.
08:08The president does not hide it.
08:10Last week, the president said that the Board of Ethics
08:19and Government Integrity had submitted 44 cases to the PECA
08:24and that the anti-corruption area of the Contraloría
08:31has submitted more than 400 cases.
08:34So we have to pay attention to those cases.
08:38Also, the Council of the Magistrate
08:42accepted the seven joint prosecutors
08:47proposed by President Abinader.
08:50They are Fiordali, Saldúa and Mercedes,
08:52Emilio Rodríguez, Montilla,
08:55Isis Germania de la Cruz Duarte,
08:57María del Carmen de León,
08:59Osvaldo Antonio Bonilla,
09:01Felipe Herrera and Iván Félix.
09:05Today, the presidents only have the possibility
09:08of seven joint prosecutors.
09:12The other seven joint prosecutors
09:14can be appointed by Mrs. Jenny Berenice Reynoso.
09:20But from now on, all the prosecutors in the country
09:24are appointed by the Council of the Judiciary.
09:27They have to go through the School of the Judiciary.
09:32So it's a career.
09:34It's good that from this group,
09:37Isis Germania de la Cruz Duarte,
09:40María del Carmen de León,
09:41Osvaldo Antonio Bonilla and Iván Félix
09:43come from the career of the Public Ministry.
09:47So they are not improvised,
09:49because there is already a career in the Public Ministry.
09:52And that is, in part,
09:55the independence of the Public Ministry
09:58that arises with the Constitution of 2010.
10:03Now it is an independence of the prosecutor,
10:06but that will depend on the person.
10:10Now the Public Ministry is independent,
10:12because it is a School of the Judiciary.
10:14There is a Council of the Judiciary.
10:16The president can only appoint
10:18the prosecutor and seven joint prosecutors.
10:21And he does not appoint them,
10:22but submits them to the National Council of the Judiciary.
10:26So in that sense, we have advanced.
10:29On the other hand,
10:35today there is an editorial
10:39of the newspaper Hoy,
10:42which I liked a lot,
10:44titled,
10:45More regulations for corporate savings and loans.
10:49I have been a voice that cries in the desert
10:52with that topic.
10:55There are closed cooperatives
10:58with partners who have provided a great service to the country
11:02and to their partners.
11:04But there are corporate savings and loans,
11:05which are informal banks,
11:09which are institutions of financial intermediation,
11:12which are not regulated.
11:15So,
11:17the editorial newspaper Hoy draws attention.
11:21I have always made the story
11:23that when I was in the Monetary Board,
11:24a bill was approved
11:27to regulate
11:29the cooperatives
11:32with the regulations of the Central Bank
11:34and that they were supervised by the Bank Superintendent.
11:39That project reached Palacio,
11:42the government of Medina,
11:43and they seized it.
11:46Until now,
11:47it broke a cooperative in Herrera,
11:51which left about 2,500 million
11:53to a series of authorities.
11:56But this must be regulated.
12:00In fact, the International Monetary Fund,
12:02in its vision of Article 4,
12:04every year says
12:07that the cooperatives of savings and loans must be regulated,
12:11because they are doing financial intermediation
12:14and there is a risk that a large one falls
12:18and destroys the entire system.
12:20Because there are cooperatives
12:21that are larger than many banks,
12:23even if you don't believe it.
12:26On the other hand,
12:28yesterday,
12:30we had the Minister of Energy and Mines,
12:33Joel Santos,
12:35and the press has highlighted
12:37several newspapers.
12:40Part of the statements,
12:42I liked the statements
12:44in the sense that he supports mining exploitation,
12:47but of course preserving the environment.
12:50And that is possible today.
12:52It is possible for mining exploitation
12:55to cause minimal damage to the environment.
12:57Unlike 20 or 30 years ago,
13:01when the environment was damaged.
13:02In fact, the Dominican Rosario,
13:07which happens to be Dominican,
13:08with the Guzman government,
13:10left a disaster of contamination there.
13:14And that contamination has been remedied
13:18by Barrigol.
13:20That is why Barrigol's contract was important.
13:24He also announced
13:26that in 30 or 60 days
13:28a new mining law project will be submitted.
13:32It turns out that the mining law
13:34is 50 years old.
13:36As the President of the Mining and Petroleum Chamber
13:38said here last week,
13:42it is a law, gentlemen,
13:44that is totally outdated.
13:4950 years ago, there was no gold or iron mining here.
13:55So now, in light of the exploitation,
13:59the country has to draw a line.
14:03Are we going to exploit our mining resources? Yes.
14:07So we are going to draw the line.
14:09Oh no, are we going to leave those resources buried?
14:12Perfect.
14:13Good.
14:14We need it.
14:17But if we want to leave it buried,
14:21I don't think so.
14:23It can be exploited.
14:25And in fact, most of the big mining companies
14:29are listed in the stock market.
14:31And since they are listed in the stock market,
14:34they are forced to have a responsible environmental behavior.
14:41They have to do it,
14:42or the investors are not going to put money in them.
14:47That is the great advantage of today's mining.
14:51But it is good that they are thinking about mining
14:55and that in 30 or 60 days,
15:03a new bill is going to be submitted.
15:05Let's hope it is a new bill that really regulates
15:09and that avoids this kind of thing,
15:12what is happening with Rosario,
15:15with Falcon Bridge, with Gold Coast.
15:19We decide whether to exploit our mining resources or not.
15:25We are going to commercials.
15:27Today's interview with Elisabeth Luis Manuel Piantini,
15:30an economist, diplomat, former vice-governor of the Central Bank.
15:34And also, like every Tuesday,
15:36we have Dr. Luz Rosa Estrella,
15:39a professor of psychology, but dedicated to the family.
16:09Elisabeth Luis Manuel Piantini, economist, diplomat, former vice-governor of the Central Bank.
16:24This morning's interview is very important.
16:28We are joined by Elisabeth Luis Manuel Piantini,
16:30a long-term economist, with great diplomatic experience.
16:35Among other positions, she was the vice-governor of the Central Bank.
16:39She was here recently, but we have several topics of interest.
16:43Because, basically, in this interview, we focus on Trump.
16:47But Trump is still...
16:50Trump is still there.
16:52Every day we are surprised.
16:53We have Trump for four years.
16:57Welcome, Luis Manuel.
16:59Thank you very much for being here.
17:00Thank you very much, Ramon.
17:02Good morning, Dominican people. God bless you.
17:06I'm going to ask you something.
17:08Pray for the Holy Father so that he can recover from his ailment.
17:13He has been a great human being.
17:15He has given a lot of spirituality and humanity to the Catholic Church.
17:23And, well, he has been a very fighting man all his life.
17:29And if God doesn't want to give us a little more time,
17:34He should give us that chance to have him.
17:38So that there is a compensation now in the world.
17:43It's a world with a lack of leadership.
17:46A world that you say is complicated.
17:50But you see it the other way around.
17:52And you say, well, but there is a certain light.
17:54Because you see what we were saying about Trump's attitude
18:00in relation to his position in terms of foreign trade.
18:05And what he is doing in the United States.
18:07A cleaning job that should be here.
18:11But since these parties are part of the same system, they never do it.
18:17No matter how many reforms are proposed,
18:19and no matter how much they say that there will be no increase,
18:22as they said there was not going to be an increase in payrolls in August last year,
18:26go and see the increase in payrolls that there have been.
18:29So don't get carried away by what politicians say.
18:33But this is a politician who came against him.
18:38Because he says that his elections were stolen.
18:41So he comes with more push.
18:43And he comes with a cleaning job.
18:45A cleaning job that could be dangerous,
18:47but also a cleaning job where many things can be discovered.
18:52But something also interesting about Trump is that he is not a typical politician.
18:57And while the Democrats were always, unfortunately,
19:03during their presidency, the American government was more aggressive abroad.
19:11In terms of intervening more in the countries.
19:18Bringing democracy to their entire political system.
19:21What the Chinese say is, you have your system, but I also have mine.
19:25What the Chinese have tried to do through these meetings that are taking place in Greece,
19:33in groups of countries with different cultures, customs and civilizations from a long time ago.
19:40The Chinese invented that with the Greeks.
19:42And those kinds of conferences are taking place,
19:45in which each one identifies that this is my group and this is my permanence.
19:50In other words, there is no transference of cultures from one culture to another.
19:59This is a growth in terms of culture when you are modernizing yourself.
20:06From the same culture itself.
20:08But if that is my culture a thousand years ago,
20:10let me have my culture a thousand years ago and don't impose it on me.
20:13The Democrats have always tried to impose it.
20:16Look at what is happening now.
20:18The United States, which was a surprise for everyone,
20:21and one says, where are we going to stop?
20:23It is aligning with Russia.
20:25And possibly with the Chinese, because Trump does not like the Chinese very much,
20:29but possibly he will take them to that too.
20:32And now they are talking about a nuclear disarmament.
20:36Reducing the amount of resources that are being allocated to weapons,
20:41to dedicate it to production.
20:44That is something that you did not think of,
20:47and I do not doubt that there is a dispute between Russia and Ukraine.
20:53And that clash that has been between China and the United States in recent years.
20:58Then you say, well, but it is a light that is also opening up,
21:02where these powers that are enemies and that are going to be adversaries,
21:08because they are competitors at the level of space, at the level of economy,
21:13at the world level, the three, right?
21:16Russia is smaller, much smaller, but with nuclear weapons.
21:20So this man is trying to create that kind of balance,
21:27to give a space of peace in the world to reduce the impetus of war.
21:33You say, well, but this man,
21:36that one thought he came with a different vision,
21:40can he open up a space in the world?
21:43Let's see.
21:44Every day there is a surprise, right?
21:47But it is being seen that there the amount of investments was published,
21:54of companies that are going to invest in the United States,
21:57thousands of millions of dollars.
21:59Now Ukraine is asking him to return what he spent.
22:03Look at that, with rare earths.
22:07So I thought, when I heard that,
22:10I said, well, I hope we don't continue with the issue of rare earths,
22:14so that they don't charge us for the U.S.A. here,
22:21which has given us in 1961.
22:25So don't talk too much about rare earths,
22:29and wait until they really become wealth,
22:35because we have started to talk about an incredible amount,
22:41as if all that were a palpable and exploitable wealth.
22:47Listen, this is bigger than China.
22:51So we are grandiloquent in that, in believing in illusions.
22:59So I don't want it to be a big pot,
23:04like Don Antonio's, right?
23:06That they made him say nonsense,
23:08and it was so that the American company would raise its share price in the United States.
23:14They sold it immediately and the big pot was over.
23:17So, rare earths, it's good that they exist, really.
23:23It's the same as creating a state-owned company,
23:27before knowing if that is exploitable or not.
23:30The strangest things in the world,
23:33but since we live here inventing to create jobs and get politicians,
23:37look at the expense here, and we are going to fall in the national part.
23:44Yes, I wanted to fall in the expense part.
23:47We are indebted to pay expenses.
23:50The government minimizes, and when it uses the debt-to-debt relationship,
23:54it says, no, the debt is decreasing.
23:56Well, the debt in absolute terms, in nominal terms, continues to increase.
24:01And what is worse is that we pay more and more interest
24:04in relation to the debt-to-debt relationship.
24:06Look, Ramón, about that,
24:10it's unheard of that a good business administration,
24:15I'm not going to say public, public and private, of both,
24:20is producing because the government produces services.
24:26You are there as a government to produce services.
24:30So you have to be efficient in the production of that service,
24:34which is what you give to the population in terms of water, electricity,
24:38in terms of education, health, they are services.
24:41You are a service producer.
24:43The state is a service producer, just like a private company, right?
24:48It produces goods, tomatoes, avocados,
24:54but if you borrow to pay your current expenses,
25:02the capital is going to be eaten because you are going to pay it in interest, right?
25:09So it's been years since that happened here,
25:14that here they were borrowing to pay current expenses.
25:18And the capital expense is getting smaller and smaller.
25:21But, for God's sake, there I was seeing a publication
25:24that the economist Andrés de Aguaje did the other day,
25:30in the publication that he does every Monday,
25:33of the level of capital expenditure in the Balaguer government,
25:3810% of gross domestic product.
25:40For me, I thought, the maximum I had seen was almost 7%,
25:45but to get to 10% with a tax burden of 14%,
25:53because in the Balaguer government the tax burden is the same as now,
25:57at that time there was no tax burden, on the contrary,
26:00Balaguer started with money from the AIDs,
26:04paying public employees because there were no resources,
26:08and then the economy grew,
26:11and during a five-year period,
26:13it grew to more than 10% of gross domestic product.
26:16The highest period of growth that the country has had
26:19was when he created the laws of tourist incentives,
26:24the laws of tourist incentives that have been around for 50 years,
26:29that is, no more reforms have been made
26:31in terms of what is growing now with the exception of communications.
26:35And then you have in terms of mining,
26:40the same thing that is now being produced,
26:43mining exports were what was produced 50 years ago.
26:47You are talking about a mining law that the minister,
26:51Joel Santos, has surprised me,
26:54a good civil servant,
26:57I met him as a technician,
27:00but he has surprised me with his capacity in the management
27:04of the institutions where he has been,
27:07and he was talking about the need to create a mining law,
27:13because everything has been by contract with the state,
27:16there has always been a mess,
27:18that this one is better than the other,
27:20that some quarters were taken here,
27:22and that of Leonel and then Danilo,
27:25and the last thing that was given with the barricade.
27:28So, for you to eliminate that uncertainty
27:32and those possible gaps,
27:34you have to create a law,
27:36but that happens with what you were talking about,
27:39with the cooperative.
27:41Here we don't like to normalize, to normalize,
27:45and that's what happened,
27:47I remembered when you talked about the cooperatives,
27:50the need to have a law, a taxation,
27:53because they are working with public money,
27:56the members of those cooperatives,
28:00what happened with the banking sector.
28:03Here, how many times did the Monetary Board
28:06not send to the executive power
28:09the Monetary and Financial Code,
28:11that was being discussed from when Toral,
28:14until when it was sent, when Frank Herrero Pratt,
28:17in the year 2003-2002,
28:19and Toral, 10 years,
28:21they were in that,
28:23and it was sent several times to the executive power,
28:25and it came back again because the bankers opposed it,
28:27because the bankers were in what they were,
28:30and then they gathered the politicians,
28:33they gathered the church, the Ucamayma,
28:36and then for what?
28:37To press, so that the regulations were not applied.
28:41So that if the regulations were not applied,
28:43the bankruptcy would not happen.
28:45But Ramon, I have written to him several times,
28:48not only that,
28:50there it was believed, during the time of Toral,
28:53that he was a very good governor,
28:55then he prepared himself, he became an economist,
28:58but he was an intelligent person,
29:00he treated things and put them into practice,
29:02and that was what convinced Balaguer
29:04about the reforms that had to be done.
29:08And Balaguer argued,
29:10and he argued with Balaguer,
29:12you have to recognize that to Luis Toral.
29:14So, in that time of Luis,
29:17when the reforms began,
29:19a group was created,
29:21integrated by this girl,
29:23Alvarez,
29:25Persia Alvarez,
29:27who was called the Toralex.
29:29There is still Rosana Ruiz,
29:31who is now the president of LAVA.
29:34Well, that group was created and strengthened,
29:38and it was sent out and everything,
29:40to strengthen the bank superintendency,
29:43and then began to supervise the banks
29:47in situ, inside,
29:49because the banks,
29:51intervening the commercial bank,
29:53which had almost a year to save it,
29:55the only operation of salvation
29:57that the Dominican state has done
29:59from a bank,
30:01I managed that for nine months
30:03with the monetary support
30:05that was sent to me
30:07with the decision of the governor,
30:09the current governor.
30:11We had been following this
30:13very closely,
30:15and the decision was made
30:17at the right time.
30:19Well, from that time,
30:23Persia,
30:25even,
30:27wanted to apply the norm
30:29to a bank operating normally.
30:31I said, but Persia,
30:33I am operating an intervening bank,
30:35you cannot apply to me
30:37if we had a plate.
30:39If that team had been maintained,
30:41as I tell you,
30:43I only knew
30:45what was happening in the bank
30:47through its internal operations.
30:49I could send any information
30:51to the central bank,
30:53as they did,
30:55cheating and hiding information,
30:57and then the Ukamaymas
30:59with the priests and politicians
31:01would go hand in hand
31:03so that they would not pass the code.
31:05Well, that could happen
31:07with the cooperative too,
31:09that there is a collapse of the cooperative
31:11due to this lack of normative.
31:13And that is what must be avoided.
31:15But what happens?
31:17That everything is a political decision.
31:19You send as a technician to the palace,
31:21because it is the palace that has to go
31:23to the legislative power,
31:25and there it stops,
31:27whether or not it stops,
31:29I do not know, but it stops.
31:31As the code stopped,
31:33and the code arrived too late,
31:35that monetary law,
31:37luckily,
31:39it was a framework law
31:41that was only applied,
31:43and you know it because you were a member
31:45of the Monetary Board,
31:47and you approved many resolutions
31:49that gave formality
31:51to that law.
31:53But as long as that law
31:55had that framework inside,
31:57that gave it that normative,
31:59that was a framework law.
32:01And that is what allowed us
32:03at a certain moment to intervene
32:05when it intervened in the crisis
32:07of 2003,
32:09because without the law
32:11we would not be able to do it,
32:13and the entire banking system would fall.
32:15But what I'm telling you
32:17is, getting to this point
32:19and returning to what we had
32:21talked about,
32:23the need for a
32:25cooperative law.
32:27Before it was formed,
32:29a cooperative was already formed
32:31in Herrera,
32:332,500 million,
32:35they disappeared,
32:37there are people screaming.
32:39You have confidence in a group
32:41that is handling that,
32:43but we are human,
32:45we are human,
32:47we are full of temptations,
32:49we were born in sin,
32:51since we were little.
32:53So what happens?
32:55Civilization has not given us
32:57and has not created
32:59that way of acting
33:01socially now,
33:03but we were primitive
33:05with that instinct that the human being
33:07has towards things as well.
33:09And when you compare the regulation
33:11that is submitted and the supervision
33:13that is submitted to the bank,
33:15it is intense.
33:17Naturally.
33:19The bank is earning
33:21almost 24%
33:23of the capital
33:25in a year.
33:27Who earns that here?
33:29Then you say, no, but the interest
33:31is very high.
33:33But look at what it is giving you,
33:35look at what it is giving you,
33:37look at what mattress it is giving you.
33:39And people are screaming,
33:41because there is a very large margin
33:43between the passive rate and the active rate.
33:45And there is that mattress,
33:47that mattress, that chocolate.
33:49Now, who manages it?
33:51That is for the free market.
33:53But now you are getting a minimum
33:55state salary.
33:57It is not the market.
33:59It is not the market there.
34:01Because there you have to politicize,
34:03because there you have to politicize.
34:05But when you are going to control
34:07the big businessmen,
34:09not there.
34:111% is earned,
34:1330% of the gross domestic product
34:15and 10% plus 50%.
34:17When you say that the economy
34:19has grown by 5%,
34:21for whom?
34:23For a small group.
34:25For whom? There is a 50% that is not receiving
34:27practically anything.
34:29That is a distribution for a small group,
34:31nothing more.
34:33So let the economy grow.
34:35Yes, of course, it is creating
34:37many informal jobs
34:39with low
34:41wage levels.
34:43We are seeing a study
34:45that the OAS did now
34:47of labor poverty.
34:49Because there are many indicators
34:51now in terms of poverty.
34:53You do not know when they apply one
34:55and when they apply another.
34:57Depending on your interests,
34:59you apply an indicator.
35:01Labor poverty is based on
35:03labor income.
35:05There is no remittance,
35:07there is no subsidy,
35:09there is no this or that.
35:11The minimum
35:13is when you exceed
35:1522,000 pesos,
35:17you exceed poverty.
35:19But below 22,000
35:21you are in poverty.
35:23According to labor poverty,
35:25which does not include other incomes.
35:27And that represents more than 50%
35:29of the
35:31Dominican population.
35:33Here the State
35:35says
35:37that poverty
35:39is 19%.
35:41And that extreme
35:43poverty
35:45is 4%.
35:47It was
35:493%. The President said
35:51he was going to put it at 0%.
35:53Now it is 2.7%.
35:55Now,
35:57according to
35:59the indicators of the government,
36:01it is 19%.
36:03But it gives a subsidy
36:05to 51% of the population.
36:07This is a beneficiary society,
36:09what the Dominican State is creating.
36:11Here you don't know what there is.
36:13Here there is a mixture of socialism
36:15with capitalism, with all the inventions
36:17that have existed.
36:19And when a reform comes,
36:21you don't know what it is.
36:23Because they tell you it is to lower the deficit,
36:25and it turns out that it is not to lower the deficit,
36:27but to increase more spending.
36:29And more current spending.
36:31Let's take a short break,
36:33brother, because you are interesting.
36:35Let's go to another topic.
37:05Let's continue with Luis Manuel Piantini,
37:23economist, diplomat,
37:25former vice-governor
37:27of the Central Bank.
37:29There is a topic that we cannot leave untouched.
37:31It is the increase of the exchange rate
37:33and the resistance of the interest rates
37:35to go down.
37:37I have heard of political economists
37:39talking about some rates
37:41that I don't believe,
37:43I don't imagine
37:45that the governor will allow
37:47it to reach that level.
37:49Yes, yesterday there was
37:51a space paid
37:53by the bank,
37:55a study that was done
37:57on the advantages
37:59of the Dominican economy
38:01in relation
38:03to Latin America,
38:05where a good outlook
38:07was presented
38:09in terms of indicators,
38:11of the indicators
38:13that are always presented.
38:15And the president
38:17also referred to that.
38:19Since last year,
38:21I don't know,
38:23because look,
38:25if there is an institution
38:27that has a team of excellence,
38:29a team of first excellence,
38:31it is the Central Bank.
38:33You can't play with that.
38:35And even more,
38:37with a governor
38:39who has a long finger,
38:41who knows the exchange rate
38:43since he was a child,
38:45he's been tripping
38:47in the Central Bank
38:49because he was dedicated to that.
38:51He got more involved
38:53in that and in the most difficult moment.
38:55At the end of the 90s,
38:57I was in Washington
38:59in the Monetary Fund,
39:01and he was practically
39:03the one who was here in that.
39:05Many of the best economists
39:07in the Central Bank left.
39:09They left because their salaries
39:11declined.
39:13Then Balaguer, who respected
39:15institutionality a lot
39:17during the 12 years,
39:19when the PRD came to government,
39:21he also started
39:23in that.
39:25I don't respect that.
39:27Although Luis Julian
39:29was a responsible governor
39:31and he said,
39:33the good technicians stay.
39:35What I'm saying
39:37is that
39:39Governor Valdés Arvizo
39:41is a person with a lot of knowledge
39:43in practice and theory.
39:45Now,
39:47last year,
39:49there was a play
39:51that I still want to understand.
39:53It was decided
39:55to lower
39:57the Central Bank's debt
39:59to the Central Bank.
40:01Practically 3% of the GDP.
40:03When you say
40:05that the debt was reduced
40:07by the public sector
40:09right now,
40:11there was the Central Bank's debt
40:13that was reduced, at least
40:15last year, a good percentage.
40:17It was reduced through
40:19the non-renovation of the certificates.
40:21This led to
40:23an expansion
40:25of the monetary mass.
40:27To use again
40:29the certificates, which was what was done before,
40:31which
40:33the governor was accused of
40:35at a certain time
40:37of using the pendulum's policy.
40:39And it was,
40:41unfortunately, that lack of reason
40:43of that group that came
40:45that also made the
40:47crisis of 2003 worse
40:49than it should have been.
40:51Because the
40:53monetary expansion
40:55created by the bonds was not stopped
40:57so that the pendulum's policy was not applied
40:59because they wanted
41:01Hippolyta
41:03to wear a belt
41:05and have
41:07a tax surplus.
41:09Hippolyta was spending her bonds.
41:11So the bank
41:13had to tighten up.
41:15But it didn't tighten up because there was
41:17opposition.
41:19So,
41:21last year
41:23the certificates were not renewed
41:25and that led to an expansion
41:27and the central bank used
41:29the reserves
41:31to reduce that monetization.
41:33Practically 20%
41:35of the monetary emission
41:37was captured,
41:39demonetized
41:41through the emission
41:43of
41:45the loss, let's say,
41:47of reserves.
41:49We're talking about 3,700 million dollars.
41:51That's a lot of money.
41:53And the central bank had
41:55several years to be able to do it.
41:57So maybe that was an element too.
41:59Although it remains
42:01with 12,000 and something million dollars
42:03in reserves.
42:05But that could be that the markets,
42:07you know that here there is a very sophisticated market already.
42:09Before,
42:11it was not played in the stock market.
42:13In this country it was not known what the stock market was.
42:15But here there are businessmen
42:17with a lot of power
42:19who have already played in the daily stock market.
42:21In the United States,
42:23they know how things are handled.
42:25You also have to take into consideration
42:27the differential of the interest rate.
42:29When you see that there is a devaluation
42:31of 5% or 6%
42:33and that outside
42:35they are paying you
42:374.5%, then you have to
42:39place yourself
42:41above that.
42:45Right now,
42:47the government made a
42:49bonus emission
42:51where
42:53it was above
42:55almost 12%.
42:57And the last
42:59notary applications
43:01were almost deserted
43:03in the central bank.
43:05In the central bank, yes.
43:07Because they wanted 11 and 12.
43:09The central bank wanted 11
43:11and what they were asking for was 14.
43:1314.
43:15Because there is
43:17a risk sector.
43:19Because that same sector is the 1%
43:21that sells you the gross domestic product,
43:23that is playing with that
43:25monetary excess that you have in your hand.
43:27Because here there is
43:29a casino economy.
43:31There are many things playing here.
43:33This is an economy
43:35that is getting complicated.
43:37It is complicated by a small group
43:39that has the most
43:41resources in their hands.
43:43So, it is the same
43:45as what happens with the prices.
43:47Here, the prices
43:49outside start to go down and here they don't go down.
43:51Because here it is an administered economy.
43:53Where most
43:55of the sectors are monopolies and
43:57oligopolies. And Pro Competency knows that
43:59and does nothing.
44:01Absolutely nothing.
44:03Institutions are created here to solve
44:05problems and they don't do anything.
44:07Maybe it is not their problem.
44:09Maybe the problem is because the case is taken to the president
44:11because they are powerful sectors
44:13and before you apply a measure
44:15to a sector, you tell them,
44:17President, this pressure is going to come because...
44:19Oh no, wait, stop that there.
44:21The only thing they did was with the beer in the Dominican city.
44:23Do you remember?
44:25And there was a huge scandal at that time
44:27and I think even
44:29the measure was taken backwards.
44:31So, this is how it is played here.
44:33It is the same as what happens with transport.
44:35Transport is
44:37the most expensive thing there is.
44:39Cargo transport.
44:41However, who is one of the
44:43largest businessmen in transport?
44:45The president of the Senate.
44:47So, in whose hands
44:49is the Church?
44:51In whose hands is the Church?
44:53So, I can ask that an economy
44:55that is managed in this way, administered,
44:57here the prices go down.
44:59The president said, no, and that he is also worried
45:01but he has to be worried
45:03because the government has done nothing
45:05when it should have made a reform
45:07that would lower the informal market
45:09through the elimination
45:11of a series of taxes that small
45:13and medium and micro-businesses have
45:15so that they can go up and compete in the market.
45:17It is the same as what happens
45:19with tax evasion.
45:21You are maintaining a very high cost
45:23for the companies, so that a company
45:25comes to settle
45:27in the formal market in the Dominican Republic.
45:29Look at the Dominican industrial sector.
45:31When you see the growth
45:33of the sectors in the last
45:3530 years, 40 years,
45:37it has been the one that has grown the least
45:39and there are fewer companies.
45:41Here the area is growing.
45:43Here tourism is growing.
45:45Agriculture is growing
45:47in the offices of the secretaries.
45:49Agriculture.
45:51Agriculture is growing there.
45:53But look at the amount of food imports
45:55that are there.
45:57Do you realize if there is or not
45:59an agricultural problem?
46:01Because if it is because of the official figures,
46:03my brother, look,
46:05it is not because the Central Bank
46:07is hiding it.
46:09The Central Bank hides it
46:11because of what the sectors are telling it.
46:13Sometimes a check is made.
46:15I say,
46:17but I don't get much
46:19from a sector as broad as that.
46:21There are issues
46:23of the rice.
46:25And we are not going
46:27to fall for what happened
46:29with the rice the other day.
46:31So that I don't give Trump a chance.
46:33So, the rice.
46:35Now there is a shortage of rice.
46:37The rice has increased in price.
46:39Some say no, that it has not increased in price.
46:41And the storekeepers say yes,
46:43that it has increased by 20%, 40%,
46:45I don't know, a very high rate.
46:47There is the construction sector.
46:49Cement and rods.
46:51Who produces that here?
46:53That is what has increased.
46:55Down, the prices go down,
46:57and here they go up.
46:59Because they are a managed economy
47:01based on my profitability.
47:03What is my profitability now?
47:05An 8? No, go up to 14,
47:07and the prices go up.
47:09Because there is no competition.
47:11If there was competition,
47:13as there is in a free market,
47:15as there is in the United States,
47:17where there are millions of companies competing,
47:19but no, here there are 2 or 3,
47:21look at the prices.
47:23It is an economy that is too complicated
47:25because the state allows it.
47:29Manuel, excellent.
47:31Excellent.
47:33You made a lot of truths
47:35that I hope a lot of people
47:37will pay attention to.
47:39We are leaving with Dr. Luz Rosa Estrella.
47:43Greetings.
47:45Today we are going to talk
47:47about a topic
47:49that is almost never touched.
47:51Failure.
47:53Even a topic that is
47:55very despised.
47:57Nobody wants to see it,
47:59touch it, or let it happen.
48:01But what are we going to look at today?
48:03First, failure is very natural.
48:05Failure is even good,
48:07let it happen,
48:09because it constitutes
48:11an opportunity to learn,
48:13to rehabilitate,
48:15and it is very good because it also
48:17helps us to understand
48:19what we are going through.
48:21So failure can be
48:23very useful.
48:25In most cases,
48:27we can see that failure
48:29is an element
48:31for a damaged state of mind
48:33and even depression.
48:35So what is it?
48:37What is failure for?
48:39What is the importance of failure?
48:41In addition to that learning
48:43that I already told you.
48:45Because we can also
48:47constitute the fact,
48:49the failure that has happened,
48:51we can turn it into a step
48:53to then take another step
48:55and go up a little more
48:57in something that we need
48:59to know,
49:01to show that we have already
49:03learned it.
49:05So there is a little bit
49:07the call as a person,
49:09as a family,
49:11because there are failures
49:13and individual failures.
49:15So see how we can
49:17get the most out of that failure.
49:19I think the first thing
49:21is, look, if we fail,
49:23we are already alive
49:25and the living fails.
49:27So understand it.
49:29It is possible to embrace failure,
49:31but then from there,
49:33no longer.
49:35It is already on the platform
49:37from which I learned
49:39and now we are going for more
49:41and now we are going much better
49:43than before.
49:45Better armed, better prepared
49:47for other new challenges
49:49that come similar to that
49:51or not so similar.
49:53But in the same way, they are positive.
49:55That is, I failed,
49:57I learn,
49:59if you have to cry,
50:01our little cry,
50:03then peace with failure
50:05and from there, what's next?
50:07We continue with the next goal,
50:09with an attitude
50:11not only of forgetting
50:13failure,
50:15but of staying with what I learned
50:17from him to apply it today.
50:19We continue with
50:21Telematutilo 11.
50:39Telematutilo 11
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