SENATOR Edgardo Angara would not be surprised if something similar to the worldwide Occupy Movement – which protests corporate greed – appeared here amid the perceived inability of the government to address unemployment due to under spending.

He noted that the influence of Occupy Movement, which originated in the United States, in the Philippines is a gathering storm.  “We must try to remedy the inequality in our own midst. The income inequality sa bansa is wide and deep,” Angara said in a media forum.

Asked whether some concerned sector might be forced to form a similar Occupy Movement in the country to protest current economic woes, Angara said: “It’s more than a probability. I won’t be surprised if the contagion spreads to us.” 

He said that the Occupy Movement that besieged the financial centers in the US and Europe, must serve as a warning to the Aquino administration that economic reforms are direly needed.

He noted that last week, Occupy protesters shut down Oakland Port, one of the busiest ports in the United States, followed by a march for “Bank Transfer Day” which encouraged Americans to transfer their money from banks to credit unions to protest against apparent unreasonable debit fees.

The Occupy Movement is protesting supposed "corporate greed," unemployment, and income inequality. It called for economic policy reforms through constitutional changes, a fairer tax code, employment, national debt reduction, and environmental protection. Barely two months old, the movement has spread to 951 cities in 82 countries across the globe. There are Occupy chapters in 70 major cities in the US alone.

“Social and economic inequality continue to fan the flame of the Occupy Movement—conditions which also exist in our country. This means that we are just as vulnerable to the same unrest and instability,” said Angara, vice chairman of the Senate Committee on Finance.

“These recent events should serve as a wake up call for us in government to start implementing more concrete solutions to end poverty and address growing income inequality. The Philippines is not exempt from the social and economic tides holding sway in the rest of the world. We must take action now," he said.

Angara added: “This can only be done by building a knowledge-based, innovation-driven economy which spurs sustainable development and provides quality jobs to Filipinos. We have to implement structural changes, make sufficient investments in physical infrastructure and prioritize human capital development.”