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PHILIPPINE STAR/WALTER BOLLOZOS In November 2024, we cited in our column Francis Fukuyama’s enduring insight: democracy doesn’t often fall with a dramatic crash, but erodes slowly through complacency, compromised institutions, and the quiet retreat of accountability.That erosion of checks, of balances, and of public faith is

The recently enacted Capital Markets Efficiency Promotion Act (CMEPA), hailed by some as a tax reform milestone, is turning out to be a misguided step when it comes to savings and investments. Its provision to remove the tax exemption on interest from long-term deposits and