THE POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

STA. MESA, MANILA

S.Y. 2023-2024

“THE
VENEZUELA
CRISIS: STATE
OF DIASTER |
DOCUMENTARY”
A REACTION PAPER FOR ECONOMIC DEVELOPMENT

ANGELA GRACE B. CASTAÑEROS | BSMA 1-7

 THE VENEZUELA ECONOMIC CRISIS: HOPES IN
BETWEEN THE PARALLELS

The Venezuelan economic crisis highlights the need of

having true leaders in our society. Watching the documentary, I
became aware of the parallels between the Philippines and
Venezuela. Both nations have vast resources but lack decent
government and qualified leaders. The case of the two nations
that tell the truth about corruption—the poor pay.

Venezuela is mostly renowned for its massive oil reserves.

This was a huge incentive for the Venezuelan government to
grow its economy decades ago, and it consequently earned a
place as one among Latin America's richest countries. However,
today it is faced with the adversities of having an incompetent
leader, mismanagement, and long-term corruption in the
government.

Corruption is paid for by the poor, as per Pope Francis. This

stands true as the Venezuelan people have since suffered from
hyperinflation caused by the government's greed and incapacity
to manage the country's economy. This resulted in a significant
increase in poverty and a scarcity of resources which left the
markets empty and hospitals dysfunctional. Citizens can no
longer afford the expense of living. Basic necessities became
luxuries for the population as the purchase power of their money
dwindled, leaving them hungry and foraging for food, while the
healthcare system worsened.

Furthermore, the state of the economy contributed to an

increase in violence, crime, and social injustice. Kidnapping and
abuse of police power were prevalent, leaving individuals and
families feeling threatened. The number of deaths has risen
dramatically, with the police and soldiers bearing the most of the
responsibility.
 This kind of social and economic situation is considered
unlivable for anyone, yet Venezuelans have no other option but
to endure and exist in it. It is very unsettling that an innocent
nation has to bear the consequences of its leaders' greed,
inadequacy and negligence.

Given these circumstances, it is clear that efforts must be

made in order for Venezuela to gain back its freedom and glory.
Addressing Venezuela's challenges requires more than a
national effort and would require the aid of other states and
existing global institutions. The state needs assistance both in
ending the regime of Maduro and in gathering resources for the
recovery of its economy. Their nation, like any other,
necessitates a dedicated leader committed to the well-being and
progress of both the country and its residents. Moreover, it
demands to work with external countries and foster international
economic relationships. Furthermore, diversifying their economy
becomes paramount to generate additional revenue. Maximizing
the utilization of other resources, such as mineral extraction,
agriculture, and tourism, will play a pivotal role in bolstering the
country's resilience to economic challenges and enhancing
overall economic stability.

With these efforts, combined with the determination and

dedication of its people, I stand hopeful that Venezuela will be
able to attain its freedom back and break free from the cycle
that's been limiting it in reaching heights its state and citizens
could have access to. With hopes from a citizen whose country
suffered and continually suffers from a similar narrative, I share
a heart and stand with the vulnerable. I root for these two
nations to turn the tide and one day be the truth teller that
corruption and greed will not always prevail.