I agree that corruption will be the ultimate dream-killer.
But the thing is, the idea of debt gives everyone – from ordinary government employees to LGUs to national elected officials – a sense of responsibility and accountability that transcends their own term.
This means, that they cannot afford to slack off during their term, or else, the next official will incur the problem, and maybe, so will the next one after. And all this can snowball into a problem that would affect his/her own and family lifestyle.
I think it’s all about acquiring a paradigm of project/vision continuity. This means, that future government officials are encouraged (or forced) to continue as well as improve on the present implementation of the long-term plan.
If they think that souvereign bonds is the best option now, then maybe it is. If all goes well, we get to pay previous debt as well as the ones that we are about to incur. If it doesn’t, we just need to try again. Government officials need a good motivation (like fear that their senior life will be a living hell if they screw up perhaps) for them to function as true servants of the public.
As for the rest of us, perhaps, we just need to be extra patient and hopeful that we have a shot at this Grand Vision, and extra active in choosing which official has the same vision that we have as a nation, and extra prudent in deciding when to let go and trust our officials.
We just have to realize that “fixing” the country is a long term goal. It just so happens that we are living in this segment of history where we can do something – we can’t wallow in the past and we can’t be too fistful about the future.