But I came across this post from Rick Bagahue at Tek for the Pipol and he cites a UP study by Raul Fabella and Emmanuel de Dios that
"...debunked economic rationales it determined beforehand. It provided reasons why the following can not be the basis for the NBN project; supposed savings that the government will get, anticipating congestions, back-up inadequacy and pre-empting predatory behavior of private providers. In addition, the paper sees the government as incapable of keeping up with the rapid technical changes. It has also advised the government to just concentrate on "core competencies" and leave all "non-core competencies" to the private sectors.It seems that we are not only dealing with a project that is financially disadvantageous to the the Philippines and financially advantageous to some, but worse, we are being asked to fund a project that is not needed.
The paper concluded that such a NBN project is not needed and all the government needs now is a moral backbone."
Update: September 24, 2007
The paper by Professors Fabella and de Dios can be downloaded at the Action for Economic Reforms website.