Manila’s public school teachers have shown themselves to be wiser than the world’s bankers.

Not so long ago, the world banking community swallowed hook, line and sinker the somewhat incredible claim made by then central Bank Governor Jaime Laya that we had hundreds of thousand of dollars in foreign reserves. It is a matter of record that the Honorable Mr. Laya had overstated our reserves by $600 million.

Last week, it did not take our teachers one minute to reject the same Mr. Laya’s very plausible claim that there was no money available for their pay raises. And they were right. Vice-Governor Ismael Mathay showed where such money could be found.

I am not among those who pronounce Mr. Laya’s surname with an "r," but I find it difficult to believe that a former Minister of Budget would not know where unexpended funds are likely to be found.

Karla V. Castillo