MANILA -- The end of March is a very special time in the Philippines, when ceremonies are held to honor the year's crop of graduates. Having served as commencement speaker at various institutions for the last two years, I have had the opportunity not only to observe the joyful ceremonies closely, but also to reflect on the meaning of such an important transition in young people's lives.

At present, several issues are of major concern in the Philippines. One is the new dimension of American military involvement in the restless south, a development that appears to be welcome in general terms, but could prove disturbing if its originally stated targets and purposes are exceeded. Another is the state of the economy, which is still far from good, although there are a few rather encouraging signs -- a welcome contrast to the grimmer state of affairs last year. These realities are bound to affect the future activities of new graduates, as, enthusiastic and hopeful, they enter professional life.

It is noteworthy that the Philippines, poor as it may be, has one of the highest literacy rates in Asia. Its students are in general very bright and alert, and can speak and write English perhaps better than most of their counterparts in Asia.