I'm just wondering what is the track record of Bernie Villegas as an economist? Wasn't he an advisor of Cory Aquino before?

^her opinion would have been credible but she ruined it when she added unless Arroyo resigns crap ,another partisan influenced view. I don't see how arroyo resigning can instantly bring 7% growth. In fact with our momentum right now all the opposition need to do is stop their destabilizing and focus on their real job then we'll be much more likely to hit the 7%growth.

I agree with you miss marites. Nasisira ang araw ko pag nakikita ko si Escudero habang tumutula in front of the camera.

^her opinion would have been credible but she ruined it when she added unless Arroyo resigns crap ,another partisan influenced view. I don't see how arroyo resigning can instantly bring 7% growth. In fact with our momentum right now all the opposition need to do is stop their destabilizing and focus on their real job then we'll be much more likely to hit the 7%growth.

What momentum are you talking about? The economy is slowing down to under 5% growth and in fact it is now projected to be below 5% for 2006. RPs corruption rating is not improving. Unemployment rate and poverty rate is not improving. Four years na po ang lumipas mga kababayan. Tapos na ang honeymoon ng EDSA II. Why don't you tell GMA to stop blaming and simply ignore the opposition and simply deliver results. If you hold our leaders accountable for their performance, what performance levels are you holding this president accountable for in terms of poverty alleviation, fighting corruption and economic growth? Sige nga.

So what is the real job of the opposition? Tell me. If the opposition starts sucking up to the president then they are not doing their real job.

^rewind :lol:

All I can say is, Marites, tootsjap, cusket. Pictures for the SSC photo album please. :lol:

I would like to see tootsjap very much. :)

And just a reminder, It the American Depression era lasted for a decade and took the entire duration of world war two to completely be rid of it. All that time, the great Franklin Delano Roosevelt, A DEMOCRAT, was president and formed the foundations that would make a better American future. Foundations Mr. Bushit is trying to destroy. (sorry, just had to add that in)

MMPC puts in P1 B in auto project

By BERNIE CAHILES–MAGKILAT

Japanese car giant Mitsubishi Motor Philippines Corp. (MMPC) has infused an initial P1 billion for its committed P10 billion project that would transform the Philippines as its production hub of completely built-up (CBU) packs and would make MMPC a major CBU exporter.

The P1 billion initial infusion had been used for retooling, the first step in the assembly for a new model.

A company source, however, said there is no fixed timetable yet as to when the project could finally take off.

The project has been put on hold indefinitely and might not meet the mid-2006 deadline within which to kick off the project.

The main reason for the delay, the source said, was the costs for the production of the CBUs as against the projected exports earnings, in which case the company would be forced to subsidize its production.

MMPC though, is bent on pursuing the project having won the project over Mitsubishi Indonesia.

The P10 billion total project cost is being supported by China Motors, the partner of Mitsubishi Motor Corp.

Based on the plan, MMPC would put up the P2 billion investment for capital equipment and P8 billion for development cost.

The project was covered by a letter of intent of MMC presented to President Arroyo in May 2003 and would have represented MMPC’s break into the export of CBUs, now being done by Ford Group Philippines.

Once fully operational, the project would have employed 6,000 people at its plant in Taytay, Rizal.

Already a planned deferment of the MMPC project was communicated by MMPC president and chief executive officer Kengo Takase in a letter to the trade department as early as middle of the year.

The original plan calls for the production of at least 3,000 units a month, about two-thirds of which would be exported to various countries in Southeast Asia starting the last quarter of 2006 or the first quarter of 2007.

The plan is ship over 200,000 units over a six to seven-year period with an export value of $200 million to $240 million annually.

Already, MMPC is laying down the preparation for its export activity by next year yet.

This would make MMPC the second automotive assembler to join the Automotive Export Program (AEP) under the developmental category.

WOW! Good news bai! Maayong balita.

Kaya lang marami pa ring pessimistic, ang nakikita yung gloomy Philippines.

Philippines May Keep Key Rate Unchanged Amid Steady Inflation

Dec. 14 (Bloomberg) -- The Philippine Central Bank will probably keep its key interest rate unchanged for a second month as a rising peso helps control inflationary pressures.

Bangko Sentral ng Pilipinas will maintain the rate at which it borrows overnight from commercial lenders at 7.5 percent, according to eight of 11 economists in a Bloomberg survey. Three economists expect a quarter-point increase when the decision is announced tomorrow afternoon in Manila.

"There will be Christmas cheer,'' said Song Seng Wun, an economist at CIMB GK Research Pte in Singapore. "With inflation still subdued and the peso's appreciation, they will probably resist from raising rates this time.''

The Philippine peso has gained more than 4 percent against the U.S. dollar in the past three months, the most among 15 Asia-Pacific currencies tracked by Bloomberg. That's cut import prices and helped keep inflation steady, giving the central bank room to hold off raising interest rates and spur growth in the $85 billion economy.

The Philippine economy expanded in the third quarter at the slowest pace in more than two years, growing a seasonally adjusted 0.6 percent from the previous three months after gaining 1.4 percent in the second quarter.

The Asian Development Bank expects the economy will grow 4.7 percent this year, less than the 5.3 percent estimated by President Gloria Arroyo's government.

Slowing growth will make it harder to create more jobs in a nation with the highest unemployment rate in Asia-Pacific region and where a third of the population of 85 million people lives on less than 60 U.S. cents a day. The jobless rate was 10.9 percent at the end of July, official figures show.


Currency

The Philippine Peso, which was little changed at 53.677 at 2:45 p.m. yesterday in Manila, may strengthen to as much as 53 to the "or even better'' next year on higher remittances from overseas workers and foreign investment, central bank Governor Amando Tetangco said on Nov. 25.

Consumer prices may rise as much as 7.7 percent this year, less than the maximum 7.9 percent earlier forecast, on the back of a strong peso, Tetangco said Dec. 7. Inflation was at 7.1 percent in November, near the one-year low of 7 percent posted in October and September.

As many as 7.4 million Filipinos working as nurses, entertainers, seamen and household helpers abroad usually send more money to their families at home during the Christmas season. The central bank expects these funds, which account for about a 10th of the local economy, to rise 20 percent this year to a record $10.3 billion.


Inflation

Ten of the economists surveyed expect the central bank to increase rates by at least a quarter-point in the first quarter of 2006 as inflation may gather pace on the government's plan to increase the value-added-tax to 12 percent from 10 percent on Feb. 1, following its expansion to include oil, power and other previously exempt products and services on Nov. 1.

The central bank predicts inflation will average as much as 8.4 percent in 2006 because of the broader and higher tax and expected increases in wages.

"They are not through hiking rates, it will resume in the first quarter,'' said David Cohen, an economist at Action Economics in Singapore. He expects the central bank to increase the rate by at least a quarter of a percentage point by March.

The bank's monetary policy committee, which meets every four weeks, on April 7 raised the benchmark rate a quarter point from 6.75 percent -- the lowest since May 1992 -- and announced similar increases on Sept. 22 and Oct. 20. The rate was left unchanged at last month's meeting.


Manufacturers

Lower interest rates may encourage borrowing, spending and investment. Commercial bank loans rose in September at the slowest pace in 19 months, dragged down by the falling demand for credit from manufacturers, the biggest borrowers, the central bank said Nov. 15.

The Philippine 91-day Treasury bill yield, the benchmark for commercial banks' lending rates, fell to 5.146 percent, the lowest since Jan. 2003, on Nov. 29, the last government auction for this year. Investors use the central bank's benchmark rate as a guide when bidding at the auction. The government will resume Treasury bill auctions in January.

Continue posting at the Philippine Economy Thread....Part II (http://www.skyscrapercity.com/showthread.php?t=294494). :colgate:

:lock: :lock: :lock: :lock: :lock: :lock: :lock: :lock: :lock: :lock: :lock: :lock:

WOW! Good news bai! Maayong balita.

Kaya lang marami pa ring pessimistic, ang nakikita yung gloomy Philippines.

yong mga pessimistic na iyan ay ang mga pilipinong walang alam sa negosyo at ekonomiya. Ang hilig ng mga yan ay pulitika.

yong mga pessimistic na iyan ay ang mga pilipinong walang alam sa negosyo at ekonomiya. Ang hilig ng mga yan ay pulitika.

Try to go here: http://www.igma.tv/forum/index.php and go all the way down and click Local News and try to explore other forums. Yeupz, you'll have a hard time explaining the mechanics of economics and businesses, developments and platforms to some ignorant people like them. Everything is all about bashing this and bashing that. I recommended them to come over to this site and try to take a hard look of the country at a different perspective. :)

pessismism seems to be an unfortunate trait of the Filipino

what do you expect. gma7 is the tv combo of the inquirer. full of stupid sour losers who rely on hearsay and dubious orchestrated tapes.

What momentum are you talking about? The economy is slowing down to under 5% growth and in fact it is now projected to be below 5% for 2006. RPs corruption rating is not improving. Unemployment rate and poverty rate is not improving. Four years na po ang lumipas mga kababayan. Tapos na ang honeymoon ng EDSA II. Why don't you tell GMA to stop blaming and simply ignore the opposition and simply deliver results. If you hold our leaders accountable for their performance, what performance levels are you holding this president accountable for in terms of poverty alleviation, fighting corruption and economic growth? Sige nga.

So what is the real job of the opposition? Tell me. If the opposition starts sucking up to the president then they are not doing their real job.
Well toots we have to start somewhere. A million miles begins with one step. You can't make a dollar without a penny. I think the peso strengtening, stock market going up, budget deficit being reigned in, realstate boom, becoming a world class outsourcing hub, winning the Seagames those are all good starts. Get my drift?

The real job of the opposition is politicking as far as I know. They have focused so much on personalities and ways to achieve their political ambition rather than contributing something (positive criticisms) that can have a long lasting effect on the society. For me, whoever is in palace doesn't matter anymore as long as he or she is doing his or her job in developing the country. The people are fed up already by their non-sensical politics and its time to get their acts together and grow up. End justifies the means.

Well toots we have to start somewhere. A million miles begins with one step. You can't make a dollar without a penny. I think the peso strengtening, stock market going up, budget deficit being reigned in, realstate boom, becoming a world class outsourcing hub, winning the Seagames those are all good starts. Get my drift?

Make a One Dollar Bill instead of collecting 100 pennies :D j/k

you still can't make a dollar bill without 1 cent.

Nice find there at Kiretoce!

let's just all do what we're supposed to do. which is work work work and work RIGHT damn it.

Window-dressing the economy
HINDSIGHT By Josefina T. Lichauco
The Philippine STAR 12/12/2005

Last week, former NEDA director-general and Economic Planning Secretary under the Ramos presi-dency, Dr. Cielito Habito, was the guest speaker at a forum organized by concerned women and a couple of supportive husbands.

We are being told that because of the good performance of our stock market and the strength of the peso, economic takeoff is underway and that glorious days are ahead.

But is this true? Are our minds and eyes being obfuscated from the truth by a dazzle that doesn’t really exist? Is there too much window-dressing going on as far as the true economic state of our country is concerned? Are our eyes being forcibly shut from the sight of a family living in the slums, eating fried rats and charcoal-broiled mice – something I witnessed on a TV program a month ago and cannot keep off my mind?

The gathering, held at the Turf Room of the Manila Polo Club, was organized by two lady friends of mine, Bettina Kahn-Legarda and Marily Ysip-Orosa, with great support from their husbands. Bettina holds a bachelor’s degree in history from the Assumption Convent, and has been in a very successful food business for years. Marily holds a bachelor’s degree in communication arts from Maryknoll College and is a multi-awarded graphic designer and book publisher.

Currently the director of the Ateneo Center for Economic Research and Development and full-time economics professor, Dr. Habito obtained his PhD in economics from Harvard University and his bachelor’s degree in agriculture, major in agricultural economics, from the University of the Philippines, summa cum laude. He served as NEDA assistant director-general in 1990, was promoted the next year to deputy director-general, and in 1992 was President Fidel V. Ramos’ Economic Planning secretary and NEDA director-general. Not only was Ciel a brilliant economist, he is a man of integrity, honor and truth.

Categorically stating that it is too early for GMA "to party," and that definitely we are not on the verge of a takeoff as claimed by the presidency, Habito did not mince words when he said that our economic growth has in fact been slowing down over the last six quarters, as shown by the sharp downturn in investments, in exports and imports, the foreign exchange and equities markets, etc.

Citing statistics and data as regards the comparative growth of our neighboring East Asian countries, the pathetic situation of the Philippines was stark. Already a lingering malady is the country’s credit outlook because, where the other countries are getting well-deserved upgrades, ours is down.

Using graphic charts and statistics, he showed how confidence of the business sector is down, development and construction, both in the public and private sectors, are also down.

He showed very particularly how, after former Revenue Commissioner Willie Parayno resigned, revenue collections took a downswing in July, improved a bit in August, but again took the downturn in September, indeed falling below target. One striking feature of Habito’s explanation as far as the pathetic revenue effort is concerned was the fact that some maneuvering had been undertaken by government in August where the statistics registered a slight improvement, and that this was due to some degree of provocation employed on a large taxpayer to pay up. In fact the same provocation was exerted on another corporate taxpayer. What crossed my mind as I heard this, was the word "window-dressing," a typical strategy of government today.

Tax evasion has become massive amounting to about P250 billion. We all know that the budget deficit is the worst feature in the economic scene. The fiscal crisis is indeed so drastic because of the huge debt payments. For 2005, the target tax revenue is P750 billion, but our debt service payments amount to P646 billion, so that, for every P10 collected by way of revenues, P9 goes to government expenditures, which, by the way, Habito noted is unprecedented in history! Hence, government has to continue to incur debt massively for it cannot antagonize its creditors.

This budget gap can be narrowed by equitable and far greater collection of revenues, drastically reducing unnecessary government spending, addressing a really bloated bureaucracy with so many overlapping new positions; addressing the problems derived from those huge deficits of government corporations; lessening those deviations from the medium-term development plan of the Philippines; rationalization of tax incentives and reform of the tax audit system; broadening of the tax net, and implementation of those elements in the Comprehensive Tax Reform Program that, for some reason or another, remains unimplemented.

Pointing out that the collection efficiency with regard to the VAT is a poor 13 to 20 percent, this just means that it is not being collected well, and this could be improved by using industry benchmarks. He said that government’s statement that only 17 percent of the poorest 50 percent, and 83 percent of the rich will bear the burden of the EVAT is not happening, because a lot of the businesses are taking advantage of the EVAT by collecting more than what is required.

There is a slowdown even in the thriving telecom industry. Even the middle class is hurting because there is a drastic drop in enrollment in private schools like La Salle and Ateneo, and a sharp increase in delinquency of tuition payments. And, there has been a steady rise in public school enrollment which increases the problem of the public school system due to insufficient budget allocation.

What’s even worse is the fact that government is planning to allot more for debt-servicing in 2006, which will amount to P721.78 billion or P2 billion per day – a 12 percent increase from the previous years. And so, he recommended a negotiated debt relief.

The corruption statistics were deplorable and Dr. Habito correctly stressed the fact that we need a credible and inspiring leadership. Zeroing in on the strength of the peso and the improved stock market performance being bannered by government, he showed how the Philippines is actually at the tail end of the line for "hot money" or those "excess global funds!" We have also not regained the peso level we had in 2003. The dollar has weakened, that’s why. Furthermore, there is a strong upward surge in OFW remittances, especially at this time of the year, although this is not all that good because it reduces the value of the dollars the heroic OFWs have been remitting.

The data on poverty were stunning. Kids do not eat well and look for their daily sustenance in the trashcans of the country. When health care and education are given budget allocations grossly lower than the minimum requirements projected, what hope does our motherland have?

Dr. Habito enjoined the 125 women and 15 men at the forum to adopt one poverty-stricken family on a sustained basis. To quote a line from St. Augustine: "The life we have is God’s gift to us, and what we do with our lives is our gift to God."

That article was very, i don't know, uncontructive. It's a whole bunch of stating that things are bad, but nothing about fixing it.

Yes we know things aren't great and we are behind our neighbors, but in looking at the positives and the negatives we have to encourage ourselves to work harder and not lose hope. We cannot wallow in our sorrow for it won't help us out of it.

Toots, you are so quick to point on everything going wrong. Is there anything good you see? There is the very good and the very bad, please step into the middle where the view is more whollistic.

I can understand that most people in SSC are hopeful and want to hear more good news than bad. We want to feel hopeful and encouraged. But that is basically what underperforming and corrupt leaders want us to feel. They will send a smokescreen of bits and pieces of good news but will not be forthright with us about the true state of our country in many aspects economically. And I always ask the question Why? Isn't that the way to really resolve issues by basically acknowledging them instead of pretending they are not there. After many years of reading Manila Bulletin with all the good news you wonder why the Philippines is still lagging behind. True leaders level with their followers about the true state of their organization/country. It is the only way for the organization to do have the right stance in resolving the issues. Sa pamilya, pag hindi nagtapat ang Tatay na short ang budget, hindi mag-aadjust ang mga anak sa gastos. The same is true in the corporate world whose internal communication is always pleasant and hopeful. Many companies get into trouble by hiding and not acknowledging big issues. They hide them and get into accounting scandals. In my previous company, there is something called as "recognizing the Moose on the table." This means you acknowledge in a straightforward manner the real issue and not talk around it. It often happens that managers come to a meeting and everybody knows what the big issue is. It is like there is a moose on the conference table. But they will hold the meeting and talk without acknowledging the moose on the table. I see the same thing here in SSC. For me, the moose in the case of the Philippines is the deeply embedded culture of corruption from the highest levels of government down to the barrios and barangays. We can talk much about the peso, investment here, investment there, award here, championship there but we should not take away our eyes from the real big issue confronting the nation which is corruption. So why are we not discussing in depth in SSC how we can contribute in fighting corruption? Why are we not interested in the selection of the next Ombudsman? Why are we not outraged that a credible ombudsman in the person of Simeon Marcelo resigned because Malacanang wants him to spare Nani Perez? Why are we not too worried of the low corruption ratings given by Tranparency International and PERC? I even got a response that those ratings are not believable. Isn't that a form of ignoring the moose?

When Bernie Villegas, known to be the Philippines' ultra-optimistic economist and even called prophet of boom talks about worrying patterns and conditions in the economy, we better pay attention. We need to act based on the real state of where we are. All our hard work will be for naught if we don't progress in our fight against corruption.

That article in Philippine Star is horrible. Every developments that happen in the Philippines have to be politicized. She used the term 'window dressing' - in accounting/auditing, it is when you want to impress creditors and investors how attractive the financial statements are when in fact the conditions of the company is worsening. Politics can bring the country down. I also hate how she used it as a title. She could've stated both the positives and negatives and let the readers decide for themselves.

However, I have to agree above me about the issue of rampant corruption. No one had been really serious about minimizing it. I haven't seen anything in the news where corrupt people are getting punished for their actions. The country would progress much faster if we simply implement our laws and improving our justice and legal system.

pessimism is like a virus that would slowly kill someone off.

No one doubts that corruption is rampant toots. I now there are very serious issues that need tending to, and i personally, have acknowledged their existence. When a simple over pass bridge in my city takes more than a year to build, then I know something is wrong. We're not stupid enough here in SSC to be fooled that things are all well and good. But after accepting that real and undeniable problems do exists, we have to stop echoing those problems, its nice to remind yourself once and a while that you have a problem, but you can't keep beating your mind with it. We need solutions and not rumors and "ousting" calls on the current leader. That's all i hear from you really, articles professing a rumor is true and that something negative is happening. You don't have to tell some of us, most of us already know, we just want solutions.

Solutions come after acknowledgment of the true state of the nation. You yourself said that we have a shit head president but said nothing about what to do with a shit head president. Resignation, acceptance, apathy and denial are among best friends of corruption. Corruption is widespread and relentless that you simply don't want to hear anymore of it. When the time comes that we stopped getting scandalized by news of corruption because we hear them so often, corruption already beat us. Progressive nations have a rather straightforward solution to corruption, they prosecute and jail the corrupt. If our leader cannot prosecute and jail the corrupt, then she basically opted to perpetuate and not fight corruption. Leaders who can't stand up against corruption don't deserve the people's support. In our small way, we can do our contribution by refusing to feed on the culture of corruption ex. don't give bribes to speed up your transaction with government. Fighting corruption requires an active and direct response. Preoccupying ourselves with work or seek good news to make us feel good have no effect whatsoever in defeating corruption. That is exactly what the corrupt want you to do so they can get away with their wrongdoing.

^^ We don't deny these things exist but do you think changing the leader will make the situation any better? I don't think so. Its the system that needs to change not just one person. It seems farfetched to think that a major system change will happen soon, and the economy has been doing well for the past few months. The balancing of trade, the healthy stock performances, the peso appreciation, all these factors help to keep the economy afloat. Vietnam has the same corruption profile the Philippines have but why is their economy growing by leaps and bounds? China used to be on the same ground with us before yet they grew and eventually curbed these practices. Based on their success stories their main ingredients in creating a successful economy are: reasonable optimism, political minimization, keeping the economy to run. These countries addressed their corruption issues much later whenever they think they need to achieve more economic efficiency. Its the culture of Philippine politics that drags the economy down. Why? Politics slows down or even hampers implementation of necessary infrastructures to speed up transport of goods and people - and that is how economy usually runs. Politics tend to destabilize the strong foundations of the government, sending shockwaves of distress and anxiety to the investors that the country is not good for investments. If there are no investments,- no capital outlay. No capital outlay- no employment. What happens to the country lacking investors - rising unemployment. Now, how are they going to feed themselves then? Corruption and injustices are part of the stumbling blocks of progress because that is what is on the top of the iceberg. Yet only few realized that its actually the culture of bad politics and super pessimism in the Philippines that started what I mentioned earlier.

My short essay about the Philippines

First posted 04:59am (Mla time) Dec 21, 2005
By Jaeyon Kim, Korean
INQ7.net



(Editor's note: This essay was e-mailed to INQ7.net as a "Koreans letter for all Filipinos," with a note that it was posted on the La Salle Greenhills website. The note says: "My Short Essay about the Philippines" was written in simple, imperfect English, and understandably so, for it was penned by a young Korean student named Jaeyon Kim. Professor Marlon Aves Diloy, a Filipino professor of Information Technology as well as English at the Yeungjin College in Daegu, Korea, shares with all Filipinos this essay, which sparked a renewed sense of nationalism and love for country for the thousands of Filipinos in South Korea. Diloy hopes that it will also touch your heart, the way it has deeply touched them.)

FILIPINOS always complain about corruption in the Philippines. Do you really think the corruption is the problem of the Philippines? I do not think so. I strongly believe that the problem is the lack of love for the Philippines.

Let me first talk about my country, Korea.

It might help you to understand my point. After the Korean War, South Korea was one of the poorest countries in the world. Koreans had to start from scratch because the country was destroyed completely during the war, and we had no natural resources.

Koreans used to talk about the Philippines, for Filipinos were very rich in Asia. We envied Filipinos. Koreans really wanted to be well off like Filipinos. Many Koreans died of famine. My father's brother died because of famine. Korean government was awfully corrupt -- and is still very corrupt beyond your imagination -- but Korea was able to develop dramatically because Koreans really did their best for the common good with their heart burning with patriotism. Koreans did not work just for themselves but also for their neighborhood and country. Education inspired young men with the spirit of patriotism.

Forty years ago, President Park took over the government to reform Korea. He tried to borrow money from other countries, but it was not possible to get a loan or attract a foreign investment because the economy of South Korea was so bad. Korea had only three factories. So, President Park sent many mine workers and nurses to Germany so they could send money to Korea to build a factory. They had to go through a horrible experience.

In 1964, President Park visited Germany to borrow money. Hundreds of Koreans in Germany came to the airport to welcome him and cried there as they saw the President Park. They asked him, "President, when can we be well off?" That was the only question everyone asked to him. President Park cried with them and promised them that Korea would be well off if everyone worked hard for Korea. The president of Germany got the strong impression on them and lent money to Korea. So, President Park was able to build many factories in Korea. He always asked Koreans to love their country from their heart.

Many Korean scientists and engineers in the US came back to Korea to help in developing the country because they wanted their country to be well off. Though they received very small salaries, they did their best for Korea. They always hoped that their children would live well off country.

My parents always brought me to the places where poor and physically handicapped people lived. They wanted me to understand their life and help them. I also worked for the Catholic Church when I was in the army. The only thing I learned from the Catholic Church was that we have to love our neighborhood. And I have loved my neighborhood.

Have you cried for the Philippines? I have cried for my country several times. I have also cried for the Philippines because of so many poor people.

I have been to the New Bilibid Prison. What made me sad in the prison were the prisoners who do not have any love for their country. They go to Mass and work for the church. They pray every day. However, they do not love the Philippines. I talked to two prisoners in the maximum-security compound, and both of them said that they would leave the Philippines right after they were released from the prison. They said they would start a new life in other countries and never come back to the Philippines.

Many Koreans have a great love for Korea so we can share our wealth with our neighborhood. The owners of factories and corporations distributed their profits to their employees fairly so that the employees could buy what they needed and saved money for the future and their children.

When I was in Korea, I had a very strong faith and wanted to be a priest. However, when I came to the Philippines, I completely lost my faith. I was very confused when I saw many unbelievable situations in the Philippines. Street kids always make me sad, and I saw them every day in the Philippines.

The Philippines is the only Catholic country in Asia, but there are too many people here. People go to church every Sunday to pray, but nothing has changed. My parents came to the Philippines last week and saw this situation. They told me that Korea was much poorer than the present Philippines when they were young. They are so sorry that there are so many beggars and street kids.

When we went to Pagsanjan, I forced my parents to take a boat because it would fun. However, they were not happy after taking the boat. They said they would take the boat again because they sympathized with the boatmen, who were very poor and had a small frame. Most of people just took a boat and enjoyed it. But my parents did not enjoy it because of love for the boatmen.

My mother who has been working for Catholic Church since I was very young told me that if we just went to Mass without changing ourselves, we are not Catholic in deed. Faith should come with action. She added that I have to love Filipinos and do good things for them because all of us are same and have received great love from God.

I want Filipinos to love their neighborhood and country as much as they love God so that the Philippines will be well off. I am sure that love is the keyword that Filipinos should remember. We cannot change the sinful structure at once; it should start from the person. Love must start in everybody on a small scale and have to grow. A lot of things happen if we open up to love.

Let's put away our prejudices and look at our worries with our new eyes. I discover that every person is worthy to be loved. Trust in love because it makes changes possible. Love changes you and me. It changes people, contexts and relationships. It changes the world.

Please love your neighborhood and country. Jesus Christ said that whatever we do to others we do to Him. In the Philippines, there is God for people who are abused and abandoned. There is God who is crying for love.

If you have children, teach them to love the Philippines. Teach them why they have to love their neighborhood and country. You know that God also will be very happy if you love others. That's all I really want to ask you Filipinos.

^^ read it guys..

You know, I have cried many times for my country... but sad to say, maybe I'm the only one who cried for my country:(

It’s a great essay but we are not all created equal. There is always going to be a patriotic, a disloyal and a mediocre. I know some Korean who loves being in state rather than stay in their own country, is this mean we shouldn't lend our ears to his blabbering. By saying we love our country will not resolve of everything yet cooperation, participation and good leadership must be everyone’s mainly objective. Though, it frustrates us that it doesn’t happen in a click of the red shoes, we're ascending in a good prosperous pathway.

You know, I have cried many times for my country... but sad to say, maybe I'm the only one who cried for my country:(

a lot had died.. you just cried. hehe JK. mabuhay

There is a thread already for this topic guys.
I think we need to stop crying and just get back to honest hard working mode.

It’s a great essay but we are not all created equal. There is always going to be a patriotic, a disloyal and a mediocre. I know some Korean who loves being in state rather than stay in their own country, is this mean we shouldn't lend our ears to his blabbering. By saying we love our country will not resolve of everything yet cooperation, participation and good leadership must be everyone’s mainly objective. Though, it frustrates us that it doesn’t happen in a click of the red shoes, we're ascending in a good prosperous pathway.


Yup, you know there are Koreans who loves to be in States but the fact that they've risen from the mud is an evidence that they've tried hard and changed their views towards their country.
cooperation, participation and good leadership wouldn't be possible without lurv but I'm glad that we're moving forward and that disloyal bitches in our country are only less than 5% of our population but it appears that they're more than 50% coz of the media, coz of their more negative and less positive publications :bash:

a lot had died.. you just cried. hehe JK. mabuhay

I wanna die for my country but mahal ang longon at pagpapalibing so wag nalang:D

yup guys let's think positive and makakabangon din tayo. Kung nalagpasan nila tayo makakahabol den tayo. Tignan niyo mga athletes naten walang budget diba, pero nakahabol sa kanila. Wag tayong magpapadala sa mga taong gustong papagsaken ang ekonomiya para maka pagpowergrab sila.

You know, I have cried many times for my country... but sad to say, maybe I'm the only one who cried for my country:(

EDIT: pero noon pa yun but now I'm shouting and jumping for joy coz we're progressing:okay:

Yup, you know there are Koreans who loves to be in States but the fact that they've risen from the mud is an evidence that they've tried hard and changed their views towards their country.
cooperation, participation and good leadership wouldn't be possible without lurv but I'm glad that we're moving forward and that disloyal bitches in our country are only less than 5% of our population but it appears that they're more than 50% coz of the media, coz of their more negative and less positive publications :bash:

aah youre the one who always be in the welga, looks like ;). u have the lurving but u have no disciplining, so what are you used for, then. tawag yata nun the bastardation of the society

and that article above should enlighten us more...
it's only a routine:
Korea - mahirap noon naging mayaman na ngayon
Pilipinas - mejo mahirap tayo ngayon pero bukas I'm 100% sure na magiging mayaman ulit tayo ;)

aah youre the one who always be in the welga, looks like ;). u have the lurving but u have no disciplining, so what are you used for, then

I can say that I'm one of the most disciplined citizen of Cebu Philippines;)
I dunno how to welga, nakakahiya magsisigaw sa daan:D

Well, whats the reason of posting beautiful pictures of the Philippines in SSC. Its a manifestation of progress. Maybe, we should try to build up our confidence more, and put an end to this politicking. Let the economy run as the time flows. We'll definitely reach our potential.

the very best way para uunlad tayo: invest in CEBU :)

^^ Tama ka! Go Cebu!

The ironic message of the essay is maybe the Filipinos should stop being so Catholic and think for themselves for a change. The problem with being so blindly religious is that the concepts of morality and ethics are often externalized as rules that are imposed and judged by a higher power. This is losely translated by the common Filipino as "if I'm not caught, I'm not guilty", or, "if there are no rules I can do anything I want". This "palusot" attitude is the root of the country's problems.

I wanna die for my country but mahal ang longon at pagpapalibing so wag nalang:D
Bitaw pagmamatay ka imo ra mga paryente sige happy happy, sige sugal, sige katawa sa paghinumdum sa niagi, sige painit kaon ug inom...Mao jud na to die is not to rest but to be left out by the rest jud.

Well, whats the reason of posting beautiful pictures of the Philippines in SSC. Its a manifestation of progress. Maybe, we should try to build up our confidence more, and put an end to this politicking. Let the economy run as the time flows. We'll definitely reach our potential.
Amen :cheers:

End-September external debt declined

THE PHILIPPINES' external debt totaled 55.5 billion dollars at the end of September, down 567 million dollars or 1.0 percent from 56.0 billion dollars in June because of a stronger dollar against the yen and higher investments in Philippine debt paper, the central bank said.

The country's external debt in September 2004 stood at 55.6 billion dollars.



The end-September foreign debt was estimated at 55.5 percent of GNP, down from 60.3 percent in the same period last year.

"The decline in debt stock during the third quarter resulted largely from negative foreign exchange revaluation adjustment as the US dollar strengthened vis-a-vis the Japanese yen as well as from the increase in residents' investments in Philippine debt paper," the central bank said.

The country's debt service ratio, or the percentage of principal and interest payments relative to the country's exports of goods and receipts from services and income, was at 14.1 percent at the end of September.

"The ratio is well below the 20 percent international benchmark, indicating that the country has sufficient foreign exchange earnings to meet current maturities of foreign obligations," the central bank said.

Debts with medium- to long-term maturity accounted for 89 percent of the total, and they had an average maturity of 17.4 years, the central bank said.

Public-sector loans had an average maturity of almost 20 years, and private-sector loans an average maturity of 10.5 years.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=12&dd=22&file=18

500 million dollars in debt paid, 55 billion to go!

Asia's richest countries here..
http://www.aneki.com/asia_richest.html

^^ The Philippines is 12th on the list....at least it made the list! :lol:

^^ Yeah true, pero kung tuloy tuloy ang development, we'll even go higher.

Shares close at day's high on positioning for 2006

SHARE prices closed at the day's high as investors took advantage of the market's holiday mood to buy heavyweights that are likely to rise next year and on window-dressing by fund managers, dealers said.

However, turnover was lighter than usual with many market players already out of the market for the Christmas holidays, they added.



The composite index ended at a two-week high, up 32.88 points or 1.58 percent at its intra-day best of 2,111.46. It touched a low of 2,078.58. Volume was 364.43 million shares worth 681.76 million pesos.

The broader all-shares index advanced 14.86 points to 1,277.59.

Gainers beat losers 46 to 21, while 39 stocks were unchanged.

"Some market players are already positioning for next year," Citiseconline.com analyst Mark Alan Canizares said. "They feel that it's better to start buying now while most investors are on vacation, rather than later when stock prices are already rising."

Several positive corporate developments such as Moody's upgrade on PLDT's credit ratings as well as the government's extension of Manila Water's income tax holiday provided an added push, dealers said.

"The market is up but the value traded is relatively lower compared to previous days, suggesting that there isn't much trading activity in the market because of the holidays," said Accord Capital Equities analyst Lawrence de Leon said.

Dealers said fund managers were also window-dressing to be able to present clients high-yielding portfolios at the end of the year.

"Selective stock picking characterized with low volume turnover may continue to dominate the market next week. The main index might move higher, but we can't really say whether that trend can be sustained given the limited number of players in the market at the moment," Canizares said.

Philippine Long Distance Telephone Co was the market's main mover, ending up 40 pesos or 2.25 percent at 1,815 on 182,350 shares.

Moody's Investors Service on Thursday upgraded its long-term ratings on PLDT to reflect its improving financial profile as the company increases its free cash flow and cuts down debts.

Globe Telecom was the most actively traded stock, rising 15 pesos or 2.08 percent to 735 on 182,350 shares after the company said it has signed a five-year loan worth 1.615 billion pesos to refinance existing dollar debts.

Manila Water Co gained 0.10 pesos to 6.40 on 7.48 million shares after the utility announced that the government has approved to extend the company's income tax holiday by a year. The six-year tax break was supposed to expire next month.

Ayala Corp advanced 10 pesos to 320, while unit Ayala Land Inc gained 0. 10 to 10. Bank of the Philippine Islands rose 1.00 to 56.

Mall operator SM Prime Holdings went up 0.20 at 8.30, while its parent SM Investments Corp rose 1.00 to 240.

Petron Corp ended up 0.15 at 4.55.

San Miguel A, restricted to local investors, gained 0.50 to 64.50. San Miguel B, available to local and foreign investors, rose 2.00 to 88.50.

(1 dollar = 53.263 pesos)
http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=12&dd=23&file=13

Asia's richest countries here..
http://www.aneki.com/asia_richest.html

it's based on the gdp per capita...

we should be on the 11th spot coz palau should not be included in the list bcoz its not an asian country..

I think the wealth of a country is not only based in gdp...

our gdp growth this year is not impressive but still it is resilient. hope we could achieve a higher growth next year...

cheers for 2006!

500 million dollars in debt paid, 55 billion to go!



That means every Pinoy(including SSC members) has utang of $68million each. now thats a lot of condos.

^^ many are actually optimistic with 2006... just hope all these political bickerings end very soon...

Part palang yung 500 million. Theyre targetting 1.5 billion for a year yata.

According to Wikipedia, Philippines, on the basis of its GDP, Purchasing Power Parity, that its the 25th largest in the world with about $430 billion! http://en.wikipedia.org/wiki/Economy_of_the_Philippines
http://en.wikipedia.org/wiki/Philippines

that's not bad. If the economy grows at the rate of at least 8% a year, kayang kaya bayaran ang utang ng bansa if they can sustain that growth for lets say 10 years lang. Provided too, that the birthrate is not increasing as well.

^^ lets do our part by giving out free condoms to everyone!

^^ ahem.... the solution... spend..spend..spend... help the economy and buy our products...

that statistics does not include middle east pala..hehe..if it was, maybe we're on 20+ or 30+ on the rankings..

^^ included ang Middle East. GDP is based on the value of goods and services produced in the country. That is how the wealth of the country is measured.

Average income is determined by Dividing GDP by the total population of the country. GDP is high and population is low: average income will be higher and vice versa. That is why we have a lower average income because of our high population. If population growth rate slows down while the gdp growth rate increases, average income will increase as well.

So, when you hear in the news about gdp growth rates of 5%, it means that the market value of all goods and services produced and consumed in the country is growing annually at 5% per annum (compounded). so actually 5% of that $490billion are compounded each year, parang interest sa bangko.

@ kyle, both can be the solutions. We do need to control our population growth. Pinoys are popping out babies faster than bunnies in suburban America.

^^ Yes, Philippines have many baby factories instead of industrial ones.

A small country's outsized role
By William Pesek Jr. Bloomberg News

SUNDAY, DECEMBER 11, 2005


Investors, always on the lookout for the next big trend, are scouring Asia, and rightly so. The region is home to booming economies, swelling populations and fast-developing markets.

The search often homes in on less-traveled investment destinations like Vietnam, Sri Lanka or Laos, those deemed to be Asia's next frontiers. Yet what if even greater potential lies in a far more developed country like South Korea?

That's the upshot of a new Goldman Sachs report on the so-called "BRICs" economies, or Brazil, Russia, India and China.

Four years ago, Goldman Sachs coined the acronym to describe the four nations with the potential to become important economies. The criteria included macroeconomic stability, political maturity, openness of trade and investment policies, and quality of education.

How are things going?

"Since we began analyzing these countries, each has grown more strongly than our initial projections," said Jim O'Neill, the London-based head of global economic research at Goldman Sachs.

"The BRICs impact on the global economy has continued to grow over the last few years through a wide range of different dimensions."

Now, O'Neill and his global team are offering a glimpse at the countries that might constitute the next generation of BRICs.

Dubbed the "Next Eleven," the list includes Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam.

It's quite a good showing for Asia, with six of 11 potentially BRICs-like economies.

South Korea, O'Neill said, "is better placed than most others to realize its potential due to its growth-supportive fundamentals." (Aside from South Korea, Goldman Sachs's other favorite is Mexico.)

That South Korea is one of Asia's most promising economies can be seen in the 48 percent surge in the Kospi this year. Even after that gain, the nation's stock market remains one of the region's most underappreciated. While the "Korean discount" in equity markets is diminishing, this symptom of lingering tension with North Korea persists.

South Korea faces an array of problems, not least of which is keeping pace with an increasingly competitive China. Seoul needs to deregulate more quickly an economy long dominated by family-owned conglomerates. The private sector must improve corporate governance. Households are still paying off high levels of debt built up in recent years.

That said, are Korean stocks outpacing gains in the economy? The central bank expects 5 percent growth in 2006. Yet it also expects 3 percent inflation, a trend that prompted the Bank of Korea to surprise markets with an interest-rate increase last week. It raised short-term rates a quarter percentage point to 3.75 percent.

The good news is that optimism is returning to the place where it's most needed: the South Korean household. The National Statistical Office's consumer confidence index rose for a third consecutive month in November.

The 98.5 reading - up from 97.5 in October - fits with a Dec. 6 forecast by the central bank that spending will accelerate next year, fueling growth. Increased consumption is helping retailers like Shinsegae, while Samsung Electronics and other exporters are benefiting from growing overseas demand.

The combination of higher rates and rising inflation might weigh on the nation's economy. So could a lower yen versus the won, which might hurt exports. And, of course, tension with North Korea remains a wild card.

Short-term concerns aside, South Korea's long-term prospects are looking brighter, as long as it builds on recent improvements and avoids policy mistakes that might unnerve investors.

The nation's biggest misstep in recent years was to encourage banks that lent recklessly to companies before the 1997 Asian crisis to do the same with households. The debt overhang continues to drag on the economy, albeit decreasingly.

In addition, President Roh Moo Hyun has wasted valuable time and resources in recent years on efforts to move the nation's capital south of Seoul. That plan distracted him from working to stabilize the economy sooner.


Among Roh's most daunting tasks is to convince overseas investors that they are welcome in South Korea. Nationalistic tendencies sometimes manifest themselves in an ambivalence toward foreign investment.

Koreans often point out, for example, that much of the capital that flowed in during the 1990s left even quicker during the Asian crisis.

Many Koreans also are perturbed by the size of profits that some foreigners are racking up. Newbridge Capital, for example, made a $1 billion profit in April when it sold Korea First Bank, in which it bought a 51 percent stake for $500 million in 1999.

Increased foreign capital is needed to help revitalize South Korea's corporations and further the country's goal of being a global financial hub. Like it or not, investment from abroad will be critical to the nation's chances of becoming one of the next BRICs economies.

As Goldman Sachs points out, South Korea has a unique opportunity in Asia to prosper and assume a greater role in global financial affairs.

The question is whether its leaders will take the hint and make that potential a reality.

^^whoa i thought its a bloody long article...haha u jus pasted it twice :)

Chinese firm to invest 0 M in CNG vehicle refuelling facilities


Chinese firm Synergy International Resources Group Co., Ltd. has committed to the Department of Energy (DoE) some 0 million worth of investments to bankroll construction of refuelling facilities for vehicles that will be running on compressed natural gas.

Through a memorandum of understanding (MoU) that was inked, Synergy formalized its intent of putting up CNG refuelling system for the whole Metro Manila area for CNG utilization in transport.

Covered in its proposed project blueprint are CNG refuelling system that includes mother-daughter refilling stations, mobile refuelling facility and other facilities as deemed necessary.

"Feasibility study for the establishment of a CNG refueling system shall commence not later than March 1, 2006," the energy department said in a press statement.

Synergy, through its Philippine branch, likewise indicated that it would be providing technical and operational expertise to the DoE and other concerned agencies "to support the transition of the transport sector to a CNG fuel base."

This would cover refuelling and other related facilities and equipment to convert land and marine transportation from gasoline or diesel to CNG.

In its mother firm in Schenzen,China, Synergy is already counting 25 years of experience in the design, building, deployment and operation of CNG and liquified natural gas (LNG) equipment technology and methodologies.

"With this MoU, we hope to enhance the implementation of our NGVPPT through greater public access in the natural gas transport system," said DoE Director for Energy Utilization and Management Bureau Mario C. Marasigan.

He added that the promotion and increased utilization of alternative transport fuels such as natural gas is all in keeping with the government’s goal to lessen the country’s dependence on imported fuel; especially at the regime of surging global oil prices.

Within the sphere of the deal with Synergy, the DoE takes in the responsibility of providing assistance in the preparation of relevant study on the viability of Synergy’s investment in the Natural Gas Vehicle Program for Public Transport (NGVPPT).

It is likewise mandated to evaluate Synergy’s application for accreditation as CNG refueling station operator and manufacturer or assembler of NGVs.

As could be culled from Department Circular No. 2004-04-004, participants in the government-devised NGVPPT are required to file an application for certificate of accreditation (CA) from the DoE.

Qualified applicants can be categorized as either engaged in the manufacturing or assembly, operation, retrofit or conversion and CNG refueling station operation for natural gasfired vehicles.

It would also be noted that in July this year, the energy department issued Department Circular No. 2005-07-006 providing open access to the natural gas sourced or produced from future or existing petroleum service contracts such as the Malampaya and the San Antonio, Isabela gas fields.

By next year, upon commissioning of the anticipated mother-daughter CNG refueling station by Shell Philippines, at least 200 buses fueled by natural gas are expected to ply the Manila-Batangas and Manila-Laguna route.

how much is a zero million?

i dunno :D maybe those chinese investors still dont have the actual figure..

zero=none:)

yagbols-nada

THE ECONOMIC REPORT OF PHIL :
Economy of the Philippines

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The agricultural industry of the Philippines is one of the fastest growing economies in South East Asia. The market consists mostly of services, as productivity in agriculture and industry is growing as well.

Historically, the Philippines was primarily an agricultural region producing copra, maize, hemp, rice, sugar, and tobacco. Mining was also notable as the mountains contain substantial amounts of chrome, copper, gold, iron, lead, manganese, and silver. Fishing has been another important occupation, centered in Manila Bay and the Sulu Archipelago. Although fishing has been important, its future is bleak due to expensive funds and equipments.

Important sectors of the Philippine economy include agriculture and industry, particularly food processing, textiles and garments, and electronics and automobile parts. Most industries are concentrated in the urban areas around metropolitan Manila. Mining also has great potential in the Philippines, which possesses significant reserves of chromite, nickel, and copper. Recent natural gas finds off the islands of Palawan add to the country's substantial geothermal, hydro, and coal energy reserves. In conclusion, the Philippines is abundant in mineral resources and natural gas.

Background
Since the end of the World War II, the Philippine economy has had a mixed history of growth and development. Over the years, the Philippines has gone from being one of the richest countries in Asia (following Japan) to being one of the poorest. Growth immediately after the war was rapid, but slowed over time. A severe recession in 1984-85 saw the economy shrink by more than 10%, and perceptions of political instability during the Aquino administration further dampened economic activity. During his administration, President Ramos introduced a broad range of economic reforms and initiatives designed to spur business growth and foreign investment. As a result, the Philippines saw a period of rapid sustained growth, but the Asian financial crisis triggered in 1997 slowed economic development in the Philippines once again. In 1998, the Philippine economy deteriorated as a result of spill-over from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to 2.9% by 1999. President Estrada tried to resist protectionist measures; and efforts to continue the reforms begun by the Ramos administration made significant progress. A major bank failure in April 2000 and the impeachment and subsequent departure of President Estrada in the beginning of 2001 led to lower growth. The current administration under President Gloria Macapagal-Arroyo is pushing towards faster and more rapid economic growth. In 2004, the Philippine economy grew by 6.1%, a pleasant surprise, beating most analysts and even the government's estimates. However, the advent of high oil prices might dampen growth estimates for 2005.


Economy year 2005
The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by annual remittances of $7-8 billion from overseas workers and no sustained runup in asset prices or foreign borrowing prior to the crisis. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. GDP growth accelerated to 4.3% in 2002, 4.7% in 2003, and about 6% in 2004, reflecting the continued resilience of the service sector, and improved exports and agricultural output. Nonetheless, it will take a higher, sustained growth path to make appreciable progress in poverty alleviation given the Philippines' high annual population growth rate and unequal distribution of income. The Philippines also faces higher oil prices, higher interest rates on its dollar borrowings, and higher inflation. Fiscal constraints limit Manila's ability to finance infrastructure and social spending. The Philippines' consistently large budget deficit has produced a high debt level and has forced Manila to spend a large portion of the national government budget on debt service. Large, unprofitable public enterprises, especially in the energy sector, contribute to the government's debt because of slow progress on privatization. Credit rating agencies are increasingly concerned about the Philippines' ability to sustain the debt; legislative progress on new revenue measures will weigh heavily on credit rating decisions [1].

Agriculture contributes about one-fifth of Philippine GDP. Output fell in 1997 and early 1998 due to an El Nino-related drought but increased by 6.6% in 1999 (over 1998's low base). Growth reverted to more normal rates in 2000 (i.e., 3.1% growth). In 2000, agricultural growth slowed to 3.5%. It slowed to 3.3% in the first half of 2001.

Monthly exports continue to grow but at increasingly slower rates, suggesting that the export boom has run out of steam. Electronic and auto parts exports account for most of this growth. The Philippines' traditional exports are stagnant or declining.

The commercial banking sector suffered from high interest rates and higher nonperforming loan levels during the Asian financial crisis and its aftermath, but the banking system remains sound. Interest rates have been brought under control, but loan growth remains slow as banks continue to exercise caution and clean up their balance sheets.

In 2004 the economy grew by 6.1%, higher than government estimates. However the year also saw an inflation rate of 6%, mostly as a result of higher oil prices. The first 3 months of 2005 have seen record inflation averaging 8.5%, and with declining imports and exports it is expected that the economy might contract in the first quarter. On the currency side, the peso, along with other asian currencies, has gained on the dollar this year, as of early May 2005 is trading at around 54.20 to the greenback. The peso has been tagged as the best currency performer for the year 2005, according to Forbes.

Despite slower than hoped for growth, the Philippines' longer term prospects remain bright. The Aquino and Ramos administrations opened up the relatively closed Philippine economy and provided a firmer base for sustainable economic growth. After a slow start, President Estrada and his cabinet continued with, and expanded, liberalization and market-based policies and reforms. Efforts to reform the constitution to encourage foreign investment, particularly foreign ownership of land, were abandoned amidst nationalist opposition. Initial optimism about prospects for economic reform also had dimmed amid concerns of governmental corruption. Recent scandals involving the Philippine Stock Exchange, and the President's close ties to certain businessmen, shook confidence of investors and the business community and ultimately led to successful efforts to impeach and remove the president. The pace of economic reform, particularly the passage of key legislation in areas beyond retail trade, electronic commerce, banking reform, and securities regulation, is expected to accelerate under Macapagal-Arroyo and should improve the investment and business climate.

The Expanded Value Added Tax (E-VAT) was instituted on November 1, 2005 to help curb the increasing foreign debt of the Philippines, to stop the fiscal crisis, to increase the efficiency of government services, and by a long-term vision, to strengthen the Philippine Peso against the United States Dollar, to lower the cost of oil and basic commodities, and to establish the Philippines as a Developed Country.

As of 2005, the Philippines is classified as a Developing Country.


Statistics
GDP: purchasing power parity - $430.6 billion (2004 est.)

GDP - real growth rate: 6.1% (2004 est.)

GDP - per capita: purchasing power parity - $5,000 (2004 est.)

GDP - composition by sector:
agriculture: 14.5%
industry: 32.3%
services: 53.2% (2003 est.)

Population below poverty line: 40% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 38.4% (2000)

Inflation rate (consumer prices): 6.0% (2004 est.)

Labour force: 34.56 million (2003)

Labour force - by occupation: agriculture 45%, industry 15%, services 40% (2003 est.)

Unemployment rate: 11.7% (2004)

Budget:
revenues: $11.56 billion
expenditures: $15.25 billion, including capital expenditures of $2.4 million NA (2003)

Industries: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, fishing

Industrial production growth rate: -0.1% (2003 est.)

Electricity - production: 45,21 GWh (2001)

Electricity - production by source:
fossil fuel: 70.12%
hydro: 10.75%
nuclear: 0%
other: 19.13% (1998)

Electricity - consumption: 42,040 GWh (2001)

Electricity - exports: 0 kWh (2001)

Electricity - imports: 0 kWh (2001)

Agriculture - products: rice, coconuts (copra), maize, sugarcane, bananas, pineapples, mangoes; pork, eggs, beef; fish

Exports: $38.728 billion f.o.b. (2004 est.)

Exports - commodities: electronic equipment, machinery and transport equipment, garments, coconut products, chemicals

Exports - partners: United States 20.1%, Japan 15.9%, Hong Kong 8.5%, Netherlands 8.1%, Taiwan 6.9%, Malaysia 6.8%, Singapore 6.7%, China 5.9% (2003)

Imports: $45.109 billion f.o.b. (2004 est.)

Imports - commodities: raw materials and intermediate goods, capital goods, consumer goods, fuels

Imports - partners: Japan 20.4%, US 19.8%, Singapore 6.8%, South Korea 6.4%, Taiwan 5%, China 4.8%, Hong Kong 4.3% (2003)

Debt - external: $57.96 billion (2003)

Economic aid - recipient: ODA commitments, $1.2 billion (2002)

Currency: 1 Philippine peso (P) = 100 centavos

Exchange rates: Philippine pesos (P) per US$1 - 54.770 (Until May 2005), 56.052 (2004), 54.203 (2003), 40.427 (January 2000), 39.089 (1999), 40.893 (1998), 29.471 (1997), 26.216 (1996), 25.714 (1995)

Fiscal year: Calendar year

http://en.wikipedia.org/wiki/Economy_of_the_Philippines

Typology and names of countries
Countries are often loosely placed into four categories of development:

Developed countries, and their dependencies (For a list of countries, see developed country.)
Countries with an economy consistently and fairly strongly developing over a longer period (China, Mexico, India, Brazil, South Africa, Turkey, the Philippines, Egypt, much of South America, Malaysia, Thailand, Possibly the former Warsaw Pact, etc.)
Countries with a patchy record of development (most countries in Africa, Central America, and the Caribbean excepting Jamaica (category 2); much of the Arab world falls in this category); also most of Southeast Asia, falls under this category excepting Singapore, Philippines, Brunei, Malaysia and Thailand (category 2). 76% of the world's nations fall under this category.
Countries with long-term civil war or large-scale breakdown of rule of law or non-development-oriented dictatorship ("failed states") (e.g. Haiti, Somalia, Sudan, Burma, perhaps North Korea)
The term "developing nation" is not a label to assign a specific, similar type of problem. Designation of these nations depends on the angle at which one approaches them, and according to the solutions envisoned to solve their problems. Each one of these terms has meanings beyond its first appearance:

http://en.wikipedia.org/wiki/Developing_nation

Farm output likely grew 2-2.5% in 2005--agriculture chief
Posted: 3:57 PM | Jan. 03, 2006

THE AGRICULTURE sector, which accounts for a fifth of the local economy, likely grew 2-2.5 percent last year, pressured by the negative affect of the El Nino dry spell, Agriculture Secretary Domingo Panganiban said, citing preliminary figures.

The growth was below the government's 3-4 percent target for the year.

"It would be safe to say that total output of this major economic sector for the entire year could end up only slightly better than 2 percent, assuming that the production performance in the fourth quarter [was] much better than in the first nine months," he said in a report.

The agriculture, fishery and forestry sector posted growth of 1.1 percent in the first nine months of 2005, much slower than the 6.5-percent rise seen in the same period in 2004.

The final 2005 numbers will be announced next week, the Department of Agriculture said.

The government is scheduled to release 2005 GDP data on Jan 30.

Panganiban said his department is aiming for a growth of at least 4 percent for the farm sector this year.

Ate Glue should just stop the spin
DEMAND AND SUPPLY By Boo Chanco
The Philippine Star 01/04/2006

If there is one New Year’s resolution my dearly beloved Ate Glue should adopt, it is to simply order her spin masters to be truthful, for a change. After all, they are not very good at spinning and all they are doing is dragging down her credibility rating further. But we are not going to be that lucky.

While on vacation in Baguio, she actually ordered her propagandists to step up their efforts. She thinks they are not spinning enough, ergo, the problem is a failure to communicate. There is a failure alright but the root of this problem is largely her failure to perform, her failure to deliver.

I probably belong to a not so popular school of thought in the PR profession who think that PR stands for Performance Reporting more than it does for the backslapping type of Public Relations. This means, you really can’t spin it if there is nothing to report by way of tangible performance. If Ate Glue is really doing as great as she seems to think she is, her performance would speak for itself. We would feel it and see it.

My objection to the way Toting Bunye and company are spinning it is that not only are they stretching the truth, they don’t understand what they speak of. The worse part of it is, Toting tries to claim economic achievements for Ate Glue that are not even there. The tragic part of it is that Ate Glue, a PhD in Economics from the UP School of Economics seems to agree with Toting.

Take this whole thing about the strong peso. They are using the "strong peso" as a measure of economic health. I will agree that a firmer peso eases the cost of vital imports like oil. It also eases the cost of repaying dollar debts. But Ate Glue, the PhD, was most likely taught at the UP School of Economics that the single most important measure of economic performance is growth. I can forgive Erap for not knowing this, but not Ate Glue.

Growth last year is expected to be between 4.8 and 4.9 percent. The year before last, it was 5.7 percent. In fact, as of the third quarter, the growth of the economy was at a nine-quarter low of 4.1 percent, compared to 6.2 percent a year ago. On the other hand, GNP growth stepped up to 6.5 percent from 5.7 percent a year ago on account of healthy worker remittances and other factor incomes from abroad. But that’s not something Ate Glue can rightfully claim credit for.

I don’t do so well in mathematics, reason enough for me to take a career in journalism instead of economics, but even my limited numerical skills tell me the GDP numbers show a clear slowdown. Maybe Toting Bunye is worse with numbers than I am. But how did Ate Glue pass the hurdles at the UP School of Economics?

Ate Glue used to love claiming we are the fastest growing economy in the region, even if she knows this is a tenuous claim to make, given our lower base to begin with. Now, even that claim can no longer be made. The Philippines is currently lagging behind China, India, Hong Kong, Indonesia, Malaysia, and Singapore in terms of its GDP growth rate in the first three quarters of 2005.

The most unfair part of all the spinning the administration did over the holidays is that Ate Glue and minions are claiming credit for record levels of overseas remittances. While this is good in so far as this means more Filipinos are better off even if the local economy can’t give them decent jobs, this phenomenon also underscores the underlying weakness of the economy.

Going abroad for work is not an accomplishment of any Philippine government. It is a survival measure Filipinos undertake to fend for themselves in the face of government failure to improve the economic environment to create enough jobs for them at home. In fact, this survival measure has broken the fabric of the Filipino family more than anything else we have seen before. We are starting to pay dearly for it now in terms of serious social problems from drug addiction to criminal behavior.

Performance? How can Toting and Ate Glue claim any! Exports during the first 10 months rose by a disappointing 2.9 percent to P33.6 billion. Imports rose during the same period by an insignificant 0.3

percent to P37.2 billion. Agriculture didn’t perform any better, despite the absence of unfavorable weather conditions last year. Manufacturing is doing badly, and will do even worse this year if the smugglers are allowed to do their thing with their usual impunity.

Ate Glue claims to have created two million jobs in the first nine months of last year. But they are not telling us the nature of those jobs. I suspect most of these jobs are emergency jobs funded by taxpayers… like those so called street cleaners. In other words, politically motivated… not sustainable.

This is why this New Year, it would be heavenly if Ate Glue and her officials did more visible work that would benefit us all and less propaganda that takes us for fools. They should also stop wasting our time and money in propaganda that accomplishes nothing good for anyone including Ate Glue herself. I still say her main problem this year is credibility. And bad propaganda, typical of Toting and company, will worsen her credibility gap.

Ate Glue’s problem is not a failure to communicate. It is a failure to perform.

Fixing the economy
HIDDEN AGENDA By Mary Ann Ll. Reyes
The Philippine Star 01/04/2006

Unless we make a damn serious effort to privatize the monstrosity known as the National Power Corp. (NPC), the problems that spring out from it will perennially threaten to plunge the country into crisis and steal the future away from millions of Filipinos.

Not just a few agree that a key part of fixing the economy is to push forward relentlessly with power reforms. Privatization of NPC is the most important element to making those reforms work.

The point being made is that grossly inefficient – some even say graft-ridden- government owned and controlled corporations like NPC are among the biggest causes of our country’s massive deficit. In fact, this office is the single biggest cause of that deficit! Let’s not also forget that it is the reason why government had to resort to the EVAT.

No doubt much of the huge tax burden dumped on millions of Filipinos will never be spent on education, health and infrastructure. Those tax revenues will increasingly be spent on keeping state-owned behemoths like NPC afloat along with all the corruption games and inefficiencies that go on in there.

Government is supposed to move out of the power sector yet we still seem to see a nefarious attempt by shadowy forces from within to extend their stay and expand their stranglehold on the industry by taking over private utilities like Meralco. Though EPIRA has legislated that NPC should disintegrate, it’s obvious that the NPC mafia is now enlisting government support for a takeover that will ensure they have a new milking cow.

The NPC mafia continues to deceive the public into thinking they’re more efficient and cheaper at providing a basic service like power. They have probably forgotten that they look cheap because of the net losses and cash deficits they’ve racked up at the taxpayers expense year after year. Do they conveniently forget that they have tax advantages and exemptions all the other private power companies do not enjoy?

NPC’s leadership brags they may break-even this year – but they’ve intentionally left out the fact that the National Government just recently absorbed P200 billion of NPC’s debt artificially bringing his costs down by transferring his debts to the poor, already overburdened Filipino taxpayer. Despite all that, they’re again threatening the economy with further intentions to borrow another $700 million (P37 to 38 billion).

All over the world, state-owned companies often prove in practice to be highly inefficient, inflexible, poorly performing "employment agencies" that are more often than not politically pressured to do the wrong thing.

Decisions of these state-owned companies forever run the risk of becoming political, driven not by the interests of the firm and the consuming public but by the desires of politicians in power. Because of graft, inefficiency or just to drive up popularity, government-run companies the world over pile up huge losses which they solve by perennially turning to taxpayers and the so called "bottomless public purse".

NPC’s leaders parade themselves as being more capable of providing cheaper services. And the fiction is perpetuated by a purposely uneven playing field in favor of the state-owned firm.

Huge tax exemptions and hidden subsidies hide some pretty ugly realities of waste, graft and inefficiency making it impossible to compare the real costs of services from government firms versus that from private companies.

In life, however, there are no free lunches and a day of reckoning always arrives. When the pied piper eventually presents his bill it’s liable to be bigger and more costly than if we had entrusted affairs to more responsible stewards.

how much does napacor cost the government yearly again? in terms of debts paid and all?

Excuse me, there is something fishy about Mary Ann Ll. Reyes for not mentioning Meralco and the other power distribution companies with regards to the billions of peso they owe the government. The Lopez group does not know how to run a business that they have to play and win favors from politicians. Talk about how they cooked their books to over-charge the consumers - that's AIM, mind you. Puro yabang lang naman. Oh yeah, and Lucio Tan owns ABS-CBN!
And with regards to Boo Chanco, how come he did not even mention that the budget deficit is lower than the expected target which follows a downward trend as compared to the budget deficit of the previous year.

According to Wikipedia, Philippines, on the basis of its GDP, Purchasing Power Parity, that its the 25th largest in the world with about $430 billion! http://en.wikipedia.org/wiki/Economy_of_the_Philippines
http://en.wikipedia.org/wiki/Philippines

that's not bad. If the economy grows at the rate of at least 8% a year, kayang kaya bayaran ang utang ng bansa if they can sustain that growth for lets say 10 years lang. Provided too, that the birthrate is not increasing as well.

Electronics
Intel has been in the Philippines for 28 years as major producer of Intel's advanced products including the Pentium 4 processor. A Texas Instruments plant in Baguio has been operating in for 20 years and is the world largest producer of DSP chips in the world. TI's Baguio plant produces 100 % of all the chips used in Nokia cell phones and 80 % of all chips used in Ericsson cell phones in the world. Until 2005 Toshiba laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of HDD's.

This section on Electronics is one pleasant surprise. I didn't know Toshiba manufactured its laptops in Laguna!

December inflation rate falls to 6.6%

By Roderick T. dela Cruz

Headline inflation, or the rate of adjustment in consumer prices, eased to 6.6 percent in December 2005, the lowest in 16 months, as prices of food, clothing and services posted lower increases during the holidays.

The last time the 2000-based inflation rate hit 6.6 percent was in July 2004, before it accelerated to 6.8 percent in August and peaked at 8.6 percent in December of the same year. It stabilized at 7 to 7.1 percent in July to November 2005.

Month-on-month, inflation slowed to 0.3 percent in December from 0.8 percent in November, mainly because of lower increases in prices of services.

According to the National Statistics Office, the headline inflation rate averaged 7.6 percent year-on-year in 2005, higher than 6 percent registered in 2004 and the government’s original target range of 5 to 6 percent for 2005.

Encouraged by the recent easing of energy prices and the strengthening of the peso, the Development Budget and Coordination Committee (DBCC), an inter-agency economic planning body, set an inflation target of 4 to 5 percent for 2006 and 2007.

In December 2005, core inflation, which excludes volatile factors in food and energy prices, further decelerated to 5.8 percent from 6.1 percent in November. Core inflation averaged 7 percent in 12 months of 2005.

By area, headline inflation in Metro Manila eased to 7.4 percent in December from 8 percent in November while inflation in areas outside the metropolis slowed to 6.4 percent from 6.8 percent.

By commodity group, inflation for food, beverage and tobacco, moderated to 5.6 percent in December from 6.3 percent in November while the rate of price increase for clothing slowed to 3.1 percent from 3.2 percent.

Inflation for services also decelerated to 10.1 percent from 10.9 percent while prices of miscellaneous items registered a lower rate of increase at 3 percent in December, compared with the previous month’s 3.1 percent.

On the other hand, year-on-year inflation rates for housing and repair and fuel, light and water items were correspondingly higher at 4.2 percent and 14.8 percent from their respective previous month’s rates of 4.1 percent and 14.4 percent, respectively.

Despite the easing of inflationary pressures, the DBCC acknowledged that risks to inflation still remain, with the continued tightness in global oil reserves.

Both the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific predicted that inflation would hit 7 percent in the Philippines in 2006, because global oil stocks are expected to remain tight.

Economists said among the internal risks to inflation this year are the planned 2-percentage point increase in the expanded value added tax rate, the possibility of second-round effects on wage-setting and the presence of ample liquidity in the financial system.

here's the rupee's trend, and again, it has lost from september to november last year.

http://i17.photobucket.com/albums/b74/paulkrps/rupee.jpg

ooppss, wrong thread.

i heard intel is moving some of its factories to china.

2005 inflation lower than expected
Posted: 1:20 AM | Jan. 06, 2006


CONSUMER prices rose by a lower-than-expected 6.6 percent in December from a year earlier, as demand for food products and other commodities during the Christmas season did not grow as anticipated, the National Statistics Office said Thursday.

The December inflation, down from 7.1 percent in November, brought the 2005 average inflation to 7.6 percent, compared with the government's adjusted target of 7.7-7.9 percent.



The 2005 inflation was, however, much higher than the government's original target of 5.0-6.0 percent set early in 2005. Economic officials, who admitted as early as the first half of 2005 that the target would likely be missed, blamed the unexpected spike in world oil prices last year for the increased inflation.

Governor Amando Tetangco of the Bangko Sentral ng Pilipinas (BSP, the central bank) said the inflation rate in December would allow the BSP to keep monetary policy stable, helped by reduced oil prices and a strong peso.

"The December inflation rate was in line with the expected moderation of inflation," he said. "This will provide some elbow room for monetary policy particularly given some easing in oil prices and the strengthening of the peso."

"Nevertheless, the BSP will continue to monitor developments" affecting consumer prices, he added.

The BSP's Monetary Board will hold its next monthly policy meeting on Jan. 12.

The Monetary Board raised its key overnight interest rates three times last year by a total of 75 basis points to bring the overnight borrowing rate to 7.50 percent and overnight lending rate to 9.75 percent, their highest levels in four years.

The Medium-Term Philippine Development Plan, set in 2004, places the 2006 and 2007 inflation rates at 4.0-5.0 percent.

Analysts said there were a lot of risks in 2006 that could accelerate inflation.

Jonathan Ravelas, market strategist for Banco de Oro Universal Bank, said the average inflation in 2006 could reach 8.0 percent.

"We see that the drop in crude prices was only temporary, so an 8.0 percent inflation for this year is expected," he said in an Inquirer interview.

Ravelas' figure does not stray far from the National Economic Development Authority's inflation forecast of 8.0-8.5 percent for this year.

The analyst cited the risks of lingering weather problems, such as the recent hurricanes in the United States that could dampen energy supplies, and the continued economic growth of China that would further increase demand for oil.

An increase in the value-added tax rate in February, from the present 10 percent to 12 percent, is also expected to have a slight impact on commodity prices, Ravelas added.

He said that with the inflationary pressures seen for this year, the BSP would be expected to tighten its monetary policy and might raise its key policy rates every quarter by 25 basis points.

Data from the National Statistics Office showed prices of products in the "food, beverage and tobacco" category rose 5.6 percent year-on-year in December as compared with 6.3 percent in November.

The inflation rate for clothing items slackened to 3.1 percent in December from 3.2 percent in November; services, to 10.1 percent from 10.9 percent; and miscellaneous items, to 3.0 percent from 3.1 percent.

Accelerated inflation was recorded only in housing and repair, to 4.2 percent in December from 4.1 percent in November, and in fuel, light and water, to 14.8 percent from 14.4 percent. With INQ7.net

http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=01&dd=06&file=1

Romulo sees signing of RP-Japan economic pact this year
Posted: 4:50 PM | Jan. 06, 2006

Veronica Uy
INQ7.net




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FOREIGN Affairs Secretary Alberto Romulo on Friday said the government would likely sign the Japan-Philippines Economic Partnership Agreement (JPEPA) within the year, the 50th anniversary of the restoration of diplomatic ties between the two countries after World War II. JPEPA, which was proposed by President Gloria Macapagal-Arroyo during her visit to Japan in May 2002, is a bilateral pact on trade, investments, human resources, science and technology, energy, and small and medium enterprises. At the official launch of the Philippines-Japan Friendship Year 2006, Romulo said: "In Proclamation No. 905, President Gloria Macapagal-Arroyo has declared 2006 as the Philippines-Japan Friendship Year and we have various arts, academic symposia, and research activities lined up to commemorate the event. I am optimistic that in of these meetings, the JPEPA will be signed to improve the way we do business as economic partners." Japanese Ambassador to the Philippines Ryuichiro Yamazaki said government-to-government discussions on eliminating or reducing the tariff on automobiles were still ongoing. As of November, Japanese and local car manufacturers were still discussing the details of the 1-3-3-3 tariff phase down plan.

Under the plan, the Philippines would reduce the tariffs on completely built-up units with engine sizes of three liters and below from the current level of 30 percent to 29 percent by this year, when the JPEPA shall have come into force; then to 26 percent by 2007; further down to 23 percent by 2008, and 20 percent by 2009. Tariffs would be eliminated by 2010. Asked about the opening of the Japanese employment market to Filipino professionals, particularly nurses and midwives, Yamazaki preferred not to answer. Earlier, the Department of Labor and Employment, the agency involved in JPEPA discussions on the possible hiring of Filipino nurses and midwives in Japan, said Tokyo wants to put a quota on the number that may work in their country, but Manila wants the market forces to determine that number. "We are still discussing the details of the agreement. According to the Department of Trade and Industry [the principal agency in the trade and investments aspect], the discussions have moved a lot," Romulo said. Asked about the source for his optimism that the comprehensive bilateral pact would be signed within the year, the foreign affairs secretary said, "That is the target of both countries. And of course, this agreement is for the good of both countries." The specific agreement chapters on trade in services and movement in natural persons is hoped to open the doors for the employment of other types of sectors and professional from the Philippines.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2006&mon=01&dd=06&file=19

4.4% more workers became entrepreneurs in 2005 -- DOLE
Posted: 4:57 PM | Jan. 06, 2006

Veronica Uy
INQ7.net


Some 515,000 more workers started their own business enterprises in 2005 compared with the previous year, a 4.4 percent increase from 2004, Labor Secretary Patricia Sto. Tomas said Friday. Citing the report of the Bureau of Labor and Employment Statistics (BLES), she said latest figures showed that the number of self-employed workers grew from 11.642 million in October 2004 to 12.2 million in the same period in 2005. Sto. Tomas said the difference was more than four times the increase in the number of wage and salaried workers which rose only by 0.9 percent from 16.4 million in 2004 to 16.55 million in 2005. However, she said, the biggest increase by class of worker, occurred among unpaid family workers, at 12.9 percent from 3.7 million in 2004 to 4.2 million in 2005, concentrated in agriculture.

In another development, DOLE said six rural and women workers associations in Cagayan Valley region received a total of 372,000 pesos in livelihood funds under the department's PRESEED (Promotion of Rural Employment through Self-Employment and Entrepreneurship Development) program. In a statement, DOLE regional director Nathaniel Lacambra said that DOLE helped organized these beneficiaries' associations in line with its efforts to assist and economically empower workers, including women in rural areas. He said the beneficiaries use this financial assistance in various entrepreneurial projects such as mushroom culture and processing, bio-organic fertilizer production, cassava cake manufacturing, peanut processing, fish processing, and native cakes making.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2006&mon=01&dd=06&file=20

...Under the plan, the Philippines would reduce the tariffs on completely built-up units with engine sizes of three liters and below from the current level of 30 percent to 29 percent by this year, when the JPEPA shall have come into force; then to 26 percent by 2007; further down to 23 percent by 2008, and 20 percent by 2009. Tariffs would be eliminated by 2010. Asked about the opening of the Japanese employment market to Filipino professionals, particularly nurses and midwives, Yamazaki preferred not to answer. Earlier, the Department of Labor and Employment, the agency involved in JPEPA discussions on the possible hiring of Filipino nurses and midwives in Japan, said Tokyo wants to put a quota on the number that may work in their country, but Manila wants the market forces to determine that number. "...

sorry if i'm being nega... but isnt this unfair?

we're going to remove tariffs by 2010... but japan still wants a 'quota' on filipino workers... i know, i know... its a threat to them... but this sounds like its gonna benifit them more.

^^ Then the solution is not to remove tariffs. Its not only Japan whose the economic power of Asia now. We still have Korea and China.

I hope this haven't been posted yet and it's really good news: eto yata yung pinagmamayabang ni GMA!

The Philippines gets a second look
By Wayne Arnold
International Herald Tribune

WEDNESDAY, JANUARY 4, 2006


SINGAPORE Often shunned by investors as the sick man of Asia, the Philippines is getting new attention thanks to a budgetary makeover that has put it in a position to benefit from an anticipated surge of foreign funds into the region this year.

Few markets have an ability to surprise and disappoint like the Philippines: Its chronic budget deficits and periodic political upheavals make its markets as volatile as the typhoons and droughts that buffet the country's critical agricultural sector.

But analysts and investors say the Philippines is looking better than it has in a long time, thanks to a series of tax increases by President Gloria Macapagal Arroyo that have halted eight years of deepening government shortfalls. Inflation appears to be under control, and the country's currency, the peso, has risen to its highest level in more than two years. Best of all, Filipinos working abroad are funneling more cash home than ever and analysts say a long-awaited boom in mining investment could be on its way, thanks to legal changes and rising prices for commodities.

"Investors have come to realize that maybe there's a story here and it's really driven by reforms," said Alfred Dy, head of research at CLSA Emerging Markets in Manila.

The turnaround is particularly timely, analysts say. Signs are mounting that the U.S. Federal Reserve is about to end a series of interest rate increases that had diminished investors' appetite for relatively riskier emerging markets. When that happens, analysts predict a deluge of capital into Asian markets as investors bet that China's growth, Japan's recovery and continued U.S. demand for imports will keep Asia's factories humming.

A broad rally in Asian stocks Wednesday gave some indication that the shift was already under way. Japan's benchmark Nikkei 225 stock average gained 1.6 percent, Hong Kong's benchmark index rose 1.7 percent and Australia's benchmark stock index climbed to a record. The benchmark for Thailand's stock market, where foreign investors poured in nearly $3 billion last year, rose 2.4 percent.

Indeed, China and Japan are not the only economic bright spots in the region. Both Thailand and Singapore continue to surprise economists with economic growth figures. This week, Vietnam posted economic growth rates second in the region only to China.

The Philippine economy does not offer as much by comparison. Economists predict that growth may slow to just above 4 percent from 5 percent last year amid sluggish electronics exports. The real news, they say, is in corporate profits, with analysts forecasting a 15 percent increase in average earnings per share this year.

And while electronics exports may be anemic, the Philippines' biggest export - labor - is booming. Remittances from Filipinos working abroad account for 10 percent of the country's gross domestic product and those workers sent home an estimated $10.7 billion in 2005, at least 18 percent more than in 2004. Roughly a third of that money comes from Filipinos working in the United States, where demand for doctors and nurses from the Philippines has been strong, and a strengthening peso is prompting them to send more of their dollars home, Dy said.

Investors have already taken note, buying $350 million in Philippine stocks last year, according to Nomura International, and helping to send the benchmark stock index up 15 percent.

But analysts say the Philippine market is still too small to provide sufficient liquidity to the world's biggest investors. For them, the real action is in Philippine bonds. The Philippine government is the largest borrower in Asia after Japan, which explains why investors pay so much attention to Arroyo's political health.

Arroyo faced down an impeachment bid in mid-2005 over charges of election fraud, but not without a crisis that resulted in the resignation of eight of her cabinet members, including the second finance secretary to quit in less than a year. Her opponents still accuse her of abuse of power and benefiting from illegal gambling, but analysts say Arroyo has managed to consolidate power - at least for the time being.

Last year's political histrionics may, however, have obscured what will eventually be remembered as Arroyo's greatest triumph: In fits and starts, analysts say, she seems to have managed to bring the country back from what, in late 2004, she warned was the brink of a "fiscal crisis."

"In the early part of 2005, people were talking about the Philippines being the next Argentina," said Jojo Gonzales, managing director of Philippine Equity Partners in Manila. "People aren't talking about that scenario anymore."

This week, her government announced that it had managed to pull last year's budget deficit below 161 billion pesos, or about $3 billion, equivalent to 3.4 percent of GDP. Analysts predict that the deficit will fall to just over 2 percent of GDP this year.

Other victories came courtesy of the Philippine Supreme Court. Early last year, the court rejected challenges to a 1995 law allowing 100 percent foreign-owned mining ventures. Since then, more than $300 million in new mining investments have flowed in and analysts predict that figure could grow this year. Arroyo has created a cabinet-level agency to fast-track mining investments.

In September, the court dismissed legal challenges raised at the height of the political scandal to legislation removing exemptions to the country's 10 percent value-added tax and giving Arroyo the right to raise the tax to 12 percent this year. Representing an additional 83 billion pesos a year in tax revenue, the new tax took effect in November.

"The worst-case scenarios have effectively been removed," Gonzales at Philippine Equity said.

Not everyone is convinced, however. Three major debt rating companies, Standard & Poor's, Moody's Investors Service and Fitch Ratings, all have negative outlooks on the Philippines. The government's overall debt levels remain perilous, they say, with payments consuming 40 percent of government revenue.

Last year's political debacle also remains fresh in many analysts' minds.

"The entire episode really damaged fiscal policy credibility in the Philippines," said James McCormack, sovereign debt analyst at Fitch in Hong Kong.

damn politics always kills the goose

"The entire episode really damaged fiscal policy credibility in the Philippines," said James McCormack, sovereign debt analyst at Fitch in Hong Kong.



why dont the damn opposition just shut up and let arroyo do her job... i hate those power hungry assholes (sorry for the term but its true.),. grrrrrrrrrrrrrrrrrrr. :bash:

naaasar ako sa news ngayon! sinabi na kahit na umaakyat ang ekonomiya madami pa rin ang nagugutom at tumaas daw ang poverty rate ngayon ayon sa sws survery....can they be more optimistic than this?

So they say more people are hungry and more people are in poverty. How did they come to this conclusion? How was the research conducted? Where are the numbers, the statistics????

Isn't it amusing, never fails , just when good news sprout left and right for the economy , the doomsayers always counter with a dismaying and negative news, survey or scandal. They want to stop the ball when it has just started to roll. This is what happened at the beginning of the year with the GArci scandal. This is the reason why we've been poor for the last 20 years.
NO one is ever given a chance to suceed. The president's job is so lucrative ,so many personalities hungry for it . The only obstacle to their ambition is their own selfish greed amongts themselves, that they can't decide who will take GMA's helm.

Philippine stocks… No. 3 in the region for two years in a row !!!
PHILEQUITY CORNER By Ignacio B. Gimenez
The Philippine Star 01/09/2006

In our article titled "The Philippine Peso… the strongest currency in Asia" in October last year, Philequity was one of the first (if not the first) to boldly call a BUY recommendation on Philippine assets (the peso, ROPs & other Philippine debt, Phil. equities), citing the progress in fiscal and economic reforms, the strong capital inflows and the record OFW remittances.

And despite early year drawbacks due to the delays in EVAT implementation, the threat of surging oil prices and political snags, Philippine assets rallied strongly in 4Q05 to close the year on a high note.

The Philippine peso appreciated 5.2 percent against the dollar in 4Q05, finishing the year up by 5.7 percent to become the best performing currency in Asia and No. 5 in the world.

Philippine bonds were among Asia’s best in 2005, outperforming most other debt securities with similar ratings (BB- by S&P). The Philippines 8.875-percent dollar bond due in 2015, for example, was up 10.5 percent in 2005, while the longer-dated 10.625 percent dollar bond due in 2025 was up 18.6 percent for the year.

Meanwhile, Philippine equities (as measured by the benchmark Phisix) surged 7.9 percent in 4Q05 in local currency terms and 13.9 percent in dollar terms. On a full year basis, Philippine equities were up 21.6 percent in dollar terms, outperforming both the MSCI Asia Pacific ex-Japan (+21 percent) and MSCI World indices in 2005 (+10 percent).

It is also the second straight year that Philippine equities placed third best in the region, following Korea’s 57.8 percent and India’s 37.3-percent gains last year. In 2004, it placed next to Indonesia and Australia which placed first and second, respectively.

As to be expected, petrodollar countries topped the list for best performing stock markets in the world. Eight out of the top 10 came from the Middle East as high oil prices in 2005 have boosted profits in their major industries which are all energy-related.

Stock markets in developed countries, likewise, performed well in 2005 with the exception of the US. In US-dollar terms, however, only Canada, Japan and Germany posted double digit returns.

The Japanese stock market, which was the toast of the investing world last year after a decade-long hibernation, was up 24.7 percent in $ terms in 2005. Note, however, that the Philippine stock market was not far off with a 21.6-percent gain in $ terms.
Off to a good start
Drawing on the momentum gained in 4Q05, Philippine assets were off to a good start in 2006. The Philippine peso continued to strengthen last week, gaining 1.1 percent to 52.52 against dollar. Meanwhile, Philippine stocks, as measured by the benchmark Philippine Composite Index (Phisix), were up 1.8 percent to 2,133.79.

The yields on Treasury bills fell across the board during the first auction of the year. The 91-day Treasury bill rate fetched 4.961 percent from 5.146 percent last week. The 182-day Treasury bill rate improved to 6.807 percent from 7.206 percent the previous week, while the yield on the 364-day Tbill declined to 7.611 percent from 7.969 percent. Aggregate tenders reached P23.05 billion or nearly seven times the amount offered.

Last week also marked the successful sale of the $2.1-billion bond issue by the Philippine government which was believed to be more than three times oversubscribed. The issue was split into USD1.5 billion of a USD 25-year tranch at 7.875 percent and EUR500 million of a Euro 10-year tranche at 6.375 percent. This issue was a major improvement from last year when a 25-year dollar bond was priced at 9.5 percent.

We think that the timing of the bond issue was impeccable. Not only did it take advantage of the current favorable conditions in emerging market bonds, but by already raising two-thirds of its planned international borrowings for the year, it gives our economic managers some leeway down the road (in case global conditions are not as favorable).
2006 will be a defining year
Despite the good start, investors should keep in mind that risks do remain that could spoil our new year. Domestic political uncertainties, high oil prices, a collapse in the US housing market, and an Asian flu epidemic continue to remain threats.

Nevertheless, we continue to be long-term bullish on Philippine assets on the basis of improving fiscal and macro fundamentals.

If 2005 signaled the fiscal turning point for the country, we believe that 2006 will be a defining year. Things to watch for are the December 2005 fiscal data and the 2005 GDP data. These statistics, including the successful implementation of the 2nd phase of EVAT on Feb. 1, will set the tone for a possible upgrade in Philippine credit rating this year.

For comments and inquiries, you can email us at gime10000@yahoo.com or info@philequity.net

I hope this haven't been posted yet and it's really good news: eto yata yung pinagmamayabang ni GMA!

The Philippines gets a second look
By Wayne Arnold
International Herald Tribune

WEDNESDAY, JANUARY 4, 2006


SINGAPORE Often shunned by investors as the sick man of Asia, the Philippines is getting new attention thanks to a budgetary makeover that has put it in a position to benefit from an anticipated surge of foreign funds into the region this year.

Few markets have an ability to surprise and disappoint like the Philippines: Its chronic budget deficits and periodic political upheavals make its markets as volatile as the typhoons and droughts that buffet the country's critical agricultural sector.

But analysts and investors say the Philippines is looking better than it has in a long time, thanks to a series of tax increases by President Gloria Macapagal Arroyo that have halted eight years of deepening government shortfalls. Inflation appears to be under control, and the country's currency, the peso, has risen to its highest level in more than two years. Best of all, Filipinos working abroad are funneling more cash home than ever and analysts say a long-awaited boom in mining investment could be on its way, thanks to legal changes and rising prices for commodities.

"Investors have come to realize that maybe there's a story here and it's really driven by reforms," said Alfred Dy, head of research at CLSA Emerging Markets in Manila.

The turnaround is particularly timely, analysts say. Signs are mounting that the U.S. Federal Reserve is about to end a series of interest rate increases that had diminished investors' appetite for relatively riskier emerging markets. When that happens, analysts predict a deluge of capital into Asian markets as investors bet that China's growth, Japan's recovery and continued U.S. demand for imports will keep Asia's factories humming.

A broad rally in Asian stocks Wednesday gave some indication that the shift was already under way. Japan's benchmark Nikkei 225 stock average gained 1.6 percent, Hong Kong's benchmark index rose 1.7 percent and Australia's benchmark stock index climbed to a record. The benchmark for Thailand's stock market, where foreign investors poured in nearly $3 billion last year, rose 2.4 percent.

Indeed, China and Japan are not the only economic bright spots in the region. Both Thailand and Singapore continue to surprise economists with economic growth figures. This week, Vietnam posted economic growth rates second in the region only to China.

The Philippine economy does not offer as much by comparison. Economists predict that growth may slow to just above 4 percent from 5 percent last year amid sluggish electronics exports. The real news, they say, is in corporate profits, with analysts forecasting a 15 percent increase in average earnings per share this year.

And while electronics exports may be anemic, the Philippines' biggest export - labor - is booming. Remittances from Filipinos working abroad account for 10 percent of the country's gross domestic product and those workers sent home an estimated $10.7 billion in 2005, at least 18 percent more than in 2004. Roughly a third of that money comes from Filipinos working in the United States, where demand for doctors and nurses from the Philippines has been strong, and a strengthening peso is prompting them to send more of their dollars home, Dy said.

Investors have already taken note, buying $350 million in Philippine stocks last year, according to Nomura International, and helping to send the benchmark stock index up 15 percent.

But analysts say the Philippine market is still too small to provide sufficient liquidity to the world's biggest investors. For them, the real action is in Philippine bonds. The Philippine government is the largest borrower in Asia after Japan, which explains why investors pay so much attention to Arroyo's political health.

Arroyo faced down an impeachment bid in mid-2005 over charges of election fraud, but not without a crisis that resulted in the resignation of eight of her cabinet members, including the second finance secretary to quit in less than a year. Her opponents still accuse her of abuse of power and benefiting from illegal gambling, but analysts say Arroyo has managed to consolidate power - at least for the time being.

Last year's political histrionics may, however, have obscured what will eventually be remembered as Arroyo's greatest triumph: In fits and starts, analysts say, she seems to have managed to bring the country back from what, in late 2004, she warned was the brink of a "fiscal crisis."

"In the early part of 2005, people were talking about the Philippines being the next Argentina," said Jojo Gonzales, managing director of Philippine Equity Partners in Manila. "People aren't talking about that scenario anymore."

This week, her government announced that it had managed to pull last year's budget deficit below 161 billion pesos, or about $3 billion, equivalent to 3.4 percent of GDP. Analysts predict that the deficit will fall to just over 2 percent of GDP this year.

Other victories came courtesy of the Philippine Supreme Court. Early last year, the court rejected challenges to a 1995 law allowing 100 percent foreign-owned mining ventures. Since then, more than $300 million in new mining investments have flowed in and analysts predict that figure could grow this year. Arroyo has created a cabinet-level agency to fast-track mining investments.

In September, the court dismissed legal challenges raised at the height of the political scandal to legislation removing exemptions to the country's 10 percent value-added tax and giving Arroyo the right to raise the tax to 12 percent this year. Representing an additional 83 billion pesos a year in tax revenue, the new tax took effect in November.

"The worst-case scenarios have effectively been removed," Gonzales at Philippine Equity said.

Not everyone is convinced, however. Three major debt rating companies, Standard & Poor's, Moody's Investors Service and Fitch Ratings, all have negative outlooks on the Philippines. The government's overall debt levels remain perilous, they say, with payments consuming 40 percent of government revenue.

Last year's political debacle also remains fresh in many analysts' minds.

"The entire episode really damaged fiscal policy credibility in the Philippines," said James McCormack, sovereign debt analyst at Fitch in Hong Kong.

Hmm, what else is he trying to say? Yeah, he wanted to overkill people of taxes as if the EVAT isn't enough. He better go to the Philippines and he himself should get a second look! :mad2:

naaasar ako sa news ngayon! sinabi na kahit na umaakyat ang ekonomiya madami pa rin ang nagugutom at tumaas daw ang poverty rate ngayon ayon sa sws survery....can they be more optimistic than this?

Maikikitid ang mga utak ng mga yan. Siyempre bumabangon palang ang bansa. They don't see this in the long-run, puro nalang immediate ang resulta na gusto nila. Akala mo magagaling din sila.

Not sure where I should post this, but I guess it has some relevance here. Moderator, please feel free to move at your discretion.


San Jose Mercury News (CA)
June 23, 2005
IN THE PHILIPPINES, TEXT MESSAGING IS C%L
VITAL TOOL OF COMMUNICATION FOR ORDINARY FILIPINOS
Author: K. OANH HA, Mercury News
Edition: Morning Final
Section: Business
Page: 1B
Dateline: MANILA, Philippines
Estimated printed pages: 5
Article Text:
Marsha Abenes, 20, pauses while talking to a visitor at the Glorietta Mall in downtown Manila to read an incoming text message on her cell phone. It's a sweet nothing from her boyfriend, who could have delivered the message quicker and cheaper by leaning over and whispering it into her ear. But then, this is the Philippines, where text messaging isn't just a craze, it's a way of life. This country's 80 million people send 160 million cell phone messages a day.

Unlike in the United States, where text messaging is popular mostly with teens and young adults, sending and receiving messages via cell phone has become tightly integrated into the daily life of many Filipinos. It has become a vital tool for daily communication, commerce and government, as well as a formidable political weapon. ''Filipinos are addicted to text messaging,'' said Claro ''Lalen'' Parlade, executive director of the Cyberspace Policy Center for Asia-Pacific in Manila. ''It has become a part of our cultural identity.''

Even the guerrillas in the country's embattled southern province of Mindanao, where fighting between splinter groups and the government occasionally flares, find text messaging an indispensable tool. ''No self-respecting rebel would be caught without one or two cell phones,'' said Amina Rasul-Bernardo, who is working to craft peace between the guerrillas and the government.
Rebels here, who often resort to kidnappings, send ransom notes via text messages because their location can't be traced.

In the Philippines, where computer and Internet penetration remains low, text messaging is the equivalent of e-mail and computer instant messaging rolled into one. As in many other Asian countries, cell phones are a leapfrog technology, enabling people without land lines to go straight to a mobile phone. The low cost of text messages has made them widely popular throughout Asia, which sends the most number of text messages in the world. Of the 2.9 billion text messages sent each day worldwide, nearly 40 percent originate in Asia, compared with 14 percent from North America, according to research firm the Radicati Group in Palo Alto.

With 27 million cell phone subscribers in the Philippines, there are more cell phone accounts than fixed telephone lines. The vast majority of text message senders are people with modest incomes. They buy access in small, prepaid amounts for as little as $1.80, which buys 100 text messages. That makes a text message one-seventh the cost of a voice call from a cell phone.

Vital to economy
Although low in cost, text messages are a critical part of the Filipino economy. Last year, when growth in nearly all major industries was stagnant or in the single digits, the telecommunications industry grew by 17 percent -- boosted by text messaging, said Cielito Habito, director of the Ateneo Center for Economic Research and Development.

There are also cultural reasons for Filipinos' love affair with text messaging. The technology supports many Filipinos' aversion to even mild confrontation, said Cesar Tolentino, an analyst with telecom research firm XMG-Global in Manila, which is spearheading a study to explain the service's popularity in the country. Many Filipinos use text to ask permission before they call someone on their cell, said Parlade of the Cyberspace Institute.

In a country where personal relationships are key, keeping in constant touch with family and friends is of utmost importance. Nothing is too trivial to prompt a message. More than half of personal text messages are just greetings less than 100 characters long. ''Hi,'' ''good morning,'' and ''how are you?'' are among the favorites, according to XMG's surveys.

Divina Parreno, a Filipino-American who lives in Milpitas, became hooked on text messaging on a visit in 2001. She routinely sends greetings, as well as jokes, to friends and family in the Philippines -- sometimes as many as 1,000 text messages in one month. (Her service provider is Verizon, which enables her to send text messages internationally.) ''I've been here (in the United States) for 25 years. I lost touch with many friends because I hate writing letters,'' said Parreno, who is in her 40s. ''This is an easy way to keep in touch.''

Text messaging has serious uses, too. In 2001, mass, impromptu protests were staged using text messages by opponents of then-President Joseph Estrada, bringing together 1 million protesters who ultimately toppled Estrada.
Today, cell phones are routinely used to stage political rallies and demonstrations. Equally important is their use to send damaging political jokes at election time, many written and planted by the political parties, Parlade said. ''It's a great tool because Filipinos love jokes,'' he said.
President Gloria Macapagal Arroyo now swirls in controversy, accused of fixing the election results that enabled her to stay in power. One Web site, Txtpower.org, encourages Filipinos to download a ring tone of a song that jokes about Arroyo's troubles -- as a sign of protest to urge Arroyo to answer the allegations.

For its part, the Filipino government is catching on. Filipinos can now text message Arroyo, as well as other government agencies. The country's equivalent of the Internal Revenue Service, in an effort to catch taxscofflaws, holds a text-message lottery with prizes. Citizens are urged to send details of purchases, which are used to catch vendors who don't pay taxes.

Criminal activity
Police stations ask citizens to message in criminal activity and complaints. Even the 911 emergency service can be contacted through text message.
Businesses have milked the trend for profits, with television viewers messaging their favorite soap operas and competing in contests.
All this messaging, of course, is making cell phone companies gleeful. One of the country's two major telecommunications companies, Smart, is rolling out programs where users can pay for retail items with their prepaid minutes.
In the fall, it unveiled a text messaging remittance service -- the first of its kind in the world -- to capitalize on the $9 billion overseas workers send home to the Philippines annually. The bulk of remittances come from workers in the United States who send as much as $1,000 at a time through the service, which charges lower fees than banks, said Tolentino of XMG. The transaction is received as a text message and can be presented at a ''cash center'' for pesos.

Marsha Abenes is helping to fuel the text messaging craze. A student at Technological University of the Philippines in Manila, she recently signed up to send unlimited text messages. She sends messages every free minute, firing off as many as 100 a day. ''The very first thing I do when I wake in the morning is check my phone for messages,'' she said, smiling between rapid-fire key punches. ''I can't live without my phone.''

WHERE THE MOST TEXT MESSAGES COME FROM EACH DAY
1.1 billion
Asia Pacific
(38 percent)
812 million
Europe
(28 percent)
406 million
North America
(14 percent)
319 million
Latin America
(11 percent)
261 million
Rest of the world
(9 percent)
Source: Radicati Group
A-TO-Z TEXT MESSAGING GLOSSARY
@wrk
At work
b3
Blah blah blah
c%l
Cool
[Two cups]
Drinks for two
eva
Ever
4got10
Forgotten
gf
Girlfriend
hru
How are you?
ilbl8
I'll be late
jk
Just kidding
kwim
Know what I mean?
lol
Laughing out loud
l:-(*)
Makes me sick
nc
No comment
1ns
Once
plz
Please
qstn
Question
rn
Right now
s
Smiling
2nyt
Tonight
underst&
Understand
vu
View
u@?
Where are you?
x
Kiss
yr
Yeah right
z%
Zoo
Source: lingo2word.com
Caption:
PHOTO ILLUSTRATION: STEPHANIE GRACE LIM -- MERCURY NEWS
[Hand holding phone with message]
PHOTO: K. OANH HA -- MERCURY NEWS
The vast majority of text message senders in the Philippines are people with modest incomes. They buy access in prepaid amounts for as little as $1.80.
PHOTO: K. OANH HA -- MERCURY NEWS
Sending and receiving text messages by cell phone is an important part of daily life in the Philippines. This country's 80 million people send 160 million cell phone messages a day.Photos (3)
Copyright (c) 2005 San Jose Mercury News
Record Number: 0506240018

Philippine stocks… No. 3 in the region for two years in a row !!!
By Ignacio B. Gimenez
The Philippine Star

In our article titled "The Philippine Peso… the strongest currency in Asia" in October last year, Philequity was one of the first (if not the first) to boldly call a BUY recommendation on Philippine assets (the peso, ROPs & other Philippine debt, Phil. equities), citing the progress in fiscal and economic reforms, the strong capital inflows and the record OFW remittances.

And despite early year drawbacks due to the delays in EVAT implementation, the threat of surging oil prices and political snags, Philippine assets rallied strongly in 4Q05 to close the year on a high note.

The Philippine peso appreciated 5.2 percent against the dollar in 4Q05, finishing the year up by 5.7 percent to become the best performing currency in Asia and No. 5 in the world.

Philippine bonds were among Asia’s best in 2005, outperforming most other debt securities with similar ratings (BB- by S&P). The Philippines 8.875-percent dollar bond due in 2015, for example, was up 10.5 percent in 2005, while the longer-dated 10.625 percent dollar bond due in 2025 was up 18.6 percent for the year.

Meanwhile, Philippine equities (as measured by the benchmark Phisix) surged 7.9 percent in 4Q05 in local currency terms and 13.9 percent in dollar terms. On a full year basis, Philippine equities were up 21.6 percent in dollar terms, outperforming both the MSCI Asia Pacific ex-Japan (+21 percent) and MSCI World indices in 2005 (+10 percent).

It is also the second straight year that Philippine equities placed third best in the region, following Korea’s 57.8 percent and India’s 37.3-percent gains last year. In 2004, it placed next to Indonesia and Australia which placed first and second, respectively.

As to be expected, petrodollar countries topped the list for best performing stock markets in the world. Eight out of the top 10 came from the Middle East as high oil prices in 2005 have boosted profits in their major industries which are all energy-related.

Stock markets in developed countries, likewise, performed well in 2005 with the exception of the US. In US-dollar terms, however, only Canada, Japan and Germany posted double digit returns.

The Japanese stock market, which was the toast of the investing world last year after a decade-long hibernation, was up 24.7 percent in $ terms in 2005. Note, however, that the Philippine stock market was not far off with a 21.6-percent gain in $ terms.

Off to a good start

Drawing on the momentum gained in 4Q05, Philippine assets were off to a good start in 2006. The Philippine peso continued to strengthen last week, gaining 1.1 percent to 52.52 against dollar. Meanwhile, Philippine stocks, as measured by the benchmark Philippine Composite Index (Phisix), were up 1.8 percent to 2,133.79.

The yields on Treasury bills fell across the board during the first auction of the year. The 91-day Treasury bill rate fetched 4.961 percent from 5.146 percent last week. The 182-day Treasury bill rate improved to 6.807 percent from 7.206 percent the previous week, while the yield on the 364-day Tbill declined to 7.611 percent from 7.969 percent. Aggregate tenders reached P23.05 billion or nearly seven times the amount offered.

Last week also marked the successful sale of the $2.1-billion bond issue by the Philippine government which was believed to be more than three times oversubscribed. The issue was split into USD1.5 billion of a USD 25-year tranch at 7.875 percent and EUR500 million of a Euro 10-year tranche at 6.375 percent. This issue was a major improvement from last year when a 25-year dollar bond was priced at 9.5 percent.

We think that the timing of the bond issue was impeccable. Not only did it take advantage of the current favorable conditions in emerging market bonds, but by already raising two-thirds of its planned international borrowings for the year, it gives our economic managers some leeway down the road (in case global conditions are not as favorable).


2006 will be a defining year

Despite the good start, investors should keep in mind that risks do remain that could spoil our new year. Domestic political uncertainties, high oil prices, a collapse in the US housing market, and an Asian flu epidemic continue to remain threats.

Nevertheless, we continue to be long-term bullish on Philippine assets on the basis of improving fiscal and macro fundamentals.

If 2005 signaled the fiscal turning point for the country, we believe that 2006 will be a defining year. Things to watch for are the December 2005 fiscal data and the 2005 GDP data. These statistics, including the successful implementation of the 2nd phase of EVAT on Feb. 1, will set the tone for a possible upgrade in Philippine credit rating this year.

Maikikitid ang mga utak ng mga yan. Siyempre bumabangon palang ang bansa. They don't see this in the long-run, puro nalang immediate ang resulta na gusto nila. Akala mo magagaling din sila.


one thing that's not good about a lot of Filipinos is how they are impatient and always after instant gratification. a positive development in the economy doesn't instantly translate to "obvious" results, but in the long-run it will. as long as we don't lose hope and we don't stop pedaling, then we will get to that "ideal" state of economy that would translate to results more tangible to the common people.

Why President Arroyo performed better than Cory Aquino, Fidel Ramos, and Estrada - as reported by Tony Lopez

According to CONGRESSMAN Jose Salceda (Once of one of Asia’s best and best-paid stock market analysts before he straddled into politics), amongst four presidents after Marcos—Corazon C. Aquino, Fidel V. Ramos, Joseph Ejercito Estrada, and Arroyo, it is the incumbent president who delivered the best results in terms of GDP growth rate, low inflation, and record high OFW remittances.

Salceda reckons the growth of the economy, in terms of gross domestic product (GDP) averaged 4.0 percent during Mrs. Arroyo’s presidency from 2001 up to the third quarter of 2005.

In contrast, during the term of President Aquino (1986 to the second quarter of 1992), GDP grew by an average of 3.8 percent.

Ramos has often been perceived as a very good president, which is why he thinks he has a moral authority to ask Arroyo to cut short her term.

The economy actually grew at a slower average of 3.7 percent during Tabako’s presidency (third quarter of 1992 to 1997).

President Joseph Estrada, the shortest-serving post-Marcos chief executive (third quarter of 1998 up to January 2001), posted the slowest GDP growth rate at 2.8 percent.

At the same, average inflation rate under Arroyo has actually been the lowest, at 5.3 percent, compared to 10.4 percent during Aquino’s term, 7.6 percent in the Ramos administration and six percent in the short-lived Estrada presidency.

Although GDP slowed down to 4.1 percent in the third quarter of 2005, Salceda notes that it was more than made up by the surge in gross national product (GNP or GDP plus remittances and other factor income from abroad) to 6.5 percent from 5.7 percent in 2004.

Remittances are estimated to have reached $12 billion in 2005, a record. And for two years in a row, Manila has been the second best performing stock market in Asia.

It seems, using Ramos’s favorite expression, the best is still to come.

During the remaining quarter of 2005, employment was up 2.8 percent, the value of production index, which measures the performance of the manufacturing sector, by 3.9 percent in July-September 2005, rail transport ridership by 13.4 percent, cellular subscribers grew by 13.7 percent, tourists by 14 percent, average hotel occupancy rates in Metro Manila by 3.2 percent, net sales of selected fast-food chains by 124.7 percent, commercial car sales grew by 7.7 percent, Napocor sales by 14.1 percent, indicating expansion of industrial and manufacturing operations.

Salceda cites other positive factors:

• Net portfolio investments surged seven times in January-November 2005 compared to the same period in 2004.

• The country’s gross international reserves (GIR) stood at $18.086 billion as of end-October 2005. While this was lower by 2.5 percent compared to the previous month’s level of $18.542 billion, it exceeded the end-2005 target of $17 billion.

• During the first nine months of 2005 foreign direct investments (FDI) surged by 68.8 percent to $812 million from $481 million in 2004.

• The ratio of banks’ non-performing loans to total loan portfolio dropped to 9.43 percent from 20 percent a year ago, indicating a significant improvement in the banking industry’s financial condition.

• The budget deficit stood at P67.51 billion as of end-June 2005, versus the P97-billion ceiling. Full-year deficit is seen at P180.48 billion, down from P187.96 billion in 2004.

Despite that performance, Arroyo remains the most unpopular president in history.

one thing that's not good about a lot of Filipinos is how they are impatient and always after instant gratification. a positive development in the economy doesn't instantly translate to "obvious" results, but in the long-run it will. as long as we don't lose hope and we don't stop pedaling, then we will get to that "ideal" state of economy that would translate to results more tangible to the common people.

Its true. Filipinos are always pessimistic about things and are not patient about how things will turn out. They always have to worry what is going to happen for them the following day instead of to envision something that will happen for the next 20 years. Being a pessimistic isn't bad but we should balance things out and attune ourselve more to what can be accomplished within a time frame.

Are you in favor of cutting PGMAs term?
yes or no and why

yes because of her face

I chose no because cutting her term means to cut short of her long-term development programs for the country. In addition, the ugliness of Philippine politics will surface once again as they continue wasting taxpayers money. It seems that these damn bastards know nothing about public service as long as they can grab the opportunities to run for the office. We have so much politics already and its about time that the country needs a peace of mind.

Yes , too divisive for her to stay.

No.. I'm not throwing the nation to imbiciles in the opposition

I chose no because cutting her term means to cut short of her long-term development programs for the country. In addition, the ugliness of Philippine politics will surface once again as they continue wasting taxpayers money. It seems that these damn bastards know nothing about public service as long as they can grab the opportunities to run for the office. We have so much politics already and its about time that the country needs a peace of mind.


i agree with you. despite the political divisiveness, even worse could happen upon cutting GMA's term short.

we have been seeing growth in the economy now, and if GMA's term would be cut, what will happen to current government programs and projects that seem so promising? another waste of time, effort and money that's for sure.

and if GMA will step down, who are we handing the presidency to? i hope not to anybody from the current political opposition. if people think GMA is bad, i'm sure more think that the opposition is worse based on how much (or how little) support the opposition gets from the people. they can't even get their acts together, so how could anybody expect them to lead the nation?

No because of her height

no, many project will not be finished unless someone will continue it and not ignore it..

point is, if some problem comes up, are we to demand our leaders to resign or quit over and over again?

I voted no because I do not think that we need more upheaval at this time--we don't want to jeopardize our recent economic gains. Should GMA step down in the near future, the vultures would be scrambling to grab a piece of the Republic. The chaos will offset the newfound optimism about the country amongst analysts and investors.

NO

Yes. Because GMA is now a lame duck president who can't stand up to FVR.

Yes. Because she can't even deliver NAIA 3 for crying out loud.

Yes. Because she can't even connect the MRT and LRT 1 for crying out loud.

Yes. Because she can't even level with the Filipino people regarding the Hello Garci scandal.

GMA will be judged in the 2007 elections. The people can choose to vote anti-GMA candidates who can then successfully impeach her.

Wuzzup toots, havent seen you in a while. Watcha doin?

I don't have to say how i voted, you all know how i feel. Right toots?

no. for what?

how many times did we change our leader? nothing happens. its the system that needs to be changed not the leader. kahit ilang presidente pang uupo, walang mangyayari... vicious cycle.

PS:
GMA isnt bad at all. shes just ok for me.

NO!Its the system that needs to be changed kaya agree ako kay sleepwalker.

IMO, she is simply doing her job. starting to clean the mess that has accumulated in the past administrations, including her own lapses in judgment.

It takes two to tango you, they say. thats why we have to dance with the groove played by the Arroyo Administration -- the CHA-CHA. So yes to charter change na rin. :)

The people can choose to vote anti-GMA candidates who can then successfully impeach her.

if ever, granted that if ever gma steps down, would it be better to choose from a broader pool of people not just anti-gma candidates? how can we trust those anti-gma candidates when they themselves have a lot of issues they have to answer? otherwise, the system is bound to fail again and again.

^^ so it boils down again to the system.

No. Let the system work. If it is broken, fix it. Removing GMA unconstitutionaly will not solve the political problems.

Yes, providing that the prior constitutional changes had been done, besides she even promised before that she would cut short her term to give way to the forming of the new parliament.

I think what is being discussed here is a constitutional process not an extraconstitutional one.

And yes this is about fixing the system NOT about her alone. The underlying question is will her stepping down as REQUESTED BY HER OWN PARTY be better to fix the underlying problems with the constitution (specially the manner by which you can change your leader, economic provisions, political stalemate, etc, etc, etc).

So if she steps down , it's not neccesarily the opposition which takes over. The idea is that there will be a plebiscite or interim parliament. She could still end up Prime Minister of the new parliament.

Also Existing projects will NOT dissappear. Most of these are instigated at lower levels which go on regardless of who is president. Each President just puts their own spin that they accomplished a particular project but if you look at the underlying project , you will see it's probably initiated by the previous administration or even longer.

Her steping down is one of the things FVR, JDV, etc, the power block who supports her is requesting. This way NO ONE will say that they are changing the constitution for the purpose of keeping her there forever.

^^ no man,... her existing projects will stop the moment she steps down.... look what happened to expo filipino and the economic gains during ramos' time when erap took the helm....

,

there are a lot of cons to the idea of GMA stepping down.

i have to disagree with toots about GMA being too influenced by Ramos. FVR might be a popular and very visible ally of GMA, but still she has shown that she will not bend her political will to appease him.

the manifestation of GMA's strength could be seen on how FVR is right now. he has started a psywar in the hopes of pressuring GMA into doing as he wishes. just think about it, if GMA is following what FVR wants, FVR wouldn't be doing what he is doing now--rocking the boat to scare GMA a little. FVR is stirring the political scene simply because he can't get GMA to do what he wants. let's pray that GMA remains strong and not to give in to FVR's "blackmails".

^^ FVR is still powerful though,... and a political genius, right now I think he's more dangerous to GMA,... than the entire opposition put together... that's a tough old geezer...

^^ FVR is still powerful though,... and a political genius, right now I think he's more dangerous to GMA,... than the entire opposition put together... that's a tough old geezer...


you gotta hand it to FVR, he really is a political genius. we have to wait and see how far he's going to take his schemes, though. just as FVR is tough, GMA herself has so far shown that she is tougher.

nakakatawa si Imee at FVR, nagbabayangawan para mga bata. sabi ni imee si fvr daw isip totoy tapos sabi naman ni fvr si imee daw gumagalaw lang ang bibig pag tumatawa :lol:

I think what is being discussed here is a constitutional process not an extraconstitutional one.

And yes this is about fixing the system NOT about her alone. The underlying question is will her stepping down as REQUESTED BY HER OWN PARTY be better to fix the underlying problems with the constitution (specially the manner by which you can change your leader, economic provisions, political stalemate, etc, etc, etc).

So if she steps down , it's not neccesarily the opposition which takes over. The idea is that there will be a plebiscite or interim parliament. She could still end up Prime Minister of the new parliament.

Also Existing projects will NOT dissappear. Most of these are instigated at lower levels which go on regardless of who is president. Each President just puts their own spin that they accomplished a particular project but if you look at the underlying project , you will see it's probably initiated by the previous administration or even longer.

Her steping down is one of the things FVR, JDV, etc, the power block who supports her is requesting. This way NO ONE will say that they are changing the constitution for the purpose of keeping her there forever.

as far as i know, JDV does not want GMA to step down. and im not sure about the part where you said her own party is requesting her to step down? if i'm not mistaken, most members of the ruling party want GMA to finish her term. no?

to answer the main question, i say NO so that tootsjap will be more pissed off :d jk hehe!

you gotta hand it to FVR, he really is a political genius. we have to wait and see how far he's going to take his schemes, though. just as FVR is tough, GMA herself has so far shown that she is tougher.
Or they can come together ,join forces for the betterment of the country and block the ambitious opposition.
What is FVR's motive anyway does he want to be prime minister?

Yes, providing that the prior constitutional changes had been done, besides she even promised before that she would cut short her term to give way to the forming of the new parliament.

I don't think she promised any such thing. She has a mandate to serve for six years. If ever, there should be a sovereign act mandating her to cut short her term to give way to the forming of a new parliament.

Or they can come together ,join forces for the betterment of the country and block the ambitious opposition.
What is FVR's motive anyway does he want to be prime minister?

actually yes,... or if that canit be had, the power behind the throne...

I voted NO.
It was in GMA's administration in which Northrail became a reality.
It was in GMA's administration in which Charter Change was successfully campaigned.
It was in GMA's administration in which our economic growth was at 6%, the highest in recent years.
It was in GMA's administration in which the Peso had outperformed other Asian currencies.
It was in GMA's administration in which the Philippine Stock Exchange was named one of the best in Asia for three consecutive years.
It is in GMA's administration in which investment goes up by triple-digit percentages every year.
It was in GMA's administration in which the beautification of Manila was made notice of.
It was in GMA's administration in which the Philippines was given the highest business and economic outlook.
It was in GMA's administration wherein the government finally controlled its debt.
And personally, it was in GMA's administration in which life has become better.

^^ no man,... her existing projects will stop the moment she steps down.... look what happened to expo filipino and the economic gains during ramos' time when erap took the helm....

,

I don't agree with this at all. IF you look at the actual project starts and stops in NEDA/DPWH and the like you will see there is no sizeable difference between administrations at all.

Expo Filipino (I suppose this is the Clark Expo) was a huge failure which actually was supposed to be finished during the RAmos administration it failed in the Ramos administration AND while many perceive the Erap Administration to have lost a huge part of the economic gains of RAmos, one only needs to see the factual numbers that come of the government agencies (for lack of a more appropriate measure of economic gain and better than our personal anecdotes) to see that there is no substantial difference ,specially if you factor in the exogenous events such as the Asian Crisis. One can of course nitpick that this project or that project was failure but for the greater substance there is no difference at all.

If you listen to international rating agencies, what they will tell you is that they expect the Philippines to grow by 5% year in year out in the short to medium term, as long as the current policies (most of which have not changed since Ramos time) are in place, regardless if it was GMA or not.

Tyronne - Last July when her administration was on the line and there was great turmoil. FVR, JDV , etc met with the Administration and for FVR NOT to ask for her resignation, it was agreed upon that certain changes would be put in place, the most important of which was the Constitutional Change, in order to put this in place politically it was seen that she would have to cut her stint short for several reasons chief among which was that anyone who changes the constitution is always suspect of wanting to stay longer. There are a host of other reasons but for discussion sake this is the most sensible one. NUCD/Lakas which backs her up knows that for them to even get the reasonble senators from the other parties to join , whether they are opposition or not would require this. Let's not forget that not everyone on the administration camp is Lakas/MUCD and that members of the Opposition also include Lakas people as well!

well.. I'd abstain on this poll...

are we saying cutting short of Gloria's term before the 2007 election?... or ending her term on 2007?

I'd say Gloria has a lot of issues in her term that she needs to face and answer... her administration has caused a big division in our political system and in the public opinion... I think it should be addressed and her being a leader should be able to handle her detractors properly... and this is not simply by giving out deeds or philhealth memberships and change of face...

On the other hand, Gloria's term indeed has opened good projects that is good to our economy.. here Nautical Highway Project (RORO), her push for the development of the Subic and Clark region, her push on the Northrail, and other infrastructural projects...

Saying that I am mixed of satisfied and unsatisfied... so I'd say that the 2007 election should proceed.. I don't agree with the no-el by the ConCom... I wouldn't like her to continue after 2007...as president or prime minister... but for now, I'd let her be on her position until her term expires...

my fear of the no-el is that Gloria is pushing it not only to extend her term but also to keep herself free from being subpoenaed or jailed... :D

I don't agree with this at all. IF you look at the actual project starts and stops in NEDA/DPWH and the like you will see there is no sizeable difference between administrations at all.

Expo Filipino (I suppose this is the Clark Expo) was a huge failure which actually was supposed to be finished during the RAmos administration it failed in the Ramos administration AND while many perceive the Erap Administration to have lost a huge part of the economic gains of RAmos, one only needs to see the factual numbers that come of the government agencies (for lack of a more appropriate measure of economic gain and better than our personal anecdotes) to see that there is no substantial difference ,specially if you factor in the exogenous events such as the Asian Crisis. One can of course nitpick that this project or that project was failure but for the greater substance there is no difference at all.

If you listen to international rating agencies, what they will tell you is that they expect the Philippines to grow by 5% year in year out in the short to medium term, as long as the current policies (most of which have not changed since Ramos time) are in place, regardless if it was GMA or not.

Tyronne - Last July when her administration was on the line and there was great turmoil. FVR, JDV , etc met with the Administration and for FVR NOT to ask for her resignation, it was agreed upon that certain changes would be put in place, the most important of which was the Constitutional Change, in order to put this in place politically it was seen that she would have to cut her stint short for several reasons chief among which was that anyone who changes the constitution is always suspect of wanting to stay longer. There are a host of other reasons but for discussion sake this is the most sensible one. NUCD/Lakas which backs her up knows that for them to even get the reasonble senators from the other parties to join , whether they are opposition or not would require this. Let's not forget that not everyone on the administration camp is Lakas/MUCD and that members of the Opposition also include Lakas people as well!

expo filipino was shut down due to politics man,.. and erap was a dimwit... you prolly don't know what was going on behind the scenes... the blunders, the midnight cabinets,.. the constant rain of favors on friends and families... erap's habit of drinking all day while letting the cabinet run the country by commitee...

There is a sizable differences between projects in each administrations,... if you have acces to other sources use it don't use the usual ones... the web of political interplay goes wider than you realize...

expo filipino was shut down due to politics man,.. and erap was a dimwit... you prolly don't know what was going on behind the scenes... the blunders, the midnight cabinets,.. the constant rain of favors on friends and families... erap's habit of drinking all day while letting the cabinet run the country by commitee...

There is a sizable differences between projects in each administrations,... if you have acces to other sources use it don't use the usual ones... the web of political interplay goes wider than you realize...

Most FVR's flagship projects never materialize. PEA Amari scam, Expo filipino, and even the NAIA 3. Remember that naia 3 was built during ramos administration. He had that chance to examine before it was commenced to be build which was further exacerbated during Erap for illegally changing the provisions of a void contract. The NAIA 3 controversy spanned over 3 presidents and not just GMA.

Or they can come together ,join forces for the betterment of the country and block the ambitious opposition.
What is FVR's motive anyway does he want to be prime minister?

GMA recently met with FVR and seem to have settled their differences.

I do not think that GMA should allow herself to be pressured by FVR or any politician for that matter. FVR should show his statesmanship and work with GMA for the good of the nation, rather than resort to any hidden deals or blackmail for his own interests.

^^ their playing games...., Its a part of the package,.. no matter what happens , their will always be a power struggle... plans within plans within plans...

well.. I'd abstain on this poll...

are we saying cutting short of Gloria's term before the 2007 election?... or ending her term on 2007?

I'd say Gloria has a lot of issues in her term that she needs to face and answer... her administration has caused a big division in our political system and in the public opinion... I think it should be addressed and her being a leader should be able to handle her detractors properly... and this is not simply by giving out deeds or philhealth memberships and change of face...

On the other hand, Gloria's term indeed has opened good projects that is good to our economy.. here Nautical Highway Project (RORO), her push for the development of the Subic and Clark region, her push on the Northrail, and other infrastructural projects...

Saying that I am mixed of satisfied and unsatisfied... so I'd say that the 2007 election should proceed.. I don't agree with the no-el by the ConCom... I wouldn't like her to continue after 2007...as president or prime minister... but for now, I'd let her be on her position until her term expires...

my fear of the no-el is that Gloria is pushing it not only to extend her term but also to keep herself free from being subpoenaed or jailed... :D

I do not agree with the no-el either but for different reasons. I would like those incompetents in Congress to be replaced.

Still, the no-el has its merits. An election in 2007 would produce more political upheaval that could jeopardize our recent economic gains. It seems a good idea to give politics a rest and pressure those in Congress to earn their pay for once.

Likewise, we have to consider the savings that would result from a no-el scenario. Savings that could be better spent in funding much-needed infrastructure and basic services.

Thirdly, it would facilitate the gradual shift to the federal parliamentary system. It is my belief that this system of government would aid progress in the countryside and greatly empower the people.

Whatever the case, however, the people must have the final say.

^^ truthfully come to think of it,... in world politics the people have liitle say ... its those who knows how to play with them who controls things....,.. the people having the final say is as much a fairytale as snow white and the seven hindred dwarves

"Rome is a mob, Wave magic in front of them and you get away with anything"

Still, the no-el has its merits. An election in 2007 would produce more political upheaval that could jeopardize our recent economic gains. It seems a good idea to give politics a rest and pressure those in Congress to earn their pay for once.

Thats what I have agreed to as well. No-el, no political upheaval, no waste of taxpayer's money, less economic losses.

NO!!!!!NO!!!!NEVER!!!! Let her finish her term for crying out loud!! We've made the ousting of presidents a hobby and please not now!

Reasons:
Ranked 4th World's Most Powerful Woman in the World by Forbes
Member of the People Who Mattered in 2005 by TIME
Most Recent President who did lots of "VISIBLE" progress for our country
Shortlisted for Asia's Heroes by TIME
Peso gained in her term
Lots of Investments
Made Philippines famous because not all world leaders are women, an overwhelming majority are men (that makes us unique)
Lots more
and...
obviously she's the most capable in our time, who would you want to lead us? Susan Roces?

What i don't get is why former presidents are so eager to get in the fray. Didn't Madame Cory have her chance and she blew it big time with consecutive neg. growth during her term.

Why President Arroyo performed better than Cory Aquino, Fidel Ramos, and Estrada - as reported by Tony Lopez

According to CONGRESSMAN Jose Salceda (Once of one of Asia’s best and best-paid stock market analysts before he straddled into politics), amongst four presidents after Marcos—Corazon C. Aquino, Fidel V. Ramos, Joseph Ejercito Estrada, and Arroyo, it is the incumbent president who delivered the best results in terms of GDP growth rate, low inflation, and record high OFW remittances.

Salceda reckons the growth of the economy, in terms of gross domestic product (GDP) averaged 4.0 percent during Mrs. Arroyo’s presidency from 2001 up to the third quarter of 2005.

In contrast, during the term of President Aquino (1986 to the second quarter of 1992), GDP grew by an average of 3.8 percent.

Ramos has often been perceived as a very good president, which is why he thinks he has a moral authority to ask Arroyo to cut short her term.

The economy actually grew at a slower average of 3.7 percent during Tabako’s presidency (third quarter of 1992 to 1997).

President Joseph Estrada, the shortest-serving post-Marcos chief executive (third quarter of 1998 up to January 2001), posted the slowest GDP growth rate at 2.8 percent.

At the same, average inflation rate under Arroyo has actually been the lowest, at 5.3 percent, compared to 10.4 percent during Aquino’s term, 7.6 percent in the Ramos administration and six percent in the short-lived Estrada presidency.

Although GDP slowed down to 4.1 percent in the third quarter of 2005, Salceda notes that it was more than made up by the surge in gross national product (GNP or GDP plus remittances and other factor income from abroad) to 6.5 percent from 5.7 percent in 2004.

Remittances are estimated to have reached $12 billion in 2005, a record. And for two years in a row, Manila has been the second best performing stock market in Asia.

It seems, using Ramos’s favorite expression, the best is still to come.

During the remaining quarter of 2005, employment was up 2.8 percent, the value of production index, which measures the performance of the manufacturing sector, by 3.9 percent in July-September 2005, rail transport ridership by 13.4 percent, cellular subscribers grew by 13.7 percent, tourists by 14 percent, average hotel occupancy rates in Metro Manila by 3.2 percent, net sales of selected fast-food chains by 124.7 percent, commercial car sales grew by 7.7 percent, Napocor sales by 14.1 percent, indicating expansion of industrial and manufacturing operations.

Salceda cites other positive factors:

• Net portfolio investments surged seven times in January-November 2005 compared to the same period in 2004.

• The country’s gross international reserves (GIR) stood at $18.086 billion as of end-October 2005. While this was lower by 2.5 percent compared to the previous month’s level of $18.542 billion, it exceeded the end-2005 target of $17 billion.

• During the first nine months of 2005 foreign direct investments (FDI) surged by 68.8 percent to $812 million from $481 million in 2004.

• The ratio of banks’ non-performing loans to total loan portfolio dropped to 9.43 percent from 20 percent a year ago, indicating a significant improvement in the banking industry’s financial condition.

• The budget deficit stood at P67.51 billion as of end-June 2005, versus the P97-billion ceiling. Full-year deficit is seen at P180.48 billion, down from P187.96 billion in 2004.

Despite that performance, Arroyo remains the most unpopular president in history.

by this you can clearly see the achievements made by the country and the president for 2005. there has no economical turmoil besides the rising oil prices. the stocks have been bought high and the peso is stabilizing but why is unemployment and poverty arising? i think the goverments remaining problems are political envies and corruption! for the filipinos can't we damn bury the attitude of depending, waiting and bahala-na! the poor always say mahirap ang buhay e hindi naman sila kumikilos tpos pg hindi sila mbgyan ng trabaho,food whatever magrarally n sila then s makati p! the economy is the most important thing now in the country and we should give importance tio it if we really want to make our country globally competitive like our neighbors in the region!

^^lol is that true regarding Cory Aquino? negative growth?!!!....is that because of her or partly due to Pinatubo as well?

^It was partly due to the multitudes of coup attempts during her term . You see everybody wanted her out too. She of all people should have more compassion for GMA.
I for one hope GMA stands her ground and not be bamboozled by anyone ,expres. or not,into resigning.

^and also pop. growth is too high. If we control that then economic gains will be more tangible to the masses.

by this you can clearly see the achievements made by the country and the president for 2005. there has no economical turmoil besides the rising oil prices. the stocks have been bought high and the peso is stabilizing but why is unemployment and poverty arising? i think the goverments remaining problems are political envies and corruption! for the filipinos can't we damn bury the attitude of depending, waiting and bahala-na! the poor always say mahirap ang buhay e hindi naman sila kumikilos tpos pg hindi sila mbgyan ng trabaho,food whatever magrarally n sila then s makati p! the economy is the most important thing now in the country and we should give importance tio it if we really want to make our country globally competitive like our neighbors in the region!

You, my friend have raised the issue about the culture of dependency in the Philippines. They are highly vulnerable to exploitation by greedy and corrupt politicians who does not really care about platforms and policies in mind as long as they remain in power. Just look how many sacks of rice or clothes or just anything they give to these people just before the elections.

It is true that these people are lazy. Just look how many of them have able bodies and yet you see them in front of carinderias chugging liquor as if there is no tomorrow.

Cutting GMA's term isn't going to put more food and money on the table. We already tried with ERAP and it only scared investors and potential jobs away. So what if GMA cheated (if she really did) in the elections. FPJ would've done absolutely nothing to improve our country. Look at what happened to Arnold in California. People still can't believe he's the governor even now. He's breaking many promises such as not being influenced by special interests and lobbyists. He wasted so much tax dollars for a stupid special election in which all the propositions were voted no by the people whom he thought would go along with him. He's having the same approval points the previous governor had right before he was recalled out of office. How's that for star power? It's good ideas and executing them, not star power that will save this country. Anyone who voted for ERAP, FPJ, or would vote for Susan Roces is a vote wasting idiot gullible enough to be convinced by a movie star with no real long term ideas for the country.

^^ That's right, personalities doesn't matter anymore. We need someone who can deliver true results on a long term basis and not just :blahblah: :blahblah:

^^I was glad GMA won over FPJ actually...I just had this terrible hunch that if FPJ won...he would've only served as a political puppet (controlled by the people who actually know something)...I mean that guy didnt even have complete policies..( apart from 3 meals a day for the poor or every Filipinos?!, I just read that by the way...was it true that he declined to even go on a debate with GMA?)

That is very true. ^ there were debates scheduled and he would not show up. Finally MIriam Santiago offered to go for him. FPJ RIP but really, what would he know about running a country. IF ERap a former mayor and VP couldn't cut it, what more he? He was just a front , put up by the opposition cowards because they couldn't field a real power hungry opposition character, because none stood a chance againts GMA. They even admitted that themselves. So they resorted to a movie personality as the only formidable challenger of GMA.
ANd how do these people know that the Oppisition were cheat free?

Refusing to go on with a debate is a sign of a bad leader. I bet he would've acted all dumbfounded and confused with the questions hurled at him. haha.

"FPJ. What are your long term ideas for the country that will spur foreign investment and encourage tourism?"
"Ahh...... .... Vote for me!" (runs off stage and into his car...)

Its not only bad, its embarassing as well.

Refusing to go on with a debate is a sign of a bad leader. I bet he would've acted all dumbfounded and confused with the questions hurled at him. haha.

"FPJ. What are your long term ideas for the country that will spur foreign investment and encourage tourism?"
"Ahh...... .... Vote for me!" (runs off stage and into his car...)


Exactly..I mean wasnt he like absent in the public eye for YEARS?..then all of sudden he woke up and said:

"Hmmmm Alright YES I wanna be the next president!".....

... I say, we change into an absolute monarchy!!!!! :jk:

monarchy??? anarchy na lng!!!

cute naman, anarchy at monarchy, hihihi. seriously and i am out of topic. anybody knows any documented descendant of those prespanish rajahs (soliman, kulambo, etc)?

^^ Well, they became the gobernadorcillios, and the principalia(cacique and the ilustrados) back in the spanish era in order to stop any rebellion that can be led by the datus. Some of them married foreigners thus creating the meztizo race. The principalia and the meztizos are thus the descendants of the datus of the pre-hisphanic era whos descendants today are some political/economic elites.

i know that, my question is, any documented descendants (i know it is difficult, because there was no prespeanish safekeeping, but at least some oral history coupled with some personal effects). like any politico who can very well claim and has some proven lineage. like former finance minister cesar virata who's a grandson of emilio aguinaldo. this is out of topic, but would otherwise be an interesting thread. :)

I remember Doy Laurel claiming that the Laurels were descendants of a Datu Masungit of Batangas when he was promoting a book about the Laurels of Batangas.

Most likely, the Macapagals are descendants of a Datu Macapagal.

Hell no, i'm not in favor in any way of cutting her term short. :)

I remember Doy Laurel claiming that the Laurels were descendants of a Datu Masungit of Batangas when he was promoting a book about the Laurels of Batangas.

Most likely, the Macapagals are descendants of a Datu Macapagal.

So Gloria Arroyo must be a descendant of Datu Masungit and Datu Makapal! :lol:

PRESIDENT Macapagal-Arroyo served notice to the ruling Lakas-CMD party that she intended to remain in power until 2010 as party leaders, meeting in a national caucus last night, appeared to solidify their support behind her.

Ms Arroyo, in her own opening speech, made it clear she had no plans to loosen her grip on the presidency.

“We must strengthen our ranks to enforce and sustain full democratic leadership until 2010 and for the next generation,’’ the President declared.

It was not immediately clear if former President Fidel V. Ramos, who has called on Ms Arroyo to step down by 2007, expressed support for Ms Arroyo in her bid to serve out her full term but a Lakas spokersperson said the two leaders appeared reconciliatory during the meeting.

As the meeting dragged on towards midnight, the assembly unanimously passed a motion that Ms Arroyo’s term would not be touched, lawmakers said.

“It was unanimously adopted. No one objected, including FVR,” said Rep. Prospero Pichay.

“There were no fireworks .... The members (of Lakas) applauded because it was a sign of reconciliation,” Lakas spokersperson Heherson Alvarez told the Inquirer.

The special meeting of the Lakas national directorate at Malacanang was prompted by Ramos’ call for Ms Arroyo to cut short her term and proceed with the holding of 2007 national and local elections to clear the way for the country’s shift to a full parliamentary system and provide closure to the “Hello Garci” election rigging controversy.

Ramos, in his speech at the opening of the caucus, apparently avoided a confrontation on the issue, some of those present said.

“There was no fire in his statement,” Alvarez said. “It was full of praises for GMA (Gloria Macapagal-Arroyo) ... He referred to GMA as the leader of our party, our beloved President many times.”

Ramos’ camp could not be immediately reached for comment.

Ms Arroyo also said that amending the Constitution should be one of the party’s three priorities, the others being sustaining gains in the economy and easing poverty.

Cha-cha this year

“We must achieve this (Charter change) by the middle of this year,” she said.

She did not elaborate, leaving unanswered the question of what she meant by Charter change by the middle of 2006.

Top Lakas leaders met before the directorate meeting apparently to thresh out contentious issues mainly about Ms Arroyo cutting short her term to pave the way for the shift to a parliamentary government. But it was not clear who actually took part in the pre-directorate meeting.

Alvarez said only Ramos and Speaker Jose de Venecia, a chief supporter of Ms Arroyo’s bid to stay in office until 2010, were involved in the pre-caucus.

But some Lakas lawmakers said Ms Arroyo and Presidential Political Adviser Gabriel Claudio were with Ramos and De Venecia in the pre-caucus.

Addressing the Lakas directorate, De Venecia said: “We are on the eve of a historic six months. We will see a historic transformation of the Philippines under the leadership of Lakas from a presidential form of government to a unicameral form of government.”

“This has been my dream for 16 years. We have tried it before and now it looks like it will be true,” said De Venecia, who has proposed a French-style transition parliamentary government under which Ms Arroyo would remain President but share some of her powers with a prime minister, who would be the chief operating officer.

Some Lakas left out

Before the caucus, former Ifugao Rep. Gualberto Lumawig told the Inquirer that the meeting might result in the defeat of Ramos’ proposal for Ms Arroyo to cut short her term because Lakas founding members, including himself, were not invited.

Asked if he expected Ramos to abide by the party decision should it support Ms Arroyo in her desire to serve out her term until 2010, Lumawig said: “Knowing President Ramos, once he has decided on something that he thinks is good for the country, he will continue to fight for it.”

Administration lawmakers Pichay and Rep. Prospero Nograles said they expected the party to resolve the issues of a shortened term for Ms Arroyo and the scrapping of the 2007 mid-term elections as recommended by the Consultative Commission handpicked by Ms Arroyo.

Pichay and Nograles said the emerging consensus within the party now was to affirm the mandate of Ms Arroyo until 2010.

“I expect a solid Lakas after this,” Pichay said.

Said Nograles: “All proposals on Cha-cha will probably be given to Congress to be debated upon and discussed publicly and approved. Meanwhile, local officials will continue the people’s initiative to amend the Charter in tandem with Congres.”

Nograles was referring to the signature campaign which local officials identified with Ms Arroyo planned to launch to amend the Constitutiion.

Prior to the start of the caucus, Alvarez said he expected the supposed rift between the pro-Ramos and pro-Arroyo groups “to be over tonight.”

“I think that Lakas would continue to be the dominant party after this (meeting),” Alvarez said.

Steeled by battles

In her speech, Ms Arroyo urged her party mates to use their “superior force’’ to carry out key economic, social and constitutional reforms.

She said the party needed to have “teamwork and discipline’’ to pursue its goals.

Ms Arroyo also brushed aside threats from various opposition groups to resume their campaign to oust her, including the revival of the impeachment complaint against her.

“Steeled by bruising battles, we don’t need additional training to win over our political foes in every round,’’ she said.

She declared: “We are the superior force. Our opponents must either toe the line of the national interest for which we stand, and fiscalize responsibly with statesmanship, or be relegated to the wayside of irrelevance or ignominy.’’

Ms Arroyo added: “With our heavy armory of democracy and legitimacy, we shall fight the squads of destabilizers and spoilers in the opposition.’’

The Lakas meeting came just ahead of the expected action by the House of Representatives on the package of Charter amendments proposed by the ConCom following two months of nationwide consultations.

A total of 67 members, including mayors and governors holding line functions, had been invited to the directorate meeting.

Draft charter

Cagayan de Oro Rep. Constantino Jaraula, chair of the House committee on constitutional amendments, said that his “working draft” of the proposed charter to replace the 1987 Constitution would give Ms Arroyo leeway to delegate “little by little” her powers to a prime minister during the proposed transition of the country from a presidential to a parliamentary system.

“During the interim period, the incumbent President shall continue to exercise the same powers as she has now, except those she will delegate to the prime minister, who shall serve as chief operating officer of the government, conformably with the parliamentary system,” says Section 8 of the proposed charter’s transitory provisions.

Jaraula insisted his proposed Constitution, which fleshes out the French-style government proposed by De Venecia, was just a working draft.

http://news.inq7.net/nation/index.php?index=1&story_id=62964

RP call center acquires U.S. transcription firm for P517-M


MANILA, Jan. 15 (PNA) - A leading Philippine call center operator, PeopleSupport Inc., has just acquired for P517 million (US$ 9.75 million) a transcription and captioning services firm based in the United States.

This was disclosed by Cebu Rep. Eduardo Gullas, who lauded the acquisition, which he said would put the Philippines in an excellent position to grab a bigger share of the global market for highly labor-intensive outsourced transcription services.

In a regulatory filing with the Nasdaq stock exchange in New York, where PeopleSupport shares (of stock) are publicly traded, the company said it acquired Newport Beach, California-based Rapidtext Inc., and its subsidiary, The Transcription Company, for US$ 9.75 million in cash and (PeopleSupport) stock. The transaction closed January 9.

"It is a foregone conclusion that PeopleSupport will eventually relocate Rapidtext’s transcription service operations to the Philippines and tap our more cost-effective skilled labor," Gullas said.

At present, PeopleSupport is one of the largest business process outsourcing (BPO) providers in the Philippines based on the size of its workforce, with over 4,000 college-educated, fluent English-speaking Philippine personnel.

"Among all publicly listed BPO providers in the United States, only PeopleSupport has 100-percent of its call center operations based here," Gullas pointed out.

In its Nasdaq filing, PeopleSupport said Rapidtext and The Transcription Company specialize in high-value transcription and captioning services for clients in insurance, law enforcement, entertainment, education, and medical markets.

Rapidtext offers advanced, custom voice-to-text solutions for fast-turnaround transcription, realtime captioning, offline captioning, timecoding, indexing, and translation. The company is headquartered in Newport Beach, with additional offices in Burbank, California, as well as a virtual team of over 300 independent transcriptionists and captionists.

PeopleSupport was one of the first firms to establish a Philippine call center. The company offers customer management, accounts receivable management, and additional voice and non-voice services provided principally from its facilities in Makati City.

PeopleSupport’s clients are large American corporations in a variety of industries, including travel and hospitality, technology, telecommunications, retail, consumer products and financial services.

Rainerio "Bong" Borja, who is also president of the Contact Center Association of the Philippines, oversees the Philippine operations of PeopleSupport.

PeopleSupport is expected to report later this month at least US$ 60.4 million (P3.2 billion) in revenues and a net income of at least US$ 12.1 million (P642 million) from its Philippine operations in 2005.

PGMA prays for economic take off


KALIBO, Aklan, Jan. 15 (PNA) - President Glora Macapagal-Arroyo on Saturday attended the traditional "paeapak" at St. John the Baptist Cathedral here where a mass was held in celebration for the feast to Sr. Sto. Nino.

President Arroyo said she prayed for the economy to take off this year.

Likewise, she said she also prayed for the success of Charter Change and the government's campaign against terrorism and destabilization.

President Arroyo said these things she sought guidance and blessings from Aklan's patron saint Sr. Sto. Nino.

Earlier, the President inaugurated the five classrooms at the Aklan National High School in Andagao, here, and distributed PhilHealth cards to 5,466 indigents.

She also awarded some 132 land patents covering 30 hectares to 91 farmer beneficiaries.

From the Cathedral, the President joined the mob at Pastrana Park while on her way to the Gil Mijares building where she had lunch with the province's political leaders and had a media interaction.

The President, from the balcony of the Gil Mijares building, greeted the local people who are shouting "Viva Sr. Sto. Nino."

She said that the economic take off is also part of her New Year's resolution and hopes to accomplish it for the country to achieve economic recovery.

So Gloria Arroyo must be a descendant of Datu Masungit and Datu Makapal! :lol:

Baka nga. Kaya mataray. ;)

Yes

I dont need to elaborate my answer coz obviously it really affects me after what she did to my uncle.

Who is your uncle? Is it erap?

^^ nice try, too bad your not good in guessing.

anyways, my uncle is Capt. Faeldon... one of the leaders of Oakwood mutiny. and now... missing in action...

But don't you think the oakwood mutineers are responsible for their actions and deserve what they get? Aren't they even too lenient therefore setting a dangerous precedents of coup plotters after coup plotters sabotaging the economy for everybody else?
sorry about your uncle.

^^ Dont be sorry. I know where he stands and what he believe right now. :)

Well, Everybody has their own opinion I might say, and if you dont mind, I don't want to have any contention about this matter. :)

Yes

I dont need to elaborate my answer coz obviously it really affects me after what she did to my uncle.

kaya pala sobrang familiar last name mo... :)

^^ nyahehe...sshhhh. ;)

^totoo ba talga, ash :D

na tito mo

opo... he's the brother of my father, and my coach in marksmanship...

at ang apelido ko po ay apelido niya. hihi :D

:cheer: finally may celebrity na tayo dito mga kapatid :banana:

^^ Nyahy! celebrity?! :cool:

bwhahah! :lol: so kukunin napala kita Tigs na personal bodyguard ko.

bodyguard ng suklay

^^ :applause: curreeect!

either we cut her term or not it would not make any diference anyway... actually, I think, it is better to just let her stay. After all, she seems to be an effective leader. Plus, she looks pretty damn good to foreign investors-which our country needs very badly...

the problem with us is we get a lot of interruptions and deviating from the path of progress. Erap was a big interruption . lThe first three years of GMA could have been a good start but was also an interruption.

what interuption, i hardly noticed any

the problem with us is we get a lot of interruptions and deviating from the path of progress. Erap was a big interruption . lThe first three years of GMA could have been a good start but was also an interruption.


imagine how much more could have been accomplished as a nation under the arroyo administration if there weren't too many of those interruptions, especially on the political front. arroyo should keep up her strong stance and to not let them affect her goals for our economic, social and political state. especially now that we are finally seeing our economy taking off. she shouldn't stop now.

i like what she did when she brought the athlete to HK disneyland with her fat buddy

NO!

tita ko si GMA dahil yung aso nila at pusa namin magkapatid......

NO!

tita ko si GMA dahil yung aso nila at pusa namin magkapatid......

:rofl:

opo... he's the brother of my father, and my coach in marksmanship...

at ang apelido ko po ay apelido niya. hihi :D

I salute your uncle and all the Magdalo soldiers who were willing to sacrifice their lives and careers to fight corruption in AFP and in government. Sadly, what they did are seen as an interruption to the continuous corruption in government. Even after Oakwood, the AFP continuous to be in the news for corruption at nasali pa sa Garci tapes. Captain Faeldon symbolizes good men in the AFP service and thus hope for the country. Ang mga katulad nila Morales, Wong, Trillanes, Faeldon at iba pa ang dapat mamuno sa sandatahang lakas to reinstate professionalism sa AFP. Darating ang araw at magbubunga rin and sinimulan nila.

Sino ba ang madudumi sa AFP @tootsjap? Name names.

Please ignore this question. I just realized that it might put you and the forum in a quagmire. (i.e. slander, libel, what have you.)

I salute your uncle and all the Magdalo soldiers who were willing to sacrifice their lives and careers to fight corruption in AFP and in government. Sadly, what they did are seen as an interruption to the continuous corruption in government. Even after Oakwood, the AFP continuous to be in the news for corruption at nasali pa sa Garci tapes. Captain Faeldon symbolizes good men in the AFP service and thus hope for the country. Ang mga katulad nila Morales, Wong, Trillanes, Faeldon at iba pa ang dapat mamuno sa sandatahang lakas to reinstate professionalism sa AFP. Darating ang araw at magbubunga rin and sinimulan nila.

Sacrifice?!?! Sorry for me to say this but they are pathetic (Ashley, Im sorry to say but each of us have different views of the same issue) First, they had a grand plan to overthrow the government but failed to capture the sentiments of the people. In addition, no bloodshed took place and instead surrendered themselves to the govt. If they seriously fought for their 'right' principles, then they should already know that they are ready to die for their cause.

Philippine future bleak, says Bear Stearns analyst
Posted: 2:42 AM | Jan. 17, 2006
Daxim L. Lucas
Inquirer

THE Philippines faces a "bleak" future despite recent gains in the financial markets because the government continues to shy away from meaningful structural reforms, an analyst at US investment bank Bear, Stearns & Co. said.

Many foreign investors remained wary of the country's prospects, said John Stuermer, whose analysis of the Philippine politico-economic situation dates back to 1986.

"The long-term future, in terms of raising employment and investments is very, very bleak," said at a forum of the Foreign Correspondents Association of the Philippines.

Bear Stearns is the investment bank that cheered on President Gloria Macapagal-Arroyo's drive to reform government finances last year, mainly through an expanded value-added tax law.

Stuermer acknowledged that he was responsible for making the controversial prediction in July 2005 that Arroyo would survive an impeachment complaint filed against her in Congress -- at least until January 2006.

"It's now January 2006," he said.

Stuermer is giving the President a 50- to 60-percent chance of remaining in office under the present system of government.

"GMA [Arroyo] is tougher politically than the opposition expected," he said. "The longer impeachment and Cha-cha [proposal for Charter change] go on, the more GMA's political support will recover."

Stuermer also said there was a 25- to 30-percent chance that the Philippines would shift to a parliamentary form of government.

He noted that there was little public support for the proposal, which he said was "mainly a creation of Manila's elite."

He said there was only a 15- to 20-percent chance that Arroyo would be impeached by the House of Representatives and convicted by the Senate.

"GMA's allies control the lower house and will undermine the impeachment process with procedural obstructionism," he said.

The House of Representatives rejected an impeachment complaint against Arroyo in September. The opposition bloc has said it will file another impeachment case against her this year.

Stuermer's bearish economic assessment came even as he acknowledged the peso was one of the best-performing currencies in the region.

He also took note of the resurgent stock market, the respectable pace of economic growth, and the "marginal" slowdown in the acceleration of consumer prices.

"The short-term view is positive," he said. "Everything is coming up roses."

But he said he was "not that optimistic" in general terms. "Yes, we'll have a five- to six-percent growth each year" in the domestic economy. "Everything is improving, but it has no impact on the standard of living for Filipinos."

Stuermer's assessment echoes that of Senator Manuel Roxas II, who pointed out that the benefits of a strengthening peso against the US dollar was not felt by the majority of Filipinos.

Stuermer described the economy as "very resilient," noting that the last time the gross domestic product contracted was in the wake of the Asian financial crisis in 1997.

Even then, he said, the contraction was due to the drought-inducing El Niño weather disruption, which cut agricultural output. "It is very hard to make the Philippine economy collapse in any given year."

The Bear Stearns analyst believed, however, that this resilience would be the country's undoing.

"The downside is this: There is now a downside for bad political behavior," he said. "The Philippines' political class has no incentive for good political behavior."

Because the bulk of economic growth still depends on agricultural output, which is largely immune from politics, political squabbles can only depress growth by so much.

Benjamin Diokno, a professor at the University of the Philippines' School of Economics, underscored this point in a presentation.

He showed that the Philippine economy historically has grown by an average of four percent annually despite various boom-and-bust cycles, mainly because of built-in safeguards like the country's dependence on agriculture.

This means there is "little incentive for meaningful structural reform that will attract real investments," he said.

He said the last round of genuine structural reforms in the Philippines came in 1986 with the toppling of the Ferdinand Marcos dictatorship.

"Now, the only 'out' is to send your mother abroad to work as a maid," he said. "This is having negative social implications."

Diokno, who served as budget secretary of former president Joseph Estrada, predicted that the economy would grow by 4.6 percent this year, compared with the government's growth target of 6.3-7.4 percent.

He said the economy continued to be threatened by the possibility of high interest rates, a potential surge in international crude oil prices to $70 per barrel, a decline in income from electronics exports, and political instability. With INQ7.net

magaling si captain faeldon, kahit pamangkin niya si Ashley natin. my point is, im friend with Ashley kaya mabait itong si captain faeldon :)

^^ Well Im not taking it from a personal standpoint. Its just the way I see it in the overall situation. Just being honest here about what I feel. :)

agree to disagree :)

Sacrifice?!?! Sorry for me to say this but they are pathetic (Ashley, Im sorry to say but each of us have different views of the same issue) First, they had a grand plan to overthrow the government but failed to capture the sentiments of the people. In addition, no bloodshed took place and instead surrendered themselves to the govt. If they seriously fought for their 'right' principles, then they should already know that they are ready to die for their cause.

Overthrowing what these people believed is a corrupt government and putting their lives and the welfare of their families at risk is a sacrifice. And overthrowing corrupt governments is always right. You may call them hopeless idealists but they came out and took the risk. They failed to capture popular support but that did not diminish the worthiness of their cause. These same officers were in the frontlines in Mindanao putting their lives at risk everyday - so shame on you Askal to imply that these men are bluffing and afraid to die. You probably need to experience what these men experienced and see what they have seen in the rotten systems in the AFP for you to understand why they did what they did. For them, it is probably worth dying fighting a corrupt government than die protecting it.

AFP is Government.
President is Commander in Chief.
Government is corrupt.

Therefore AFP is corrupt.

Before they go and fight corruption in the other branches of government(Executive), why dont they start first within their rotten bureau and challenge their corrupt leaders/millionaires instead. :)

Overthrowing what these people believed is a corrupt government and putting their lives and the welfare of their families at risk is a sacrifice. And overthrowing corrupt governments is always right. You may call them hopeless idealists but they came out and took the risk. They failed to capture popular support but that did not diminish the worthiness of their cause. These same officers were in the frontlines in Mindanao putting their lives at risk everyday - so shame on you Askal to imply that these men are bluffing and afraid to die. You probably need to experience what these men experienced and see what they have seen in the rotten systems in the AFP for you to understand why they did what they did. For them, it is probably worth dying fighting a corrupt government than die protecting it.

The thing is, they didnt really fight for their cause and its all a terrific show. If they fought for it, they should be ready to die at any time. They had the chance to show off and, unfortunately, they didn't. If they are gonna stage this kind of show again, make sure it is real and not another teleserye.

Mas hanga pa ako kung gaano ka gutsy ang mga terorista nung 911 na alam nilang mahirap kalabanin yung military power ng America.

Sorry Tootsjap, the Magdalo officers have never had been in the frontlines of Mindanao. It's the other poor Philippine armies that were fighting for the common good.
The Magdalo officers had been spending too much time politicking in Manila. Instead of bringing-up their complaints in a civilized manner, they staged a doomed revolt that failed their own cause.
Askal is right, they are afraid to be sent to Mindanao, the reason why they staged that coup. The only thing they want is to gain power in order to execute command from Manila instead of fighting their ass off in Mindanao. So shame on you for not seeing that. Evil, like the oppositionist, never wins.

^Bakit pa kasi gawa gawa pa ng mutiny sus, KSP lang sila.

Wasn't it also discovered that one of the leaders of the mutiny was a millionaire. I think it was captain triljo or something like that. He owned several luxury vehicles and houses and of course his excuse was it was his sister's husband's uncle's son bla bla bla. So I don't think they were really the underpaid soldiers they were claiming to be. IN fact they're a big part and benefitting of the very rotten system they're condenming. What they accomplished really was to spook the potential investors and push the existing ones away. I don't believe in the way they air their grievances and espouse change.

^ we finally agreed on something, María Teresa. :)

Overthrowing what these people believed is a corrupt government and putting their lives and the welfare of their families at risk is a sacrifice. And overthrowing corrupt governments is always right. You may call them hopeless idealists but they came out and took the risk. They failed to capture popular support but that did not diminish the worthiness of their cause. These same officers were in the frontlines in Mindanao putting their lives at risk everyday - so shame on you Askal to imply that these men are bluffing and afraid to die. You probably need to experience what these men experienced and see what they have seen in the rotten systems in the AFP for you to understand why they did what they did. For them, it is probably worth dying fighting a corrupt government than die protecting it.

corruption my dear is a part of any government..... it has been so for a thousand years and it will remain so... what is important is how one learns to play well with it.....the world is not black and white .....

The thing is, they didn’t really fight for their cause and its all a terrific show.

Okay, let me start on this, first of all, I believe that they didn’t intend to make the whole coup d'etat a big show off for the whole country to see. Yes, they started of with a little menace here and there but their point was to call the awareness of the media thus they could deliver their message to the people...

If they fought for it, they should be ready to die at any time. They had the chance to show off and, unfortunately, they didn't. If they are gonna stage this kind of show again, make sure it is real and not another teleserye.

Again, it’s not a show but was a brilliant and notable action. :)

I might say, they were ready to die at that time and up to now, I know 'he' is. Coup is not merely a small action you could just shove in people's mind that if it doesn't work out, then they could just leave and let the fact be a small history.

For sure they knew the consequences of their actions,… for sure they know that there was and still is a possibility that they could die for what they are doing in particular to Capt. Faeldon. Maybe to some, people might think that with all the media, videos and headlines that my uncle caused was just a fad to make “pa-guapo” to the whole nation, and you also might ask who is he anyway? Right. But I know that in his smallest means or to others, imposing approaches, he know what his fighting for, maybe it doesn’t appeal to all but for sure his ready to take the cost even if it means to take his life. :)

I don’t blame others if they give remarks like that regarding the liberal actions of the Magdalo group. I do respect your views. But admit it or not, we really don’t know the real story behind everything they did so who are we to judge them? Try to think of it, media is the only source that dictates it all. So we still can’t personally blame them. They have their own views as well as PGMA and the government and hopefully we can all respect that. :)

this is just my opinion my friends.

^^ hehehe, hope you understand I was just being honest about what I think and feel about them. Im not only talking about your uncle but the other people behind the group as well. I apologize if I was a bit blunt about it.

^^ OH no problem 'skal... Im not only pertaining to your comments. I do respect your stand to this matter and so goes to others. :) alrightee?

:) Well, we are always hoping for a better Philippines - one thing we all have in common.

^^ now thats what I'm talkig about :okay:

Reforms Crucial for RP

Policy tools not limited to monetary, fiscal stimulation

Because global investors can always turn their attention to other more lucrative destinations, the Philippines should maintain the pace of its economic reforms if it wants to remain on the investment radar screen, financial services giant Citigroup yesterday said.

Citigroup chief global investment strategist Clark B. Winter, Jr. pointed out that the international investment landscape has changed dramatically in that traditional economic tools such as monetary and fiscal policy are no longer as influential as before, opening lots of new opportunities.

Countries that have stayed the course of their economic reforms tend to reap rewards, and the Philippines should do well to follow examples set by dynamic investment havens such as Dubai and Ireland, he said.

"There are a lot of countries on the path of reforms and are enjoying immense benefits because of that," Mr. Winter said in briefing for BusinessWorld yesterday in Makati. "Nobody is going to win the way backwards."

Of the Philippines, the Citigroup executive said there has been "astonishing progress."

"The ’but’ is that there are a lot of other places that are, years ago, just deserts," Mr. Winter said.

With fiscal reforms in place as well as a number of positive economic developments, there is a chance that the Philippines and neighboring countries could be rewarded with a credit rating upgrade this year, he said.

Mr. Winter noted the success of the Philippines’ global bond offering this month, which raised $2.2 billion in fresh funding for the government, and record lows in benchmark Treasury bills, at below 5%.

Citigroup Private Bank Research is crediting "strong fundamentals and upbeat developments" in the Philippines and elsewhere in the region for the good showing of high-yield sovereigns last year.

"Philippine sovereigns narrowed by 62 basis points amid a number of positive fiscal events, including an improving budget deficit and an increase in value-added taxes," Citigroup Private Bank said in its 2006 outlook for clients.

Mr. Winter said the Philippines was on the right track in taming the perennial budget shortfall and raising taxes, but also advised the government to try a strategy of promoting growth through a "sense of incentives" rather than confronting problems on its own.

"There has to be a massive entrepreneurial sense of job creation," he said, pointing to the large pool of skilled Filipinos working abroad that can be tapped for national growth.

Monetary and fiscal stimulation, while still significant policy tools, "are not the only ones in the room," Mr. Winter said. "There are other things going on."

New "drivers" are determining market movements, including geopolitical developments, he noted, and the world has been begun dealing with "visible yet incomprehensible" realities such as disease outbreaks and terrorist threats.

The role of the US Federal Reserve, for instance, has changed from dominating and managing a "unipolar US monetary policy" to participating in a "multipolar world" in which it still influences the global economy but also has no choice but to respond to influences from outside.

Investors are closely watching developments in places like Iran, whose clerics are struggling to keep a closed economy; the dictatorships in Cuba and North Korea; as well as growth issues in China, Mr. Winter said.

"Geopolitical events far away from our borders can have impact. We have to be alert because they can be drivers," he said.

Mr. Winter was in Manila for a brief visit, meeting with Citigroup Private Bank clients on 2006 investment prospects.

Citigroup Private Bank is one of the largest providers of wealth management services, with 126 offices across 90 cities and 37 countries worldwide catering to "high net worth" individuals."

Source: FELIPE F. SALVOSA II, Businessworld, 18 January 2006

- emphasis: mine

I think discussion of politics is intertwined with development issue after all politics is a major reason for impediment of progress in the PHils. For the last 20 years most Filipinos have been apathetic to political issues hounding the country , letting these politicos have a fielday and just do whatever they want to do and get away with it. Hence the result of our weak economy and govt. To be a good citizen of a country you have to be aware ,informed and vigilant of current events affecting the state of the economy , development and that includes politics. But slowly i hope things change and Filipinos get more involved with issues that can affect their present and future.

Political issues should be relevant with the current issues, economic, social and the overall development of the country. The problem with the Philippine politics is that it is centered too much on personalities and that creates a problem because they can be manipulated.

well, have you heard the news that vilma santos will run for vice president???? but she's not sure yet...

Sorry Tootsjap, the Magdalo officers have never had been in the frontlines of Mindanao. It's the other poor Philippine armies that were fighting for the common good.
The Magdalo officers had been spending too much time politicking in Manila. Instead of bringing-up their complaints in a civilized manner, they staged a doomed revolt that failed their own cause.
Askal is right, they are afraid to be sent to Mindanao, the reason why they staged that coup. The only thing they want is to gain power in order to execute command from Manila instead of fighting their ass off in Mindanao. So shame on you for not seeing that. Evil, like the oppositionist, never wins.

There you go again with your straightforward lies and misinformation. Before the Oakwood mutiny, these officers were featured on national television in the jungles of mindanao and they showed how poorly equipped their men were. On national TV, networks showed their empty frontline quarters in the mountains, they left them to go to Manila for the mutiny. Lieutenants and captains go to the frontlines to command company and smaller size units.

^Bakit pa kasi gawa gawa pa ng mutiny sus, KSP lang sila.

I hope you know what your talking about. :)

good news, share prices snapped a two-day fall yesterday, closing 0.77 percent higher on renewed interest in select blue-chips.

There you go again with your straightforward lies and misinformation. Before the Oakwood mutiny, these officers were featured on national television in the jungles of mindanao and they showed how poorly equipped their men were. On national TV, networks showed their empty frontline quarters in the mountains, they left them to go to Manila for the mutiny. Lieutenants and captains go to the frontlines to command company and smaller size units.

Do you have any articles, website or anything about all their background info. I only know Trillanes since the media featured him the most. He excelled academically in PMA and had an excellent track record in the military so what about the others?

Do you have any articles, website or anything about all their background info. I only know Trillanes since the media featured him the most. He excelled academically in PMA and had an excellent track record in the military so what about the others?

i know faeldon have a website... just ask ashley...

^^ I really dont advertise his website but since 'skal was asking for some then I might just give it to him.

Here is it
http://www.pilipino.org.ph/

Media can also help emphasize our recent economic gains. We need to project an optimistic image of our country. Investors also look to the headlines and news to help them decide where they will put their investment.

There you go again with your straightforward lies and misinformation. Before the Oakwood mutiny, these officers were featured on national television in the jungles of mindanao and they showed how poorly equipped their men were. On national TV, networks showed their empty frontline quarters in the mountains, they left them to go to Manila for the mutiny. Lieutenants and captains go to the frontlines to command company and smaller size units.
The officers featured in the television fighting in Mindanao were not the same officers in the mutineers. I have my sources from the Military itself. You are the one who fueled the lies that the oppositionists spread. You make charges of corruption yet cannot mention any names of your accused corrupt offiicials. Weren't Garcia being tried already?

question ko lang mga peeps, anyone can answer this. what right do we have to speak of the masses if we ourselves (the middle class) are not even from the masses (the suffering masses)? i mean, sure, we sympathize with them, but does it license especially those from the middle class to start revolutions in the name of the suffering masses? incite change in the name of the suffering masses? all those inciting change are not necessarily from the masses (or should i say a broad spectrum of classes), and sadly those that have profited from whatever change were not from them.

i need truthful answers please, not those kind of rethoric we usually hear from either side. pasensya na po kung medyo naparami ang mga tanong. salamat po.

Why Half-mast?

The flag is half-mast because the country is mourning. The Government policy of exporting labor and its failure to put its citizens first have taught filipinos to think of themselves and their family only. Now Arroyo's insistence on passing off lies as truth are robbing us of whatever is left of our pride and dignity as a people. We are fighting to keep whatever is left of us as a people. We are fighting to reassert our citizenship, to establish our identity as filipinos. We are fighting to reclaim our pride and dignity as a people.


It's the system thats rotten. It's been an American neocolony since 1946. The US Elites control our country. They set up the institutions in English, make every Filipino dream of coming to the States and thenl eventually join them in exploiting the poor filipino masses in their ignorance of culture, of dignity, of national identity. Majority of pinoys dream of a better life OUTSIDE Pinas. There are even those who still clamor for US Statehood! The ideal culture, the ideal language, the language that is imposed on all Filipinos is English, a language that is not spoken outside the Ideal World(ischool, work, govt). They pride themselves as the world's 3rd largest english speaking nation and yet no english is really spoken outside. They all dream of America and America and America, still.

The Hispanic culture that Filipinos truly possess is disregarded, laughed at, hated. A third world culture. A culture of corruption. A culture of vices and of fools. US Elite Govt of the Philippines: Blame the spaniards, hate the spaniards, hate what you've become because of them. Isn't that what we learn from school? from the media? from the history subjects?

and Rizal, pff.. National Hero who wrote in the evil language and practiced the evil culture, is a sell out.

What is a Filipino? Why Philippines?
What is the culture of the Filipino Mass? Who are the fools? at Sino ang niloko ng SONA sa ingles na hindi naintindihan?

Educate yourselves pinoys, go to the States while the Elites take care of the ignorant.

The identity of a Filipino today is of a person asking what is his identity. - Nick Joaquin

The officers featured in the television fighting in Mindanao were not the same officers in the mutineers. I have my sources from the Military itself. You are the one who fueled the lies that the oppositionists spread. You make charges of corruption yet cannot mention any names of your accused corrupt offiicials. Weren't Garcia being tried already?

Bolahin mo lelang mo. It is as if the credentials and previous assignments of the Oakwood mutiny leaders are not public knowledge. Me pa you have sources in military itself ka pa. In the height of the Oakwood mutiny, ABS-CBN ran their previous feature of Mindanao soldiers and they featured no less than Capt. Nicanor Faeldon. The Feliciano report, a public document, states that the officers and soldiers, traveled from Mindanao to Manila via plane and the Super Ferry. The Feliciano commission, a body created by GMA herself, found the accusations of the Oakwood mutineers about corruption in the military to have basis in fact. The commission provided recommendations that were largely not acted upon by GMA kaya patuloy and kalokohan sa paggamit ng pondo ng AFP. Moreover, GMA did not follow the surrender agreements with the Magdalo group kaya isa isa na silang tumatakas upang labanan ulit si GMA. Sige magimbento ka pa ng maraming kasinungalingan.

Capt. Nicanor Faeldon was born in Batanes province on July 29, 1965. He graduated from the National University in Manila with a Bachelor in Arts degree, major in political science.

He started his military career in June 1989 as a 3rd Class Trainee at the Naval Construction Brigade, Philippine Navy. He was called into active duty at the Philippine Marines in 1992.

Since then he has been awarded a Gold Cross medal, three military merit medals, five military commendation medal, a wounded personnel medal, and Mindanao, Visayas and Luzon campaign medals.

He is one of the alleged six leaders of a group of young officers and soldiers who took over an exclusive hotel in Makati City in July 2003. Jailed since July 2003, he left detention in December 14, 2005, vowing to join the fight for a more credible government.

Our media is a little out of whack. I hope Maria Ressa's influence in ABS will be enough to reverse the tide of incompetence.

So now, you like the oppositionists, are using the oakwood mutineers as a tool to bring down GMA since you're lies and orchestrated accusations got busted and flushed down the drain.
Admit it, that is your (the oppostionist) expertise, to create further ruckus in order to bring down the government. Evil never wins, get that into your head.

And who are the corrupt military officials? Did the mutineers ever mention any names? What kind of a cause is that?!

FAELDON AND THE OAKWOOD MUTINEERS BROKE THE LAW AND THEY MUST PAY FOR IT. THEY ACTED LIKE A TERRORIST BY HOLDING UP THE APARTMENT DWELLERS AND PLANTING BOMBS. (...And THEY ARE JUST AFRAID TO GO TO MINDANAO).

^^^ wait wait wait... with all due respect ate Sandrin, I think its not good to address everyone, in particular to the mutineers, as the EVIL one.

lets not generalize things here. These matters are not that simple and we can't just be enthralled by all these facts that the media fed us.

Try to look at this site: http://www.gov.ph/2005YearEnd/2005YearendReportMainText.doc

It is about the accomplishments of the government last year...

^^ I really dont advertise his website but since 'skal was asking for some then I might just give it to him.

Here is it
http://www.pilipino.org.ph/

Thanks Ive seen that, but I wanted any news articles or websites about their background info thats all I needed.

Capt. Nicanor Faeldon was born in Batanes province on July 29, 1965. He graduated from the National University in Manila with a Bachelor in Arts degree, major in political science.

He started his military career in June 1989 as a 3rd Class Trainee at the Naval Construction Brigade, Philippine Navy. He was called into active duty at the Philippine Marines in 1992.

Since then he has been awarded a Gold Cross medal, three military merit medals, five military commendation medal, a wounded personnel medal, and Mindanao, Visayas and Luzon campaign medals.

He is one of the alleged six leaders of a group of young officers and soldiers who took over an exclusive hotel in Makati City in July 2003. Jailed since July 2003, he left detention in December 14, 2005, vowing to join the fight for a more credible government.

Thanx for the info

So four of the detained military mutineers escaped or were allowed to escape?

question ko lang mga peeps, anyone can answer this. what right do we have to speak of the masses if we ourselves (the middle class) are not even from the masses (the suffering masses)? i mean, sure, we sympathize with them, but does it license especially those from the middle class to start revolutions in the name of the suffering masses? incite change in the name of the suffering masses? all those inciting change are not necessarily from the masses (or should i say a broad spectrum of classes), and sadly those that have profited from whatever change were not from them.

i need truthful answers please, not those kind of rethoric we usually hear from either side. pasensya na po kung medyo naparami ang mga tanong. salamat po.
I think all those inciting revolutions coupdetats in the name of the masses are hypocrites. What they really mean is coupdetats for positions and power. Corruption is so entrenced in the PHilippines way of life that it is passed off as pakikisama. The culture of goons and guns is hard to eradicate . A leader has to calculate carefully when introducing reform lest he steps on wrong toes and he will be salvaged. You can't change it overnight like what these people are doing. Careless actions of a few affects the masses though. Look at what happened with Coupdetat of GRingo Honasan ,what resulted years of neg. growth and this was with the administration of Saint Cory .

Well, I couldn't disregard the facts that corruption in the military didnt only happen during GMA's administration because it has always been there before hers. If you remember the Abu Sayyaf crisis back in Erap's administration, there were many unexplainable issues that were not accounted for such as letting those rebels escape when they already had the chance to do so. Gracia Burnham testified that she saw both the military officials and the abu sayyaf reached a deal with regards to the ransom money supposedly paid to get them free.

How about the ROTC issue when a student from UST died because he knew too much about what had been going on around. It is the reason why ROTC was made into option rather than being compulsory

I think all those inciting revolutions coupdetats in the name of the masses are hypocrites. What they really mean is coupdetats for positions and power. Corruption is so entrenced in the PHilippines way of life that it is passed off as pakikisama. The culture of goons and guns is hard to eradicate . A leader has to calculate carefully when introducing reform lest he steps on wrong toes and he will be salvaged. You can't change it overnight like what these people are doing. Careless actions of a few affects the masses though. Look at what happened with Coupdetat of GRingo Honasan ,what resulted years of neg. growth and this was with the administration of Saint Cory .

I understand that what these guys had gone through however, GET REAL! Philippines had gone through many 'peaceful' revolutions and coup d'etat and it didn't work out quite well. Nasaan na ba ang Pilipinas? Nung dinaya ni Tabako si Brenda nun bakit walang mga taong nagreklamo na madumi ang election natin? Nobody went to the streets to clamor for a cleaner election and dramatic system changes and not just change of leadership after that incident? Aba, marami na ang nadaya tapos ngayon lang sila magrereklamo? Corruption in the military, diba lumang tugtugin yan? Panahon pa ni Marcos andyan na yan. We needed to get our acts together, put aside politics and idealism and focus more on prioritizing that is something attainable and real - economic growth and creating jobs. If we wanted Filipinos to stay in the country, then prioritize on education and job creation. Allow periods of uninterrupted growth and time will come when corruption and inefficiencies in the system will wane as well and we should continually remind the government about it. We should not just demand their resignation if they did something wrong but to fight for a better government and not to destroy it. Let's take our ASEAN neighbors as our models.

I would like to hear news when there are a million people in EDSA demanding big electoral structural reforms rather than ousting a president because of cheating allegations.

Last year had been a very tough year. Due to the anxiousness of investors over the Political noise, they became reluctant if they would continue investing their money here. But, a few months before the year ends, investor confidence had revived especially when EVAT was implemented. It had sent strong signal that the government is finally being firm on pursuing economic reforms. Investors became more satisfied when budget deficit had eased up and peso strengthened. By the way, national debt had decreased too.

I can recall that procedures on registration were simplified and the days for the process were reduced. It's called the one-day processing system. The old complaints on the slow procedures which dismays investors waned. Besides other contributing factors, this lead to more expansion projects and attracted new investments. That's why different types of business sectors are recovering (e.g. electronic devices and semi-conductors, even mining industry). The process of getting exploration permits in mining had been simplified and days of processing had reduced too. This year, the economy is off to a good start.

it's true the media should also do their part in refreshing our image internationally!
investors don't like bad news and that also makes filipinos lazy in investing here..
weather forecast nga ng manila di pinalalabas s international news channels that's a simple thing but very degrading! lahat tau ay bibili ng stocks s PSE para mkatulong hehehe

my vote is NO and that explains it all!

I understand that what these guys had gone through however, GET REAL! Philippines had gone through many 'peaceful' revolutions and coup d'etat and it didn't work out quite well. Nasaan na ba ang Pilipinas? Nung dinaya ni Tabako si Brenda nun bakit walang mga taong nagreklamo na madumi ang election natin? Nobody went to the streets to clamor for a cleaner election and dramatic system changes and not just change of leadership after that incident? Aba, marami na ang nadaya tapos ngayon lang sila magrereklamo? Corruption in the military, diba lumang tugtugin yan? Panahon pa ni Marcos andyan na yan. We needed to get our acts together, put aside politics and idealism and focus more on prioritizing that is something attainable and real - economic growth and creating jobs. If we wanted Filipinos to stay in the country, then prioritize on education and job creation. Allow periods of uninterrupted growth and time will come when corruption and inefficiencies in the system will wane as well and we should continually remind the government about it. We should not just demand their resignation if they did something wrong but to fight for a better government and not to destroy it. Let's take our ASEAN neighbors as our models.

I would like to hear news when there are a million people in EDSA demanding big electoral structural reforms rather than ousting a president because of cheating allegations.

It would be something new to see people maturing that way, focusing more on policies and structural reforms rather than on personalities.

For once, politics should take a backstage to economic growth. We should push for the structural changes that will catalyze rather than hinder the progress of our economy and our country in general.

I think all those inciting revolutions coupdetats in the name of the masses are hypocrites. What they really mean is coupdetats for positions and power. Corruption is so entrenced in the PHilippines way of life that it is passed off as pakikisama. The culture of goons and guns is hard to eradicate . A leader has to calculate carefully when introducing reform lest he steps on wrong toes and he will be salvaged. You can't change it overnight like what these people are doing. Careless actions of a few affects the masses though. Look at what happened with Coupdetat of GRingo Honasan ,what resulted years of neg. growth and this was with the administration of Saint Cory .

Leaders should be uncompromising when it comes to the rightness and wrongness of corruption. This is the standard for the leadership we need. Idealist soldiers will do drastic measures for they choose the path of change with tons of risks than to do nothing and be afraid of negative consequences which is basically used by corrupt leaders to shield them from accountability. A president who perpetuates corruption by not taking sides for fear of political and even personal life is not a leader and has no business leading the country out of its current predicament.

I am supportive of the crusade of Capt. Faeldon if only to show that corruption in any form will get response/opposition from Filipinos who are not tolerant of corruption. Capt. Faeldon is just one soldier. But he provides hope for this country. His web site has become popular and has registered more than half a million hits and hundreds of supportive e-mail message. General Esperon is now thinking of shutting it down and conceded Faeldon is becoming more and more popular. Capt. Faeldon chose to fight and my prayers and support are with him.

They’re young but they have apparently gained enough military expertise to outsmart their elder custodians.

This could explain how Army Capt. Nathaniel Rabonza and 1Lts. Sonny Sarmiento, Patricio Bumindang Jr. and Lawrence San Juan staged their walk-in-the-park escape Tuesday night from the supposedly high-security Army detention facility at Fort Bonifacio in Taguig City.

Rabonza’s profile showed that prior to his involvement in the short-lived July 27, 2003 Oakwood mutiny, he was a psychological warfare specialist assigned in the Army’s elite Special Forces.

A 1995 graduate of the Philippine Military Academy (PMA), Rabonza is a close relative of retired Maj. Gen. Glen Rabonza, now the administrator of the National Disaster Coordinating Council, an agency of the Department of National Defense.

San Juan is one of the Army’s counterterrorism experts, having undergone anti-terrorism training here and in the United States.

Before the Oakwood mutiny, San Juan, of PMA Class ’97, was assigned to the Armed Forces of the Philippines (AFP) Light Reaction Company (LRC), a crack anti-terrorism force.

A product of the PMA Cass ’98, Bumindang received training on mechanized and armored warfare here and in the United States.

He was assigned to the Army Light Armor Regiment before the failed Oakwood uprising.

Sarmiento, a classmate of Bumindang, was an expert infantry officer who led many combat missions fighting Muslim rebels in Mindanao.
Sarmiento, whose last assignment was as a company commander at the Army’s 1st Infantry "Tabak" Division based in Pagadian City, sneaked past tight government security to join the failed military uprising.

Their disappearance from the detention facility of the Army’s Headquarters and Headquarters and Support Group (HHSG) at Fort Bonifacio was only discovered during a head count of detainees at about 9 p.m. Tuesday.

"Alam naman nilang mga members the AFP’s elite force ang mga iyan. Bakit nila hinayaan basta-basta ang mga batang iyan (They knew that they were members of the military’s elite force. Why did they guard them so lightly)?" asked one senior military officer.

Army investigators have yet to determine the exact time the four left their supposedly well-guarded cells undiscovered.

There was speculation that the four had been able to establish outside contacts who aided in their escape.

Prior to their disappearance, the four young officers protested their unauthorized transfer to a maximum-security facility, also located inside the HHSG compound.

Army chief Lt. Gen. Hermogenes Esperon Jr. earlier said the four were being transferred following reports that they were planning an escape.

But Esperon’s explanation failed to convince some in the military, claiming that the explanation was rather unusual for an army chief.

"He should know better than that. Kung mayroon report na planong pagtakas ang apat, bakit nakalusot pa? Dapat guardiyado na kaagad (If there was a report that they were planning to escape, how did they get away with it? They should have been closely watched immediately)," one officer wondered.

After the escape, security at Fort Bonifacio was immediately raised to its highest level. Even reporters were initially barred entry to the Army’s public information office.

Maj. Bartolome Bacarro, Army spokesman, also announced yesterday that security at the Army’s detention facility had been doubled.

Visits to Magdalo soldiers detained there were temporarily cancelled.

Prior to the escape of their colleagues, visitors of the detained soldiers, including Army Captains Milo Maestrecampo and Gerardo Gambala, two of the six key leaders of the failed military uprising, were given free access.

Gambala and Maestrecampo were transferred to the Army detention facility where they are free to receive visitors as part of a deal made with the government.

They were previously detained at the detention facility of the Intelligence Service of the Armed Forces of the Philippines (ISAFP) at Camp Aguinaldo where visits are only open to relatives and on a limited basis.

"Doon sa Philippine Army (PA) puwede silang tumanggap ng bisita kahit sino. Maluwag doon (They can receive visitors at the Philippine Army facility. There are less restrictions there)," a military source said. — Jaime Laude

That's funny , I tried to go to his website and send him an Email stating what they're doing is wrong! but it would not accept my email. I think just because it gets lots of hits does not mean they support his mutiny people are just probably curious.
I know this is being fueled and backed up by the opposition again, since the economy is showing steam ,they have to find a way to derail it again.
These mutineers are making us a banana republic. It goes to show a total disrespect of law and order , just with everything Traffic, garbage disposal. GMA has to be tougher to teach offenders a lesson. We must the most unruly people of ASia.

I wonder where they really are now???

News reported that not even one of them has contacted their lawyers or even family... :eek2:

^I heard in the news that someones dangling the idea they've been salvaged. It's not farfetched that lacson would pull something like that and portray it as the administration's fault.
Or they really know they broke the law so they're hiding like chickenheads in asses. It so easy for criminals to become fugitives in this country and never be found again. I think they're still looking for that one guy who killed so so who is still on the run..

Leaders should be uncompromising when it comes to the rightness and wrongness of corruption. This is the standard for the leadership we need. Idealist soldiers will do drastic measures for they choose the path of change with tons of risks than to do nothing and be afraid of negative consequences which is basically used by corrupt leaders to shield them from accountability. A president who perpetuates corruption by not taking sides for fear of political and even personal life is not a leader and has no business leading the country out of its current predicament.

I am supportive of the crusade of Capt. Faeldon if only to show that corruption in any form will get response/opposition from Filipinos who are not tolerant of corruption. Capt. Faeldon is just one soldier. But he provides hope for this country. His web site has become popular and has registered more than half a million hits and hundreds of supportive e-mail message. General Esperon is now thinking of shutting it down and conceded Faeldon is becoming more and more popular. Capt. Faeldon chose to fight and my prayers and support are with him.

Impressive but not impressive enough. I went to pilipino.org.ph and I could still hear the echo of the same old cry Honasan did more than 10 years ago.

The Filipino people had been fighting for 30 years since Marcos BUT WE BARELY MAKE ANY PROGRESS OR EVEN CONCERN ABOUT ADDRESSING THE REAL ISSUES OF WHAT WE ARE REALLY FIGHTING FOR. Three People power passed and couple of coup attempts but NOTHING HAPPENED. Honasan, considered a rebel during Cory's administration even won in the senate. We never had in history when a million gazillion people gathered in EDSA to fight for passing necessary laws with regards to its enforcement, corruption, education, agriculture, budget issues, tax leaks and revenue problems, and other issues that could affect the country ON A LONG TERM BASIS but instead about ousting leaders and officials being replaced of the same kind perpetuated by the same rotten system. Remember that we are a democratic institution and democracy requires a huge amount of responsibility among the citizens to ensure that it truly works for the benefit of everybody.

and why only in the Phils. do we have surveys everyweek on the pulse of the People. Can things really change in a week's timespan. Are the people that fickle that they'll change their mind every week. It seems like these surveys are being rammed on people's throat.

That's funny , I tried to go to his website and send him an Email stating what they're doing is wrong! but it would not accept my email. I think just because it gets lots of hits does not mean they support his mutiny people are just probably curious.
I know this is being fueled and backed up by the opposition again, since the economy is showing steam ,they have to find a way to derail it again.
These mutineers are making us a banana republic. It goes to show a total disrespect of law and order , just with everything Traffic, garbage disposal. GMA has to be tougher to teach offenders a lesson. We must the most unruly people of ASia.

I agree, those responsible for the escape of the mutineers must face the full force of the law...including their politician handlers.

These soldiers should be taught that what they are doing is wrong, regardless of the purity of their intentions...though I DOUBT VERY MUCH that their intentions are that idealistic.

Yes, you are right about people just being curious about that website, but it doesn't mean they support his mutiny. I think people would rather support a government that they can criticize freely than one which would, in all likelihood, turn out to be oppressive.

Philippines on ING list of top 3 investment sites in 2006

Doris C. Dumlao
Inquirer

THE Philippines has been picked by the giant Dutch financial firm ING Investment Management as among the top three attractive investment sites in 2006, along with Taiwan and Hong Kong.

Top officials of ING, giving an "overweight" view on Philippine equities and fixed income markets, said Friday that the tide had turned favorably, especially with recent progress in government financial reforms that could lead to a "stable" credit rating outlook by major credit rating agencies soon.

"More and more investors are getting comfortable with Philippine risk," said ING's chief investment officer in the Philippines, Paul Joseph Garcia.

Political uncertainties and high global oil prices, however, were cited as the key risks to this rosy outlook.

Hong Kong-based Nicholas Toovery, ING's regional head of equity, said a diversified portfolio was always advisable. However, he said, if the list were narrowed to only three countries as top investment picks, Taiwan, Hong Kong and the Philippines would be "at the top of the list."

Garcia noted that the Philippine stock market had been a laggard as compared with other markets and offered a lot of upside potential.

"This is going to be the fourth year when the Phisix [Philippine Stock Index] has performed higher than the previous year," he said. "It would be the first time in more than two decades that the Phisix would be moving upward for fourth consecutive years, and for me that's a good feat."

Unlike other equity markets in the region, some of which are trading at their record highs, Garcia said the Philippine stock market had a long way to go back to the all-time high of 3,300 in 1996.

From an average return of 15 percent last year, returns on Philippine equities can hit 20 percent this year and asset valuation is still cheap, Garcia said. ING also expects the Phisix to test 2,500 in the next 12 months, he said.

"The sectors we're looking at are cyclical sectors like properties, banks and utilities. Mining continues to be speculative but we're looking at it on a medium- to long-term basis," he said.

Garcia said, "Political uncertainty will of course dampen market sentiment, but if you look at last year's performance, investors have basically moved ahead and looked beyond politics and looked at underlying macroeconomic fundamentals as far as the fixed income and equity markets are concerned."

ING forecasts that Philippine bonds will continue to do well but not as spectacularly as in 2005, when fixed-income assets outperformed equities.

"Equities will outperform bonds this year," Garcia said. "Equity risk premium has declined for the Philippines as seen in lower interest rate, stable currency and stable earnings."

The return on peso bonds last year was close to 19 percent, following a reduction in bond issuances. Now that much of the positive news on government finances has been priced in, ING expects bond yields to decline to a net of 8-10 percent after tax.

Timothy Matson, ING regional head of fixed-income securities, said while ING was giving an "underweight" recommendation for fixed-income securities globally, the view on the Philippines remained "overweight."

"Credit spreads are extremely tight right now so companies can borrow at a very good rate but it's not good for the bond investor. But we think rates may go higher in Asian bonds as more issuers are coming in particularly in the higher yield market," Matson said. With INQ7.net

^^double post..I posted this in Good News thread already....

Leaders should be uncompromising when it comes to the rightness and wrongness of corruption. This is the standard for the leadership we need. Idealist soldiers will do drastic measures for they choose the path of change with tons of risks than to do nothing and be afraid of negative consequences which is basically used by corrupt leaders to shield them from accountability. A president who perpetuates corruption by not taking sides for fear of political and even personal life is not a leader and has no business leading the country out of its current predicament.

I am supportive of the crusade of Capt. Faeldon if only to show that corruption in any form will get response/opposition from Filipinos who are not tolerant of corruption. Capt. Faeldon is just one soldier. But he provides hope for this country. His web site has become popular and has registered more than half a million hits and hundreds of supportive e-mail message. General Esperon is now thinking of shutting it down and conceded Faeldon is becoming more and more popular. Capt. Faeldon chose to fight and my prayers and support are with him.

the world's greatest leaders were not goody two shoes,.. ther were strong persons,.. who did what they had to do for the better interest of the people ... not morality ideology regarding corruption... if you want an uncompromising leader regarding corruption,.. you'll have to vote for the eater bunny as president cause you won't find one.... Saints can't run nations... None of our presidents were pure,.. nor any other world leader... past or present

the world's greatest leaders were not goody two shoes,.. ther were strong persons,.. who did what they had to do for the better interest of the people ... not morality ideology regarding corruption... if you want an uncompromising leader regarding corruption,.. you'll have to vote for the eater bunny as president cause you won't find one.... Saints can't run nations... None of our presidents were pure,.. nor any other world leader... past or present

I can't think of any situation or occasion where corruption becomes necessary to serve the interest of the people. Or how in the world can corruption make leaders become strong persons. If corrupt leaders have ruled our country, the only reason is because the citizenry allowed them to be corrupt and get away with it. Now I am hearing that being corrupt is necessary to be good leaders - puke. I never thought that corruption has gone that deep in the Filipinos' veins that one can even make this kind of twisted reasoning. If you think there is no Filipino or Filipino leader that is uncompromising against corruption, it is very likely that you are not.

No because she's so cute! hehehe. I love a lame duck president!


Nang-iinis ba?

Who's corrupt?