no no no no
for the reasons the the "no" voters have given.

Tootsjap, i can finally call you a destabilizer and a radical. You have just shown me that you will support a military coup against the government and favor a dictatorship in replace of a democratic government. You cannot fight chaos with chaos. A coup d'etat is not the answer and if you think it is then you have lost all credibility in my eyes. Do you honestly think that corruption will come to an instant halt after a coup d'etat and the struggling Filipino will instantly climb to the level of the middle class? Someone needs to pour cold water on you.

Erik dela Cruz
Agence France-Presse with XFN-Asia

(2ND UPDATE) HIGHER revenues and cost-cutting measures allowed the government to trim its 2005 budget deficit to 146.5 billion pesos, Finance Secretary Margarito Teves said Monday.

The figure was much lower than the official target of 180 billion pesos and an actual deficit of 187.1 billion pesos in 2004, he told a news conference.

Manila's revenues rose to 795.7 billion pesos, more than the target of 783.2 billion pesos.

President Gloria Macapagal-Arroyo's government, which got Congress to pass several key tax laws over the past two years, spent 942.2 billion pesos, less than the official 2005 goal of 963.2 billion pesos.

Teves said the government is keeping its budget deficit target of 125 billion pesos this year, which it intends to achieve primarily through a two-percentage point increase in the value-added tax (VAT) rate come Feb 1.

It is also hopeful that credit rating agencies will recognize the improvement in its fiscal performance and raise their credit ratings or their outlook on the Philippines, Teves said.

Manila's sovereign rating is a few steps into junk bond territory after suffering downgrades from Moody's Investors Service and Standard and Poor's in early 2005.

"We're hoping that this development will translate into a more favorable rating...ranging from a favorable outlook but better still a favorable credit rating," Teves said in a press briefing.

For the month of December, the government's budget deficit came in higher than programmed at 23.7 billion pesos compared to last month's target of 19.5 billion pesos.

Revenues in December were lower-than-forecast at 62 billion pesos, while expenses came in higher than target at 85.7 billion.

In terms of revenue sources, the Bureau of Internal Revenue continued to be the government's main source of income with total revenues of 534.5 billion pesos, which was below last year's goal of 546.9 billion. The Bureau of Customs came in second with revenues of 141.7 billion pesos against the target of 151.2 billion.

The Bureau of Treasury contributed higher-than-expected revenue of 70.6 billion pesos, while other offices brought in 48.9 billion pesos into the government's coffers.

Meanwhile, Teves said the government will go ahead with its plan to impose a two percentage point increase in the VAT to 12 percent come Feb 1, despite improvements in its fiscal performance.

"The increase will help us generate 36 billion pesos [a year], which will go a long way in reducing our deficit as well as providing funds for social services and infrastructure projects," Teves said.

Under the law, Arroyo can raise the VAT rate to 12 percent from the existing 10 percent when either the government deficit exceeds 1.5 percent of GDP or when VAT collections as a percentage of GDP are more than 2.8 percent.

Teves said data that will support raising the VAT to 12 percent will have been completed by the end of this month.

(1 dollar = 52.86 pesos)

Originally posted at 12:46 pm

Copyright 2006 Agence France-Presse , Xinhua Financial News Service-Asia. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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.

That's not my point... for crying out loud...
I meant rulers did what they had to do.... not because it's good or bad , but because it was necessary,... check the world history name one ruler who who was squeeky clean... ... like I said the real life is not black and white...

and no to coup...

if history teaches us one thing, is that every revolution carries with it, the seeds of it's own destruction,.. and nations forged by blood will end in blood...

if history teaches us one thing, is that every revolution carries with it, the seeds of it's own destruction,.. and nations forged by blood will end in blood...

Very profound Kyle! :okay:

and no to coup...

if history teaches us one thing, is that every revolution carries with it, the seeds of it's own destruction,.. and nations forged by blood will end in blood...


i don't think a coup will happen soon, if ever it will. the military has expressed their support in the current administration and will remain true to their duties of serving the people and the country.

the military is committed to their duties and responsibilities. they will remain non-partisan, but pro constitution and pro-people.

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.

Take a look on Mao Zedong and Deng Xiaoping of China. They were idealists but what happened to them now? What happened to China? Were they 'corrupted' because they opened up their economy and become capitalist although it is against their ideology and morality that capitalism is evil? Can you say that they were very corrupt leaders? Look at Vietnam. After the Vietnam war, how come their current leaders are very corrupt yet their growth rates are impressive and they have more tourist arrivals than us? What about the president of North Korea, Kim Jong Il? Take a look on his biography: http://en.wikipedia.org/wiki/Kim_Jong_Il Are you supposed to tell us now that their government is free of corruption? Remember they seized their old governments for the same reason.

Very profound Kyle! :okay:

yeah... :colgate: but true none the less...

I read that line before. Whose quote was that?

^^ mine...

Shares ended slightly higher Thursday, the index closing at 5.32 points to 2,117.81. The All-Shares Market also closed higher by 1.38 points to 1,294.12.

Most of the subindicators reflected this upward movement except for the industrial and holding firms, which closed in the red. The holding firms was the biggest loser, down by 19.94 points, while services was the biggest gainer, up by 14.04 points.

Trade volume was pegged at 2,37 billion shares worth 1.12 billion pesos. Decliners beat advancers, 43 against 38, with 57 issues unchanged.

At the foreign exchange market, the local currency was trading stronger at 52.412 pesos against the US dollar as compared to yesterday's close of 52.460 pesos.

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.


yes, that's the key: balance. we have to give as much attention to the positive as we do the negative, if not more.

when it comes to our media, even Brian Lane of the JFCCP says potential investors are not likely to want to invest in the Philippines if they constantly read negative media reports.

we could take that as a challenge. as we work on "teaching" our media more balanced reporting, we are at the same time helping our economy.

Tootsjap, i can finally call you a destabilizer and a radical. You have just shown me that you will support a military coup against the government and favor a dictatorship in replace of a democratic government. You cannot fight chaos with chaos. A coup d'etat is not the answer and if you think it is then you have lost all credibility in my eyes. Do you honestly think that corruption will come to an instant halt after a coup d'etat and the struggling Filipino will instantly climb to the level of the middle class? Someone needs to pour cold water on you.

The mutineers and their handlers are trying to precondition the public into accepting the idea of a coup d'etat and the establishment of a military junta. We must do what we can to combat there influence among our guillible fellow Filipinos. A military junta will not promote democracy, but on the contrary will totally obliterate it and promote only the interests of the junta's proponents.

It's good that businessmen have learned to ignore the political noise and focus on the sound fundamentals of our economy.

The press should do its part to alter the negative perceptions about the country. After all, it's the whole nation that will benefit from this.

Oh the gullible public. sigh

PDI is not happy though...

Editorial : Deficit in candor
Editor's Note: Published on Page A10 of the January 26, 2006 issue of the Philippine Daily Inquirer

THE good news is that the national government was able to hold down the budget deficit to only P146.5 billion in 2005. It had expected the deficit to reach P180 billion but it succeeded in cutting the amount down by 21.7 percent. The immediate result of the announcement made on Monday was a sharp fall in the cost of government long-term borrowings, with the interest rate on 25-year bonds going down by 1.25 percentage points from July last year to 11.25 percent. Anticipation of an improved fiscal condition had boosted business confidence in the economy earlier and contributed to the vigorous rally of the stock market. Government economic managers now see a quick fiscal turnaround, with Finance Secretary Margarito Teves predicting an upgrade in the country's international credit rating, which would bring further down interest rates on government loans and sustain the momentum toward balancing the budget.

Such rosy expectations may rest on shaky foundations, however. The bad news is that the deficit narrowed because of expenditure cuts rather than rising revenues, which means vital social services and capital expenditures had to be given up to paint a better fiscal picture. The Department of Finance reported that the Bureau of Internal Revenue (BIR) was P12.4 billion short of its target collection of P546.9 billion last year, while the Bureau of Customs (BOC) had a shortfall of P9.5 billion against its target collection of P151.2 billion.

Even as the Gloria Macapagal-Arroyo administration talked about fiscal reforms, the BOC managed to reverse last year the trend of rising customs collections established during the term of Commissioner Antonio Bernardo. And just as ominously, the BIR failed to achieve its collection target despite the adoption of several revenue-enhancing measures during the year, notably the so-called sin tax law. While the government expected to raise P7.5 billion in additional revenues from the sin tax, the actual increase was only P2.09 billion for the whole year. The finance department explained that the drop in collections was due to a decline in the production of cigarettes and alcoholic beverages, as manufacturers raised their production the year before to avoid payment of higher tax rates.

Granted that this is a valid explanation, it still puts in question the government's ability to make accurate revenue projections. And given such an inauspicious beginning, how sure is the administration that it can collect the promised P100 billion or more in additional revenues from the expanded value-added tax and other new tax measures?

Considering how revenue estimates appear to have been bloated and considering the dismal failure of the collection agencies to deliver on their targets, how can the budget be balanced in 2008 or even 2010?

Of course, the administration could always scrimp. But how much farther can the budget be trimmed realistically?

Besides, cost cutting seems farthest from the mind of President Arroyo as she continues to fight for political survival. After a year that saw their pork barrel allocations cut by 40 percent, our legislators are now happily looking forward to seeing them restored to their former fat amounts: P200 million for every senator and P65 million for every congressman. Only this week, the President certified as urgent a bill that allocates P13 billion for increases in the salaries of government workers. And weeks before Teves disclosed the actual budget deficit, Ms Arroyo was already announcing a P35-billion food subsidy program to keep the price of rice at P18 a kilo and noodles at P4.50 per packet. "This is dedicated to the poor communities," she explained.

It was not merely a coincidence that the amount she ordered allocated for the purpose matched the estimated reduction in the budget deficit. Her order was to tap this as the source for the dole, saying this presented "savings" from the 2005 budget. (If some people wonder how anyone could save money that wasn't there in the first place, it's probably because they are not economists like the President.)

Thus, if the President's wishes are followed, the deficit would be what it was projected to be in the 2005 budget. So where is the improvement in the way government manages its finances? And what is the basis for the upbeat mood of many in both government and business?

^^ These people needs to see SSC so they can have a fair judgement of whats been going on.

Philippine GDP 1958-2003 (I added the 2004-05 GDP)

GDP VOLUME 1985 Prices [ IFS code : 99B.P ]
Philippines
Units: Billions of National Currency (1E-09)
From: National Accounts
ES Source: International Financial Statistics
Year , 1958 to 2003 , Percent Change

Gloria Macapagal-Arroyo
2005 , 1214.556 , 4.7%(2005 est.)
2004 , 1160.034 , 6.1%
1 , 2003 , 1093.340 , 4.9%
2 , 2002 , 1042.110 , 5.5%
3 , 2001 , 987.433 , 3.4%

Joseph Ejercito Estrada
4 , 2000 , 954.962 , 4.0%
5 , 1999 , 918.160 , 3.4%
6 , 1998 , 888.000 , -0.6%

Fidel V. Ramos
7 , 1997 , 893.151 , 5.2%
8 , 1996 , 849.121 , 5.8%
9 , 1995 , 802.224 , 4.7%
10 , 1994 , 766.368 , 4.4%
11 , 1993 , 734.156 , 2.1%
12 , 1992 , 718.941 , 0.3%

Corazon C. Aquino
13 , 1991 , 716.522 , -0.6%
14 , 1990 , 720.690 , 3.0%
15 , 1989 , 699.448 , 6.2%
16 , 1988 , 658.581 , 6.8%
17 , 1987 , 616.923 , 4.3%
18 , 1986 , 591.423 , 3.4%

Ferdinand E. Marcos
19 , 1985 , 571.883 , -7.3%
20 , 1984 , 616.962 , -7.3%
21 , 1983 , 665.717 , 1.9%
22 , 1982 , 653.467 , 3.6%
23 , 1981 , 630.642 , 3.4%
24 , 1980 , 609.768 , 5.1%
25 , 1979 , 579.909 , 5.6%
26 , 1978 , 548.950 , 5.2%
27 , 1977 , 521.954 , 5.6%
28 , 1976 , 494.265 , 8.8%
29 , 1975 , 454.260 , 5.6%
30 , 1974 , 430.314 , 3.6%
31 , 1973 , 415.529 , 8.9%
32 , 1972 , 381.497 , 5.4%
33 , 1971 , 361.791 , 5.4%
34 , 1970 , 343.162 , 3.8%
35 , 1969 , 330.712 , 4.7%
36 , 1968 , 315.998 , 4.9%
37 , 1967 , 301.107 , 5.3%
38 , 1966 , 285.886 , 4.4%

Diosdado Macapagal
39 , 1965 , 273.769 , 5.3%
40 , 1964 , 260.074 , 3.4%
41 , 1963 , 251.408 , 7.1%
42 , 1962 , 234.828 , 4.8%

Carlos P. Garcia
43 , 1961 , 224.130 , 5.6%
44 , 1960 , 212.211 , 1.4%
45 , 1959 , 209.357 , 6.8%
46 , 1958 , 196.013

Given the GDP above, this would be the average GDP growth per president in the last 50 years...

Gloria Macapagal-Arroyo
4.9

Joseph Ejercito Estrada
2.3

Fidel V. Ramos
3.8

Corazon C. Aquino
3.9

Ferdinand E. Marcos
3.8

Diosdado Macapagal
5.2

Carlos P. Garcia
4.6

^^looks like GMA is second only to her father when it comes to GDP growth! :)

the real effect of this growth can be felt by the masses by the second half of this year. we need not be too impatient. the people should realize that it really takes time for such a development to be felt by the common people. but one thing's for sure, we are going to get there :) all we have to do is hang on for a bit more time. a bit of sacrifice now will bring us a long way.

The mutineers and their handlers are trying to precondition the public into accepting the idea of a coup d'etat and the establishment of a military junta. We must do what we can to combat there influence among our guillible fellow Filipinos. A military junta will not promote democracy, but on the contrary will totally obliterate it and promote only the interests of the junta's proponents.


the people should reject the idea of a coup d'etat. this is just another destabilization tactic. the proponents of this idea know that whether or not there is a real coup plot, heightened talks will adversely affect the administration.

however, continued vigilance from the military and the police authorities is in order to ensure that coup plots do not succeed if ever there are any.

kaya dapat wag magpadala sa mga nanggugulo. Just a few years of stability even with modest growth we will feel the change. Tiis na lang at magtarbaho ng magtarbaho para umasenso.

http://en.wikipedia.org/wiki/Economy_of_the_Philippines
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 = 52.520(January 7, 2006), 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)

if u can see 14.5% nalang ang Agriculture... The rest services and Industry.. We're little by little industrializing.

http://www.aneki.com/asia_richest.html
Richest Countries in Asia
Rank Country GDP - per capita
1 Japan $ 28,200
2 Singapore $ 23,700
3 Brunei $ 18,600
4 Korea, South $ 17,800
5 Palau $ 9,000
6 Malaysia $ 9,000
7 Thailand $ 7,400
8 Turkey $ 6,700
9 Kazakhstan $ 6,300
10 Turkmenistan $ 5,800
11 China $ 5,000
12 Philippines $ 4,600
13 Maldives $ 3,900
14 Sri Lanka $ 3,700
15 Armenia $ 3,500
16 Azerbaijan $ 3,400
17 Indonesia $ 3,200
18 India $ 2,900
19 Vietnam $ 2,500
20 Papua New Guinea $ 2,200

Im pretty proud of this.. at least di pa masyadong malayo ang Thailand satin.

http://www.aneki.com/debt.html
Countries with the highest External National Debt
Rank Country National Debt
Rank Country National Debt
1 Brazil $232,004,000,000
2 Russia $183,601,000,000
3 Mexico $159,959,000,000
4 China $154,599,000,000
5 Indonesia $150,875,000,000
6 Argentina $144,050,000,000
7 South Korea $139,097,000,000
8 Turkey $102,074,000,000
9 India $98,232,000,000
10 Thailand $86,172,000,000

Yehey! hindi tayo kasali sa top10...

http://www.aneki.com/watch_tv.html
Countries with the Biggest TV Watchers
Rank Country Weekly Hours Spent Watching
1 Thailand 22.4
2 Philippines 21
3 Egypt 20.9
4 Turkey 20.2
5 Indonesia 19.7
6 United States 19
7 China (Taiwan) 18.9
8 Brazil 18.4
9 United Kingdom 18
10 Japan 17.9

ito pa

Countries Receiving the most Money from Remittances by Migrants
Rank Country Total Remittances (US dollars)
1 India $10bn
2 Mexico $9.9bn
3 Philippines $6.4bn
4 Morocco $3.3bn
5 Egypt $2.9bn
6 Turkey $2.8bn
7 Lebanon $2.3bn
8 Bangladesh $2.1bn
9 Jordan $2bn
10 Dominican Republic $2bn

ito pa

Countries Receiving the most Money from Remittances by Migrants
Rank Country Total Remittances (US dollars)
1 India $10bn
2 Mexico $9.9bn
3 Philippines $6.4bn
4 Morocco $3.3bn
5 Egypt $2.9bn
6 Turkey $2.8bn
7 Lebanon $2.3bn
8 Bangladesh $2.1bn
9 Jordan $2bn
10 Dominican Republic $2bn

what year is this tigidig ? the philippines got almost $10 bn last year.....

^Yes, so does this mean that we're already the highest? Oh, or maybe the other countries also have a rise in their remittances...

I don,t understand it. The economy grew by only 3.8% in Ramos' time, but they considered it as a significant economic growth? The highest GDP growth he got was just 5.8% compared to Mrs. Arroyo's 6.1%. And she got a higher average of 4.9%! But still, she is the most unpopular president among all post-Marcos chief executives? Ramos also had a problem with legitimacy but, the only difference is Miriam Santiago stopped her protest in the PET.

And BTW I've read in a newspaper that the Philippines is the 13th largest economy in Asia.

what year is this tigidig ? the philippines got almost $10 bn last year.....
yeah that wasnt the updated one
thanks for clearing that up

^Yes, so does this mean that we're already the highest? Oh, or maybe the other countries also have a rise in their remittances...

I don,t understand it. The economy grew by only 3.8% in Ramos' time, but they considered it as a significant economic growth? The highest GDP growth he got was just 5.8% compared to Mrs. Arroyo's 6.1%. And she got a higher average of 4.9%! But still, she is the most unpopular president among all post-Marcos chief executives? Ramos also had a problem with legitimacy but, the only difference is Miriam Santiago stopped her protest in the PET.


Well remember the old addage, of 3 things you can't trust:

Lies, Damned Lies and Statistics

I'd also use GNP figures as GDP does not factor in External parts of the Economy.

Ramos was a turnaround situation, by the time he entered the Philippines was so screwed up specially with the power crisis , the gains he made was quite notable. Not as many people also think he cheated as much as GMA (remember he does not control comelec the way gma does)

Gloria on the other hand was not a turnaround and unseated a democratically elected president on the basis of cleaner government unconstitutionally. The fact that this (her having a clean government) is suspect to most people , plus certain other issues mostly dealing with how she won , peoples expectations are much higher.

The truth ------ Faeldon escaped jail not because of love for country but for the love for a woman! I hope the crab politicians backing him and funding his lost cause will be exposed soon. The crows are calling their names. Isama nyo na si toosjap dyan.I agree with dancethingy.
The mutineers acted like a terrorist. And those who support the activities of the mutineers should be called terrorist-supporters as well. Hulihin na dapat silang lahat and show no mercy.

Love led to Faeldon’s fall
By Jaime Laude And Jerry Botial
The Philippine Star 01/29/2006

Disguised as a woman, renegade Marine Capt. Nicanor Faeldon was arrested in Malabon late Friday by military intelligence agents who were helped by the scent of his woman.

Faeldon realized — too late — that his girlfriend, Capt. Candelaria Rivas, a military prosecutor with The Judge Advocate General (TJAG) office of the Armed Forces of the Philippines (AFP), was being tailed by military agents, which ultimately led to his arrest.

Agents of the Intelligence Service of the Armed Forces of the Philippine (ISAFP) said they turned to tracking Rivas as the best opportunity for recapturing the elusive Marine officer who had taunted authorities during his 44 days on the run.

One of the ISAFP agents said they learned that Faeldon and Rivas had been lovers — an affair that began with a simple glance while the renegade officer was attending one of his trial hearings inside the courtroom in Makati City over the failed Oakwood mutiny in July 2003.

"Nag umpisa lang yan sa patingin-tingin, tapos nauwi sa kaunting kuwentuhan (It started as a casual glance then casual talk before it developed into a love affair)," one of the officers who had been monitoring the romance said.

Were it not for Rivas, Faeldon might still have remained a fugitive and a threat to national security, the ISAFP officer said.

"The ISAFP was having a hard time in tracking his (Faeldon’s) location, forcing the unit to combine human and technical intelligence in order to get him," an intelligence officer said.

The official said short conversations between the two officers led to a series of visits by Rivas to Faeldon at the ISAFP compound at Camp Aguinaldo where the Marine captain was detained with five other core leaders of the Oakwood mutiny.

The series of visits turned into badminton games and the pair became almost inseparable whenever they would see each other inside the ISAFP compound, he said.

Faeldon reciprocated Rivas’ visits to him at ISAFP by asking, once in a while, for a pass from his military custodians.

"When Faeldon was still in detention at ISAFP, every time he requested a pass, he spent the night with Rivas. The visits were recorded in the ISAFP journal as entered by Faeldon’s security detail," an official said.

One of Faeldon’s security details, Maj. Leo Batan, was also a witness to the relationship. Batan was relieved as commander of the ISAFP’s Intelligence Group (MIG-23) following the renegade officer’s escape last December.

"They became inseparable and because of this, the ISAFP, while doubting that Rivas, being one of the prosecution lawyers, would coddle Faeldon, deployed their agents to tail her just the same," a source from the military added.

The operation initially resulted in an endless waiting game as agents staked out Rivas’ residence at No. 4 Prosperidad St. Barangay Tugatog in Malabon.

It was not until last Friday night that their efforts finally paid off.
‘Like a man’
he fugitive Faeldon allegedly picked up Rivas at the SM North EDSA in Quezon City at around 8 p.m., driving a red Toyota car.

The ISAFP agents, however, could not immediately make the arrest since what they saw was another "woman" fetching Rivas at the shopping mall. So they decided to tail the two further.

To their surprise, the "woman" kissed Rivas on the mouth before they boarded the car.

ISAFP agents also gathered that the same woman had been spotted several times by informants alighting from a tricycle in front of Rivas’ house at certain hours of the night.

"Babae, pero parang wala sa porma, parang lalaki pa rin, (Looks like a woman but not in the way he walks and swaggers, the mannerisms are those of a man)," one of the agents said.

By then, the operatives already had an idea that it was Faeldon in disguise, so they decided to tail the couple further with the assistance of several Malabon policemen in unmarked vehicles.

Faeldon apparently sensed that he was being followed and tried to shake off his followers, a ISAFP agent claimed.

A traffic jam along Sisa Road in Barangay Acacia gave the ISAFP agents and Malabon police an opportunity to catch up and eventually arrest the two.

A Malabon police official added that Faeldon did not resist arrest when he was confronted by the lawmen.

Faeldon initially pleaded to the ISAFP operatives led by Lt. Col. Magno Tabo not to arrest him, invoking his duty and love of the country.

"Huwag na lang mga, pare. Para sa bayan naman ito (Please don’t arrest me, what I am doing now is for the good of the country)," one of the ISAFP agents quoting Faeldon as telling them.

However, Tabo persuaded Faeldon to surrender, also reminding him of their duty and their loyalty to the Constitution and Commander-in-Chief.
Deeper trouble
To debunk insinuations that Rivas had been used by the ISAFP to track down Faeldon, the Armed Forces of the Philippines (AFP) announced it is now readying appropriate charges against her.

AFP spokesman Col. Tristan Kison said Rivas now faces general court-martial proceedings.

Among the possible charges are violations of Articles of War No. 96 and 97, or conduct unbecoming an officer and gentleman and conduct prejudicial to good order and military discipline.

For coddling Faeldon, Rivas could also face charges of violating the military’s Code of Ethical Standard, for having a relationship with a fugitive officer; violations of ethics in the legal profession which could led to her disbarment; and possible charges as an accessory to attempted coup d’état filed against the Magdalo rebel officers, Kison said.

"Our lawyers are looking into this. They are contemplating the appropriate charges," Kison said.

After Faeldon escaped, he taunted authorities by issuing statements urging President Arroyo’s ouster, and posted Internet pictures and video footage showing himself freely moving around military camps across the country and inside the Philippine National Police (PNP) headquarters in Camp Crame, Quezon City.

Four other officers allegedly involved in the 2003 mutiny also escaped in the past weeks and remain at large.

"The arrest was a result of information provided by military personnel and civilians, dispelling reports that Capt. Faeldon and his group enjoy both military and civilian support," Kison said. — With Pete Laude






Faeldon defies ISAFP interrogators

The Philippine Star 01/29/2006

Now back in the custody of the military, Marine Capt. Nicanor Faeldon remained tightlipped yesterday after more than a month on the run in which he dared the government to find him.

Clamming up to military investigators, Faeldon was forced into solitary confinement, hopefully to make him more willing to talk.

"He (Faeldon) is now in jail. Matigas, ayaw pa ring magsalita (He is a tough nut to crack. He still would not talk)," a military intelligence official said.

The official said interrogators from the Intelligence Service of the Armed Forces of the Philippines (ISAFP) had been trying but failed to get Faeldon to recount his "misadventures" during his 44 days as a fugitive.

The ISAFP is also trying to determine who might have financed Faeldon’s call for the overthrow of the government and forceful removal of President Arroyo from office.

Faeldon escaped from military custody on Dec. 14 and was recaptured Friday night while driving a car in Malabon City with Capt. Candelaria Rivas — a prosecution lawyer with The Judge Advocate General (TJAG) office of the AFP.

AFP information office chief Col. Tristan Kison refused to speculate on any possible relationship between the two officers.

But he said Rivas could be charged with being an accessory or conduct unbecoming an officer, undermining "good order and discipline" in the military and violating the legal code of ethics.

Kison said several fake driver’s licenses and identification cards bearing Faeldon’s pictures — with different names — were found in the car during the arrest.

After escaping last December, Faeldon taunted authorities by issuing media statements urging Mrs. Arroyo’s ouster, and by posting Internet pictures and video footage showing him freely moving around inside military camps across the country and the Philippine National Police (PNP) headquarters in Camp Crame, Quezon City amid a nationwide manhunt.

Faeldon even posted a statement on his website challenging the AFP to come after him, saying that no ordinary soldier would turn him in because they were on his side.

"(His) arrest was a result of information provided by military personnel and civilians, dispelling reports that Capt. Faeldon and his group enjoy both military and civilian support," Kison said.

President Arroyo commended the AFP and the ISAFP for the arrest, saying "it demonstrates the strength of the AFP chain of command and its full adherence to the rule of law."

Presidential Spokesman and Press Secretary Ignacio Bunye said Faeldon would be tried fairly.

Malacañang, however, stressed the possibility that Faeldon and the other four fugitive Army officers were being aided and financed by political backers.

"We are confident that the investigations will expose all shadowy cabals and financiers behind the destabilization," Bunye said.

Executive Secretary Eduardo Ermita said it was only a matter of time before the four other fugitives were recaptured.

Ermita also expressed hopes that Faeldon’s arrest would help ease fears of destabilization and coup plots.

Faeldon and the four escaped renegade officers led some 300 of their men in occupying the ritzy Oakwood Premiere Ayala Center in Makati City’s central business district on July 27, 2003.

They rigged the area with bombs, but surrendered peacefully after about 20 hours.

The government said the mutineers’ action was part of a larger coup conspiracy, but the officers said they were only demanding the resignation of President Arroyo and other officials over alleged corruption.
Access denied
After learning of Faeldon’s arrest, lawyer Roel Pulido immediately went to the ISAFP headquarters to confer with his client but was denied entry.

Pulido claimed that an ISAFP officer informed him that Faeldon was not detained inside but "somewhere."

"He (Faeldon) is under ISAFP custody, but he is not here," Pulido quoted the ISAFP official as telling him.

Pulido expressed his fear that Faeldon might have been tortured since he was denied access to counsel during interrogation.

"They (interrogators) can do many things. They can make him confess to many things. There can also be physical and psychological torture," Pulido pointed out.

Rivas was also taken in for questioning and detained for possible complicity.

"Military lawyers are talking to her right now. She has been allowed to see her relatives," another ISAFP official disclosed.

After the two officers were taken in, Rivas reportedly agreed to cooperate with military lawyers.

Even Rivas’ colleagues at TJAG, who were surprised over the developments, proceeded to the ISAFP to see her, the official added.

Sources said ISAFP chief Brig. Gen. Marlu Quevedo is just awaiting a commitment order from the AFP top brass for Rivas.
Damage control
With his capture of Faeldon, lawmakers called for his immediate prosecution and for him to identify those who aided his escape.

Malabon-Navotas Rep. Federico Sandoval II said Rivas should also be charged as an accomplice for violating her duties as a military prosecutor.

"She (Rivas) connived with and hid a fugitive. She should be discharged from the service with Faeldon," Sandoval said.

"So should the others, civilian or not. They must be identified and made to pay under the law," he said.

Sandoval though lauded the military for the capture, saying Faeldon’s arrest "sends a strong signal to these coup plotters within and outside the military that the AFP leadership and our government can thwart and punish them."

Davao City Rep. Vincent Garcia, on the other hand, taunted Faeldon.

"Faeldon had his recapture coming because law enforcers have seriously been pursuing him. Now he knows that law enforcement works. We should give credit to the AFP for relentlessly seeking his arrest despite the skepticism by some sectors," he said.

Garcia noted the military took 44 days to recapture Faeldon.

"This was understandable because the operation was dangerous and complicated," he said.

"It’s good that Faeldon didn’t resist arrest. We are still fuming at how he taunted the government through his website and his court to expedite the resolution of his case," Garcia said.

Bacolod Rep. Monico Puentevella said the military should now zero in on the coup plotters.

"The list could be short. The AFP should concentrate on those personalities and groups that have been calling for the President’s ouster, especially those who do not subscribe to constitutional means to remove her," he said.

Once these personalities are identified, Puentevella said the government must act to freeze their assets and accounts. "Otherwise, they will continue funding not only destabilization but also power grab attempts," he said.

Retired general Salvador Mison, for his part, bewailed the "politicization" of the military and called on active officers with political ambitions to leave the military service and "engage in partisan activities to their hearts’ content."

Mison, chairman of the Philippine Military Academy Alumni Association (PMAAA), claimed adverse reactions to promotions and assignments within the military hierarchy were triggered by political connections.

"The power brokers who arrange undeserved promotions and assignments require compliance to demands even if the means to satisfy these demands are patently unconstitutional and immoral," Mison said at the annual membership meeting of the PMAAA yesterday. — Jaime Laude, Aurea Calica, Delon Porcalla, AP, AFP

Arroyo vows reforms to attract investments
By Aurea Calica
The Philippine Star 01/29/2006

President Arroyo yesterday vowed to maintain her political will in implementing necessary reforms for the country so investors would not shy away from the Philippines.

"People will not invest in the stock market if they don’t see our political will and they don’t see our efforts to revive the economy through the implementation of my fiscal reform measures," the President said during an informal interaction in Concepcion, Iloilo.

The President arrived in Iloilo yesterday and will stay there overnight. Malacañang said this shows that the administration remains unfazed by any threats to the country’s stability.

Mrs. Arroyo said the imposition of the fiscal reform measures contributed a lot to the recent strengthening of the peso despite the political problems hounding the country.

"You see, why does the peso continue to be strong? Because of our fiscal reforms," she said. "Because of the strong peso, the government was able to keep prices stable and the inflation rate much, much lower than expected after the first phase of the reform measures was implemented."

She added the strong peso helped the stock market catch the attention of foreign investors.

Earlier, after turning over 29 Gawad Kalinga housing units to qualified beneficiaries in Concepcion, the President cited the province of Iloilo for being the country’s No. 2 rice producer, next only to Nueva Ecija in Central Luzon.

She said Iloilo benefited from the P500 million she had ordered released to finance irrigation projects nationwide.

The P500-million irrigation program is part of the P35-billion pump-priming fund recently released by the Department of Budget and Management (DBM) for the rural development programs.

Meanwhile, the President also ordered the more aggressive development of the coco-biodiesel industry and other alternative fuels to counteract the rising prices of crude oil in the world market.

To achieve this end, Mrs. arroyo appointed former Iloilo Rep. Oscar Garin as presidential adviser on agriculture. She has asked Garin to focus on agricultural projects that will provide the Philippines with viable and cheap alternatives to imported fossil fuels.

Coco-biodiesel is produced by Chemrez Inc. and some gasoline stations now offer coco-diesel blends as one of their fuel products.

Malacañang earlier raised an alarm over increasing prices of crude oil on the world market, though Congress has yet to enact a law making the sale of coco-biodiesel or ethanol — fuel derived from sugarcane — fuel blends mandatory at all gasoline stations.

Mrs. Arroyo has been saying that the Philippines need to attain energy independence by developing its own alternative fuels.

Mrs. Arroyo had issued Executive Order No. 488 eliminating tariffs on components, parts and accessories for the assembly of vehicles powered by alternative energy to reduce the Philippines’ dependence on imported crude.

Alternative fuel sources under development in the country are: biodiesel, ethanol, compressed natural gas (CNG) and electricity.

Monday, January 30, 2006
Banker expects peso to gain more strength

THE Philippine currency is seen to remain at the P52 to P54 range against the dollar in the first quarter of this year and will have a “strong” chance to reach the P49 level, said a bank executive.

“But that will happen if credit rating agencies will change their outlook of the Philippines from negative to stable,” said Wick Veloso, treasurer and head of global markets of Hong Kong and Shanghai Banking Corp. (HSBC)-Philippines.

HSBC held its first economic briefing with its clients in Cebu last Friday at the Shangri-La’s Mactan Island Resort and Spa.

He said while other credit rating agencies give Philippines an unfavorable credit rating, Fitch Ratings is expected to release its view on the Philippines with a possible change of outlook from negative to stable.

Not wait

“If that happens, the international market players are not going to wait for a credit upgrade. There will be more dollar inflow (portfolio investments) that will really push the currency to appreciate,” he said.

He said the peso appreciated because of the implementation of the Reformed Value-Added Tax (RVAT) Law.

“The Philippines has been considered a country that cannot manage its own debt. With that perception, people refuse to hold their money in pesos. They buy in dollars. With the implementation of RVAT, people’s perspective changed—somebody’s taking care now of the economy,” he said.

The implementation of RVAT last November allowed the market to rally, which resulted in the strengthening of the peso, he said.

The government is able to earn as much as P4.4 billion in savings when the peso appreciates, he added.

Lifeline

“Nobody wants higher taxes. But it seemed the only lifeline for our economy. Just like any malignant disease, you need chemotherapy to kill the bad cells first. RVAT will prevent the country from spiraling down,” he said.

The peso will continue to strengthen if the country’s revenue figures are significantly bigger than its expenditures and the government’s budget deficit is lower than expected after the first quarter this year, he said.

When the country has a low-interest rate environment and a continued pouring in of remittances by overseas Filipino workers (OFWs), the food industry will benefit most, he said.

“The real estate market will show signs of improvement, but not a significant (one),” he said.

He said 61.9 percent of OFWs remittances are sourced from the US; 13.4 percent from Europe; Middle East, 13.2 percent; and Asia, 10.9 percent.

2005 GDP grows 5.1%; better than market forecasts
Posted: 11:01 AM | Jan. 30, 2006
Cecille Yap
Agence France-Presse with XFN-Asia

(2ND UPDATE) THE COUNTRY'S gross domestic product grew at a slower pace of 5.1 percent in 2005 than the 6.0-percent recorded by 2004, hit by weaker farm output and high oil prices, the government said.

It was below the government's target of 5.3 percent but better than the forecasts given by economists from the private sector polled by XFN-Asia, who gave a range of 4.7-5.0 percent.

GDP growth accelerated to 6.1 percent in the last quarter of last year from 5.3 percent in the same quarter in 2004, and from revised growth of 4.5 percent in the third quarter.

Seasonally-adjusted GDP grew 2.7 percent in the fourth quarter from the previous quarter.

The NSCB said brisk remittances from Filipino workers abroad pushed gross national product growth to 5.7 percent, slower than the previous year's growth of 6.2 percent.

"The economy regained the growth momentum that got derailed during the third quarter," said Romulo Virola, secretary-general of the National Statistical Coordination Board (NSCB) said.

"All major sectors contributed positively to the growth of the economy despite the persistent increases in oil and consumer prices and the political turmoil that continued to hound business and government," he added.

President Gloria Macapagal-Arroyo escaped an impeachment trial after her allies in Congress killed an impeachment complaint against her anchored on allegations of poll cheating and corruption.

But the opponents of Arroyo, who remains unpopular based on various polls, still want her ousted.

Virola said the services sector led last year's overall economic growth, with a gain of 6.3 percent, although this was slower than the previous year's growth of 7.1 percent.

Services, with a share of 46.8 percent of total GDP, contributed the most to GDP growth in 2005 with 3.11 percentage points. Leading the sector's growth were trade, finance and transport, communication, and storage

Growth in the industrial sector hit 5.3 percent, little changed from 5.2 percent in 2004, with the sector accounting for 32.6 percent of GDP and contributing 2.1 percentage points to total growth -- its highest during the four quarters of the year.

However, except for mining and quarrying, all industrial subsectors decelerated from the record growths posted during the fourth quarter last year, the NSCB said.

The agriculture, fishery and forestry sector, which accounted for 20.6 percent of total GDP, contributed 0.84 percentage points to total growth. It grew 2.0 percent year, less than half of the previous year's growth of 4.9 percent, owing to bad weather conditions.

The sector employs nearly four in 10 Filipinos.

The government is keeping its GDP growth target for this year at 5.7-6.3 percent, while economists expect full-year growth to come in at 4.7-5.5 percent range. With a report from Agence France-Presse

let's buy stocks at PSE today.. Let's help the market.. Lets help the economy.

^^6.o% in '04...5.1% in 05...

tell me again why GMA is the most unpopular president since Marcos?!!

ayaw nila cguro kay GMA sa kabila ng nagawa nya sa ekonomiya.. for me GMA is the best... Erap the worst president.. next to marcos and cory.

they just hate the person personally... :bash:

im all for that francis xavier. IF the destabilizing bozos relented five years ago we probably would be feeling the effects of a better economy by now.

am curious, how much is it for a couple to live in manila. scenario: owns their condo unit, maintain a car, go out to dinner every night and entertainment (eat in for breakfast and lunch)and movies every other day (doesn't have to be expensive places) and out of town trip once a month?

ayaw nila cguro kay GMA sa kabila ng nagawa nya sa ekonomiya.. for me GMA is the best... Erap the worst president.. next to marcos and cory.

yeah im also wondering about it... I think the biggest problem right now is about her legitimacy... she should clear it out once and for all since that is the only weapon the opposition has got.. :bash:

^^ the search for truth in the allegations of electoral fraud in 2004 should still be pursued. as long as it is fair and within the rule of the law, then let us by all means do so.

am curious, how much is it for a couple to live in manila. scenario: owns their condo unit, maintain a car, go out to dinner every night and entertainment (eat in for breakfast and lunch)and movies every other day (doesn't have to be expensive places) and out of town trip once a month?Rocky,
This is just a SWAG (some wild ass guess) but I'd say 60T/month should be sufficient to cover the monthly overhead expenses (monthly HOA assessment, electricity, water, gas, food, shopping/groceries, maybe 1 maid) provided the couple doesn't have kids. I'm actually moving back to Manila this year so just like you, I wanted to get a good idea how much monthly income I'll need to have to cover a single person's monthly overhead (inclusive of daily living expenses) living in a paid for 80 SQM condo unit in FBGC/Makati and a car. For myself alone, I came up with a conservative estimate of P30-40T/month to cover more or less the same level of activity as your's (you have a wife and "dating" naman for me so hopefully its close enough). I believe sobra-sobra na yun P40T (unless one chooses to live estravagantly) so considering Eastwood/Libis has a more reasonable cost of living, I just used P30T and multiplied it by 2 and came-up with P60T/month. As I've said guess lang to so better pa rin somebody living locally to give a much more accurate figure than I can. Anyway hope this helps. :)

^^ to think that some people wanted to capitalize on his escape and guise it as a heroic act of sorts... only to find out later that it was all for the love of a woman. could it be Faeldon's own version of Helen of Troy? it's a good thing "Candy's" face didn't launch a thousand ships, or a thousand protests at least. hahaha!!!

we Filipinos have to really look at the intentions of those we wanted to "idolize" or idealize lest we forget that they are humans too and that it wouldn't be impossible for them to have their own very personal agenda behind acts that others would want to believe as "patriotic".

our crisis is really political... i think its the media's fault...

yeah im also wondering about it... I think the biggest problem right now is about her legitimacy... she should clear it out once and for all since that is the only weapon the opposition has got.. :bash:

We should show our political maturity to the world by resolving this issue within the parameters of the law.

@ sandrin, reports said he got caught because of Rivas, nowhere in the published reports directly said nor implied that Faeldon escaped to be with Rivas

nasayang lang ang pagka medical technologist marketing ek-ek mo, basahin mo muna ang kina-cut and paste mo bago magdagdag, alam ko na, yun ang sabi ng mga sources mo sa military ha ha ha

edit

easy lang tayo.

balik sa topic, ewan. bahala na sila. hindi naman sa wala akong pakialam sa pilipinas o sa pulitika nito. nagbabasa naman ako ng balita, sinusubukang maging patas sa pag-unawa sa binasang maaaring na-impluwensyahan ng kung sinu-sino. pero siguro sa ngayon magagawa ko lang yung mga bagay na naka-atas sa akin. passive muna sa mga pinaggagawa nila. tutal wala naman siguro akong magagawa talaga para jan (wala munang maliliit na bagay at paraan na ka-korni-han)

hehe. siguro kasi lumang isyu na ito. away lang nila. sabi nga ng iba kahit sino naman anjan talo pa rin tayong lahat. yung asa pwesto lang panalo. kaya nga may mga nagsasabi na yung lesser evil na lang raw ang piliin. hehe. minsan naisip ko parang mas ok pa na hayaan na lang sila maggaguhan. siguro pag nakita nilang wala nang pumapansin tatahimik na lang sila (at sana magtrabaho).

mahirap ang paisa-isang palitan. sabi nga nakakahawa ang sistemang bulok. kaya siguro dapat mas mainam paglipat ng tungkulin sa bawat henerasyon tumitino. at tamang edukasyon lang makakagawa noon para hindi lang maalam ang mga kabataan kundi mulat rin sa mga kaganapan at may malasakit sa bayan. kaya dun siguro dapat magsimula.

matagal tagal itong solusyon pero onting tiis na lang muna siguro sa nakararami. matagal na kasi naipon ang problema. iba pa naman ang panahon ngayon. wala nang nadadaan sa lokohan at simpleng magic tas ok na. kaya nga naman ang laki ng bilib ko sa mga guro na nagtitiyagang gumabay sa mga students na maging aware kahit papaano.

sorry na.

anthony, i like the way you compose your thoughts lalo na sa Filipino. brief and simple sentences, good choice of words; i feel like i'm reading a book or something :okay:

Remittances help Filipino output

Remittances help fuel domestic spending in the Philippines
The Philippine economy slowed in 2005, according to official figures, but was bolstered by a big rise in remittances.
The economy grew 5.1% last year, down from 6% in 2004, but performed at the top end of government forecasts.

But activity picked up strongly in the final quarter of 2005, which enjoyed the strongest growth in eight years.

The eight million Filipinos working abroad sent home $10.8bn (£6.1bn) of their money - known as remittances - in 2005, a 23% rise on 2004.

Coming home

About 10% of Philippine nationals work abroad and their remittances play an increasingly significant role in boosting domestic consumption.

Domestic spending, in turn, accounts for about 70% of total output.

For 2006, the global picture remains supportive

David Cohen, Action Economics

The economy suffered from a weak export climate in 2005, particularly in the crucial electronics sector.

Exports rose just 2.7% in the first eleven months of the year, set against a government target of 10%.

However, conditions for manufacturing continue to improve and GDP rose 2.7% in the last three months of the year, the strongest quarterly performance since 1997.

Experts said prospects for 2006 were generally healthy, notwithstanding fears about a further rise in oil prices.

"For 2006, the global picture remains supportive and there is reason to hope that the Philippines can participate, especially with continued strength in remittances," said David Cohen, director for economic forecasting at Action Economics.

ayaw talaga ng mga kababayan natin na may presidente... simula pa yan ni marcos.

philippines is rich but corrupted. thats why we dont feel it.

latest update of economies:

http://www.cia.gov/cia/publications/factbook/geos/rp.html#Econ

^^The cia factbook doesn't contain all the latest figures.

Accordingly, the number of cellphone users in the Philippines is 15.5 million

The estimated number of cellular phone users in the Philippines is around 30 to 35 million at present.

The unemployment rate as of October 2005 is 7.4% only.

http://www.census.gov.ph/data/pressrelease/2005/lf0504tx.html

We should show our political maturity to the world by resolving this issue within the parameters of the law.
It has been resolved. She is the legitimate presidentcy now people just have to move on and get back to work. The economy won't move if we're caught in a gridlock which has been happening for the last two decades.

^^The cia factbook doesn't contain all the latest figures.

Accordingly, the number of cellphone users in the Philippines is 15.5 million

The estimated number of cellular phone users in the Philippines is around 30 to 35 million at present.

The unemployment rate as of October 2005 is 7.4% only.

http://www.census.gov.ph/data/pressrelease/2005/lf0504tx.html

There are many other things that are not accurate or up-to-date in the CIA factbook. :)
Their advice to US expats staying the in the RP is slightly hysterical...it's so funny. Apparently, Americans should NEVER use any form of transport in the Phils except for taxis!!! Di grabe ang gastos nila LOL

There are many other things that are not accurate or up-to-date in the CIA factbook. :)
Their advice to US expats staying the in the RP is slightly hysterical...it's so funny. Apparently, Americans should NEVER use any form of transport in the Phils except for taxis!!! Di grabe ang gastos nila LOL

Duwag silang mag drive sa atin kasi eh. Sanay sila sa sistema nila dito. Ibig sabihin pati mga LRT sa atin? Kaya magagaling mga drivers sa atin. Sabagay they can afford because they have the means. Mga OA ang mga pucha :lol:

Thanks for the info, 3cr. It's really just for myself, no wife, but it's always good to have extra so I made it for two :) So you're moving back this year?! Lucky you! I plan to stay around here for a few more years.

On another note and for a much much later time, can returning residents use their US based insurance (medicare, etc...) in the Phil? I know people who receive their ss benefits but am not sure about the medical insurance.

BTW, have you visited the new offices of the company that moved from Burlingame to Redwood Shores?



Rocky,
This is just a SWAG (some wild ass guess) but I'd say 60T/month should be sufficient to cover the monthly overhead expenses (monthly HOA assessment, electricity, water, gas, food, shopping/groceries, maybe 1 maid) provided the couple doesn't have kids. I'm actually moving back to Manila this year so just like you, I wanted to get a good idea how much monthly income I'll need to have to cover a single person's monthly overhead (inclusive of daily living expenses) living in a paid for 80 SQM condo unit in FBGC/Makati and a car. For myself alone, I came up with a conservative estimate of P30-40T/month to cover more or less the same level of activity as your's (you have a wife and "dating" naman for me so hopefully its close enough). I believe sobra-sobra na yun P40T (unless one chooses to live estravagantly) so considering Eastwood/Libis has a more reasonable cost of living, I just used P30T and multiplied it by 2 and came-up with P60T/month. As I've said guess lang to so better pa rin somebody living locally to give a much more accurate figure than I can. Anyway hope this helps. :)

Thanks for the info, 3cr. It's really just for myself, no wife, but it's always good to have extra so I made it for two :) So you're moving back this year?! Lucky you! I plan to stay around here for a few more years. So we'll be doing more or less the same thing pala, mauna lang nga ako sa iyo. Actually my going home this year depends on whether the unit will get done by year's end. Any delays on the construction front will also delay my departure but eitherway I'm still going to have to sell my home here as soon as possible before prices start dropping. Oh yeah since I'm going home ahead of you, I should be able to let you know if my estimated SWAG of P30-40T/month income would be enough to cover the kind of lifestyle we've plotted out. :)

On another note and for a much much later time, can returning residents use their US based insurance (medicare, etc...) in the Phil? I know people who receive their ss benefits but am not sure about the medical insurance. No not in the Philippines I believe since Medicare is applicable in the US only. Ewan ko lang if they will make an exception kung emergency and you're out of the country. As for Phil insurance, I still need to talk to my relatives what kind they use over there. All I know my cousin brought his kid to the Hospital in Vegas while on vacation and his Phil Insurance paid for it. Yun nga lang he paid for it here and he got reimbursed in Phil at its peso equivalent. :)

BTW, have you visited the new offices of the company that moved from Burlingame to Redwood Shores? No not yet pa. Baka one of these days if I get invited. Dyahe kasi to show up since I really have no business reason to go there unless I get invited by our mutual family friend. :)

Banker believes peso to hit $1:P49 level

By Minerva BC ******

Cebu City (31 January) -- As the government's economic team tries its best to implement measures that will cushion the impact of the 12% RVAT including wage and non-wage benefits, a bank executive of HSBC-Philippines believes the peso has a strong chance to reach the P49 level within the first quarter of this year.

Wick Veloso, treasurer and head of Global Markets of Hongkong and Shanghai Banking Corp-Philippines, in its first economic briefing with its clients in Cebu said, that for the first quarter of 2006, the peso will remain at the P52-54 range against the dollar but it has a strong indication that it will strengthen towards the P49 level if credit rating agencies change their outlook of the Philippines from negative to stable.

Veloso is optimistic that Fitch Ratings is expected to release its view of the country with a possible change in outlook from negative to stable. "If that happens, the international market players are not going to wait for the credit upgrade. There will be more dollar inflow from investments portfolio that will push the currency to appreciate," the banker said.

With the appreciation of the peso, the government is able to earn as much as P4.4-billion in savings. The implementation of the RVAT in November, he noted, rallied the market that resulted in the strong peso. According to the banker, the Philippines had been perceived to be a country that cannot manage its debt and with that perception, people refuse to hold their money in pesos, they buy in dollars. With the RVAT implementation, the investors changed their perspective about the Philippines--.that somebody is now taking care of the economy.

Veloso added, "nobody wants higher taxes, but it seemed the only lifeline of our economy." He compared the country's situation like any malignant disease that needs chemotherapy to kill the bad cells first. RVAT according to him will prevent the country from spiraling down.

When the country has a low interest rate environment and a continuous pouring in of OFWs' remittances, the food industry will benefit most and the peso will continue to strengthen if the country's revenue figures are significantly bigger than its expenditures and the government's budget deficit is lower than expected after the first quarter of this year, Veloso concluded.

In similar developments, the government said, "there is no reason to worry much about the implementation of the 12% RVAT this February 1; every working Filipino must pay tax as a civic duty of citizenship, make little sacrifices in exchange for a lasting economic reform that will eventually be felt by all."

Philippine GDP 1958-2003 (I added the 2004-05 GDP)

GDP VOLUME 1985 Prices [ IFS code : 99B.P ]
Philippines
Units: Billions of National Currency (1E-09)
From: National Accounts
ES Source: International Financial Statistics
Year , 1958 to 2003 , Percent Change

Gloria Macapagal-Arroyo
2005 , 1214.556 , 4.7%(2005 est.)
2004 , 1160.034 , 6.1%
1 , 2003 , 1093.340 , 4.9%
2 , 2002 , 1042.110 , 5.5%
3 , 2001 , 987.433 , 3.4%

Joseph Ejercito Estrada
4 , 2000 , 954.962 , 4.0%
5 , 1999 , 918.160 , 3.4%
6 , 1998 , 888.000 , -0.6%

Fidel V. Ramos
7 , 1997 , 893.151 , 5.2%
8 , 1996 , 849.121 , 5.8%
9 , 1995 , 802.224 , 4.7%
10 , 1994 , 766.368 , 4.4%
11 , 1993 , 734.156 , 2.1%
12 , 1992 , 718.941 , 0.3%

Corazon C. Aquino
13 , 1991 , 716.522 , -0.6%
14 , 1990 , 720.690 , 3.0%
15 , 1989 , 699.448 , 6.2%
16 , 1988 , 658.581 , 6.8%
17 , 1987 , 616.923 , 4.3%
18 , 1986 , 591.423 , 3.4%

Ferdinand E. Marcos
19 , 1985 , 571.883 , -7.3%
20 , 1984 , 616.962 , -7.3%
21 , 1983 , 665.717 , 1.9%
22 , 1982 , 653.467 , 3.6%
23 , 1981 , 630.642 , 3.4%
24 , 1980 , 609.768 , 5.1%
25 , 1979 , 579.909 , 5.6%
26 , 1978 , 548.950 , 5.2%
27 , 1977 , 521.954 , 5.6%
28 , 1976 , 494.265 , 8.8%
29 , 1975 , 454.260 , 5.6%
30 , 1974 , 430.314 , 3.6%
31 , 1973 , 415.529 , 8.9%
32 , 1972 , 381.497 , 5.4%
33 , 1971 , 361.791 , 5.4%
34 , 1970 , 343.162 , 3.8%
35 , 1969 , 330.712 , 4.7%
36 , 1968 , 315.998 , 4.9%
37 , 1967 , 301.107 , 5.3%
38 , 1966 , 285.886 , 4.4%

Diosdado Macapagal
39 , 1965 , 273.769 , 5.3%
40 , 1964 , 260.074 , 3.4%
41 , 1963 , 251.408 , 7.1%
42 , 1962 , 234.828 , 4.8%

Carlos P. Garcia
43 , 1961 , 224.130 , 5.6%
44 , 1960 , 212.211 , 1.4%
45 , 1959 , 209.357 , 6.8%
46 , 1958 , 196.013


OOPS! I have to chage this now! GDP growth for 2005 is higher at 5.1%! Yahoo! This gives GMA an average of 5% GDP growth anually! I think that she's really a good president. Imagine, different problems, both political and economic (impeachment, garci scandal, never-ending rallies, weak export demand, surging oil prices and terrorism) were thrown to her and yet she still managed to survive! IS she just lucky or what? Never mind those critics who are saying that the people don't feel the effects of these things. In the long run (if we would be able to maintain it), I think, they would feel it. Let's just support her. But that doesn't mean that we would be blind to some mistakes of the government. She only needs support, not blind fanaticism.

OOPS! I have to chage this now! GDP growth for 2005 is higher at 5.1%! Yahoo! This gives GMA an average of 5% GDP growth anually! I think that she's really a good president. Imagine, different problems, both political and economic (impeachment, garci scandal, never-ending rallies, weak export demand, surging oil prices and terrorism) were thrown to her and yet she still managed to survive! IS she just lucky or what? Never mind those critics who are saying that the people don't feel the effects of these things. In the long run (if we would be able to maintain it), I think, they would feel it. Let's just support her. But that doesn't mean that we would be blind to some mistakes of the government. She only needs support, not blind fanaticism.

I agree, support doesn't have to be blind fanaticism. It just means that political rivalries should not be allowed to affect the work to move the economy forward.

The truth ------ Faeldon escaped jail not because of love for country but for the love for a woman! I hope the crab politicians backing him and funding his lost cause will be exposed soon. The crows are calling their names. Isama nyo na si toosjap dyan.I agree with dancethingy.
The mutineers acted like a terrorist. And those who support the activities of the mutineers should be called terrorist-supporters as well. Hulihin na dapat silang lahat and show no mercy.

Sandrin... I know Ms. Rivas personally, and well, did you know that Capt. Faeldon had a wife whos still in contact with him?

and did you know that they already confirm that Rivas is Capt. Faeldon's lawyer and not his girlfriend?

and as far as I know, my uncle is not that thick to submit his life just for this girl whom you referring to as his girlfriend.


BDW,
And did you also know that this judgments really make me sick? :puke:

@ sandrin, reports said he got caught because of Rivas, nowhere in the published reports directly said nor implied that Faeldon escaped to be with Rivas

nasayang lang ang pagka medical technologist marketing ek-ek mo, basahin mo muna ang kina-cut and paste mo bago magdagdag, alam ko na, yun ang sabi ng mga sources mo sa military ha ha ha

so nag-assume ka na naman. I am not a medical technologist and I am only promoting IloIlo as a medical transcription hub, ok.
I used to be a chemical technologist but now working as a researcher for a multinational company. excuse me basahin mo nga how many times dumalaw yun sa bahay ni rivas, you terrorist supporter stuck in a rut. Sige bilisin mo ang pag type at kailangan mo pa yan ma edit, oh may tawag ka pa pala :P

Stupid opposition gits. What is their reason in claiming that GMA should be ousted???
Everything is going smoothly so why oust her???

This thread is all about the leftist and the rightist.

anthony, i like the way you compose your thoughts lalo na sa Filipino. brief and simple sentences, good choice of words; i feel like i'm reading a book or something :okay:

hey tyronne maraming salamat! mas madali kasi sa akin makipagdiskurso sa filipino (though ok naman ako sa ingles) at sumasang-ayon kasi ako sa mga naghihikayat na gawing medium rin ang filipino sa mas seryosong diskurso upang maisulong ang intelektwalisasyon nito. pero off-topic yun. hehe :cheers:

GMA shows a proof that she is a great economist and she's a good president for the country!

^ Maganda ang mungkahi mo.

I read that line before. Whose quote was that?

^^ mine...

No, I definitely read that somewhere before.

Ok, I remember: "If history teaches us anything, it is simply this: every revolution carries within it the seeds of its own destruction. And empires that rise, will one day fall" is a quote from Frank Herburt's "Children of the Dune."

Sandrin... I know Ms. Rivas personally, and well, did you know that Capt. Faeldon had a wife whos still in contact with him?

and did you know that they already confirm that Rivas is Capt. Faeldon's lawyer and not his girlfriend?

and as far as I know, my uncle is not that thick to submit his life just for this girl whom you referring to as his girlfriend.


BDW,
And did you also know that this judgments really make me sick? :puke:

Oh well, the judgments come from a sick person who is a researcher for a multinational company.

^ excuse me, that coming from you - a better be dead person with terrorist tendency....ooops may tawag ka pa, sige balik na sa keyboard at headphone

Parang maganda isa-pelicula ang love story nina tootsjap and sandrin. Ay mali pala! nina Capt. Faeldon and Prosecutor Rivas pala! :fiddle:

Well, we may never know about their relationships. It's like Mike Arroyo and his Vicky Toh and Erap's mistresses. So what's new so far? it's plausible..

well you know Filipinos are notorious for mistresses.

Yeah, just watch American Adobo for examples.

Yeah just look at Mr tito guingona now he's sitting next to JV. Wasn't he the one who delivered the priviledged speech againts erap. HE just lost credibility points there . Strange bedfellows indeed. Before you know it Cory will kiss madam Imelda just to oust GMA.

@3cr mine will be turned over in feb 07, then perhaps it will take me another month to make the place livable. yes please, do let me know how much it takes to live there. i did some experiments during my travels there... just for gas and entertainment, i was spending between 500-1,000 pesos daily.

It's becoming more common for retirees to settle outside of the US, be it americans who settle in central america or immigrants/naturalized citizens who move back to their country of origin... I think the US should allow us to use our benefits we're ever we decide to settle. it should be beneficial to the US since it's cheaper to get medical attention abroad.

No, I definitely read that somewhere before.

Ok, I remember: "If history teaches us anything, it is simply this: every revolution carries within it the seeds of its own destruction. And empires that rise, will one day fall" is a quote from Frank Herburt's "Children of the Dune."

oh coolie..... didn't know that, I've read Dune though,.. I can't find a copy of dune messiah and children of dune.... stupid powerbooks... :bash:

Parang maganda isa-pelicula ang love story nina tootsjap and sandrin. Ay mali pala! nina Capt. Faeldon and Prosecutor Rivas pala! :fiddle:

di ko type ang mukhang manang, buti pa si Capt. Faeldon may pamangkin na maganda, if only for that I would say dapat magtagumpay siya at dumami ang kanyang lahi

P.S. I already figured kaya ate ang tawag sa researcher of a multinational company, eh kasi mukha ngang ate

ewan ko ba sa inyo. ang masasabi ko lang dyan ay i-utooth nyo na lang yan :D

Parang ang init dito sa SSC Phil. :runaway:

^ Maganda ang mungkahi mo.
salamat ate!

easy lang tayo. balik na lang sa mga napupuna lalung lalo na sa thread topic. walang personal attacks.

:weirdo:

di ko type ang mukhang manang, buti pa si Capt. Faeldon may pamangkin na maganda, if only for that I would say dapat magtagumpay siya at dumami ang kanyang lahi

P.S. I already figured kaya ate ang tawag sa researcher of a multinational company, eh kasi mukha ngang ate

Sobra ka @tootsjap. You're no gent at all. Eh ako nga 'Ate' tawag nila but I definitely don't look like no manang. But I don't have to prove that to you. Ikaw nga, pakita mo yung photo mo.

toots, hinayhinay lang.

di ko type ang mukhang manang, buti pa si Capt. Faeldon may pamangkin na maganda, if only for that I would say dapat magtagumpay siya at dumami ang kanyang lahi

P.S. I already figured kaya ate ang tawag sa researcher of a multinational company, eh kasi mukha ngang ate

excuse me yung mukha mo ni hindi mo mai-post dito. siguro sobrang panget. pero hula ko para ma refute mo ako eh magpo-post ka ng decent looking na litrato.

Tootsjap mukha kang U-Toot at sigurado amoy U-toot. Hula ko ang type mo mga PUSIT na kamukha ni Rivas.

^ Sobra! Personalan na. Ayaw kong gatungan. Pero hindi ko ma-help kundi matawa. :lol:

Mamaya, mag-papaguapo pa 'yan si @toots para makapag-post na siya ng pic. Baka naman part siya ng rebel officers/supporters kaya hindi niya ma-post ang picture niya.

Sa ngayon, wala akong kinakampihan ha?

funny thread!

:lol: oh my goodness.

^holey moley!!! :eek2:

omg im so late for this rivalry, he he :lol:

^sana kanina ka pa Tiggie para nagatungan mo. Hehe! :jk:

Seriously though, guys and gals cool it down a bit. This thread might get locked!

ooh a good slug fest evernow and then never hurt anybody. It keeps things from getting dull.
Queen of gatong. he he :D

Rocky,
Wow lapit na. Are you going home to inspect your unit turn-over on Feb.7?
Sure no problem I can let you know the numbers once I'm settled there.
Yes I agree that US citizens who qualify for medicare benefits upon retirement should be able to use it where/when ever they need such services. Pwede naman kasing abonohan muna and then just get reimbursed with proper documentation di ba? Guess we can supplement our medicare benefits with local (Phil.) private health insurance.

^^ boys if you've private health insurance, it should cover your health expenses here. just check your coverage but medicare (isn't this for indigents?)in the US can not be used here.

^^ boys if you've private health insurance, it should cover your health expenses here. just check your coverage but medicare (isn't this for indigents?)in the US can not be used here.

XP use the GNP figures , you'll find they differ and are a more complete gauge of the economy. GDP does not cover remittances.

Sobra ka @tootsjap. You're no gent at all. Eh ako nga 'Ate' tawag nila but I definitely don't look like no manang. But I don't have to prove that to you. Ikaw nga, pakita mo yung photo mo.

Ay naku! Kahit sino malalalag ang pagkagentleman sa lenguwahe ng manang na researcher kuno sa isang multinational company. I take discussions in this forum seriously but I stopped taking the researcher kuno seriously. I would rather engage her in low level exchange like this for pure entertainment value and kasiyahan ng forumers.

Sorry about the Ate thing, I also didn't think you will take that seriously. Pero yung totoong mukhang manang, mukhang serioso. Imagine her, with all her manang traits saying all those expletives that she consistently writes in this forum. :lol:

The more you hate the more you love baka mamaya kayo pang dalawa ang magkatuluyan dyan....hmmmmm :hug:

The more you hate the more you love baka mamaya kayo pang dalawa ang magkatuluyan dyan....hmmmmm :hug:

sa yo na lang, I'm sure kakagat agad ha ha ha

^pakita mo na kasi pics mo para manahimik sila. ipakita mo raw sa kanilang hindi ka daw mukhang utot ;)

ang kulet!

hahahahaha!

^ :lol: Manang Biday ilukat mo man... :fiddle:
Magkakatuluyan kaya... (ala Imelda Papin)

Ay naku! Kahit sino malalalag ang pagkagentleman sa lenguwahe ng manang na researcher kuno sa isang multinational company. I take discussions in this forum seriously but I stopped taking the researcher kuno seriously. I would rather engage her in low level exchange like this for pure entertainment value and kasiyahan ng forumers.

Sorry about the Ate thing, I also didn't think you will take that seriously. Pero yung totoong mukhang manang, mukhang serioso. Imagine her, with all her manang traits saying all those expletives that she consistently writes in this forum. :lol:
Excuse me, I only get serious on political issues stupid. Ikaw pangit ka pa rin at mukhang u-toot. Duh expletive? That coming from someone who admittedly supports terrorist activities, from left and right.
Okay sige na at you need to answer the phone pa. Hopefully, hindi yung ek ek mong kumpanya ang may hawak ng credit card agency ko at mawawala ang tiwala ko sa kanila. Hahahaha, you stuck in a rut, you deserve this kind of conversation stupid na taga Anonas :laugh:

Wow. Exciting pala ang mga nagaganap dito. I should come here (get out of Samahan) more often. Pero, on the other hand, medyo nakaka-stress din.

Happy thoughts, happy thoughts...

okay dito, akala ko wala nang giyera tulad ng city vs. city thread.

At least, nagkakaalaman na sila kung saan sila nagtratrabaho at nakatira.

Getting to know you, getting to know all about you... :fiddle:

sa yo na lang, I'm sure kakagat agad ha ha ha

Oh common U-toot, it's a subtle admission na ikaw ang gustong kumagat kay ncbmandy :laugh:

Pag nagkatuluyan kayo pwede nating kuning ninang si GInang GMA he he

tama na po, children!


hehehehehe 'wag nyo akong awayin ha

You heard it folks! Gustong kagatin ni U-toot si ncbmandy :laugh: mwahahahah

According to Tony Lopez, the columnist, the Gross Domestic Product which is the value of goods and services grew 5.1% in 2005. While the Gross National Products, which is GDP plus the income abroad grew by 5.7% according to NEDA.

I can only imagine what the GDP growth would have been were it not for those stupid rallies and destabilization attempts. Baka nag 6 to 7% pa yan! Hopefully this year is better. Politics in our country really sucks. And I do hope those darn politicians find out about SSC so they can see what real thinking people think!

exactly^ i agree. 7%is not hard to attain if not for the damn political destabilizing zarsuelas year after year. IN fact maybe years ago at the start of Cory;s helm there was a good chance at the time of the asian miracle. But because of damn crab politicians we always miss the boat.

I have a question though. I just read the statistics that XP posted (the one with growth rates from Garcia to Arroyo) and I noticed that we've only had a few years of negative and slow growth. So why is the Philippines so darn poor? All this time, I thought that we had negative growth for like 2 decades! So does that mean that we really need to grow by upwards of 7% for several years? Sorry if my question is simplistic but I'm no economist. :dunno: Hopefully someone can explain it to me :)

It all began in the Marcos era - corruption, insurgencies & terrorist threats, behest loans and debt mismanagement, population explosion, unequal distribution of wealth, low investment, inflation, low rural development, slow infrastructure, deteriorating educational system. All that are intertwined into a knot, vis-a-vis, a cause and effect in itself.
Yet Juan dela Cruz never loses hope as the Philippines is blessed with intangible asset; natural resources and human resources.

We are not really so darn poor. We are not that far behind from our Asian neighbors. The problem with us is wealth distribution . Only a handful of people own the moneys. The big hacienda landowners are againts agrarian reform. the Corrupt politicos don't want the status quo changed, coupled that with high population growth. WE are land of the extremes. Can you imagine the richest lady in the world coming from a third world PHilippines.
I read somewhere that our politicos are the worst in the world. They not only steal billions they take the money outside the PHils. ei. gen garcia hoarding hundreds of thousands of dollars to the US with each trip.
IN indonesia and other SE countries the politicians are patriotic thieves. They invest their stolen loot inside their own country.
Let me add that the other SE asian countries had consecutive high growth years while reducing their population growth. We need to do the same , it's not a problem if the growth is from productive people but pop . growth is coming fr the very poor who are mostly idled. We need to temper our pop. growth. YOu don't need to be a rocket scientist to figure what's wrong and things that need to be done to improve the situation in the PHils. But what i don't get is why these politicos are more interested in pursuing witch hunts and chasing their own tails.

^^i like that term PATRIOTIC THIEVES!!!......

@ Martites, because they have nothing else better to do, because there life is so empty with hardship that they feel the need to creat drama for themselves. All in all, they're all drama queens

I have a question though. I just read the statistics that XP posted (the one with growth rates from Garcia to Arroyo) and I noticed that we've only had a few years of negative and slow growth. So why is the Philippines so darn poor? All this time, I thought that we had negative growth for like 2 decades! So does that mean that we really need to grow by upwards of 7% for several years? Sorry if my question is simplistic but I'm no economist. :dunno: Hopefully someone can explain it to me :)

You can blame the populaton growth of the Philippines and those people who do not pay their fair share of taxes. As population increases, the government has to come up with the money to support the population growth such as more schools, teachers, police, medical care, and other social programs. Where would the government get the money? Most of the growth will come from the poor sector and they do not pay taxes. :sleepy:

Toothsjap, are you related to TJ of this thread http://www.skyscrapercity.com/showthread.php?t=313742

Rocky,
Wow lapit na. Are you going home to inspect your unit turn-over on Feb.7?
Sure no problem I can let you know the numbers once I'm settled there.
Yes I agree that US citizens who qualify for medicare benefits upon retirement should be able to use it where/when ever they need such services. Pwede naman kasing abonohan muna and then just get reimbursed with proper documentation di ba? Guess we can supplement our medicare benefits with local (Phil.) private health insurance.

yup. am planning to go home around March07 for the inspection/turnover/furnishing of the place.

i also have a manila trip coming up in april. i will definitely check it out and some other develpoments near roxas blvd for investment.

Congrats Rocky. Balitaan mo na lang kami with your unit turn-over and furinishing experience. Sana you can take some pics so we'll have an idea how the units look. Good luck as well with your investment unit search. :)

^^ boys if you've private health insurance, it should cover your health expenses here. just check your coverage but medicare (isn't this for indigents?)in the US can not be used here.

i believe medical is for indigents and medicare is for old folks - 3cr and i are far from receiving medicare hehehe. i always hear from old pinoys though who wanted to retire in the phil but couldn't bec of health insurance coverage. since it's becoming more common for people (not only pinoys) to retire outside of the US, i am just surprised that the gov't had not taken the step to provide them the same benefits.

i'll try take pics of eastwood and other developments this coming april. will let you know...

Toothsjap, are you related to TJ of this thread http://www.skyscrapercity.com/showthread.php?t=313742

No. I am not TJ nor am I related to him. But looks like we are on the same side about the Magdalo soldiers.

No. I am not TJ nor am I related to him. But looks like we are on the same side about the Magdalo soldiers.

not really. I'm 100% against military junta though I like Marshall Law because we really need an iron hand in this country because lots of filipino are abusing their freedom. I dont like the Magdalo soldiers, they are just like the bunch of opposition politicians who only thinks of themselves and not the welfare of the entire country.

We have a judicial system and we should use it to air our grievances.

Meron din katotohanan yong mga bintang nila and naniniwala ako don pero sa tingin ko matagal ng yong nangyayari and sana wag naman nila lahat isisi kay PGMA and mali din talaga yong ginawa nila ni Ihostage yong buong Oakwood at magtanim ng mga bomba sa totoo lang na high-blood ako sa mga yon nong napanood ko sa TV Patrol yong mga kalokohan nila.

If I become the President of this country I will gather all the rebellious soldiers, the opposition politicians, the useless partylist representatives, the leftist, the separatists, the abu sayyag and JI, Some of the priests and bishops, Actors'Actress wannabe politician into one island and drop them a nuke.

I think this PGMA should get rid of Gen. Ermita and all the other former generals in her cabinet. I think they contribute to the unpopularity of her administration. The young soldiers' main beef are with them. She finds protection in them but in reality they are corrupt.

Global Analysts Bullish on Philippines: Malacanang

MANILA, Feb 3 Asia Pulse - Philippine Presidential Palace Malacanang said on Friday that contrary to the bleak future and unrest painted by prophets of gloom, the Philippines is actually looking up.

Press Secretary and Presidential Spokesman Ignacio R. Bunye said in a statement that the upbeat view of the country's future is supported by domestic and global analysts who see a faster economic growth and narrower government budget deficit.

The bullish outlook is a signal that the best is yet to come for the Filipino people, he said.

"Domestic and global analysts are all predicting faster economic growth, a narrower government budget deficit, lower inflation and lower interest rates," Bunye said.

The Malacanang official was reacting to reports that the imposition of the Reformed Value Added Tax (R-VAT) will cause more hardships for the people.

Bunye cited a statement by the Philippine Chamber of Commerce and Industry (PCCI), the Philippines' biggest business group, that the two-percent rise in the VAT will produce long term benefits for the economy even if consumers take a hit in the short term because of higher prices.


The PCCI said that the rise in the VAT rate from 10 to 12 per cent will send a strong signal to foreign investors, credit rating agencies and trading partners that the country is serious about improving its economy.

In the latest ranking of permissible investment sites released by the California Public Employes Retirement System (CalPERS), the biggest pension fund in the United States, the Philippines shot past China in the ranking of permissible investment sites.

The Philippines got a score of 2.13, up from last year's 2.00, to move up to 14th place from 18th, well ahead of Malaysia, China, Russia and India.

Meanwhile, Bunye said, the government is doubling its efforts to effectively mitigate the impact of the RVAT. It is also pushing its revenue agencies to clean up and collect more in order to increase the payback of economic reforms to the people in terms of much-needed social programs.

"In the end," Bunye said, "it will be the people who will be the winners



NOTE: An article related to this one's titled,

PHILIPPINES RATED AS "PERMISSIBLE INVESTMENT DESTINATION"

I have a question though. I just read the statistics that XP posted (the one with growth rates from Garcia to Arroyo) and I noticed that we've only had a few years of negative and slow growth. So why is the Philippines so darn poor? All this time, I thought that we had negative growth for like 2 decades! So does that mean that we really need to grow by upwards of 7% for several years? Sorry if my question is simplistic but I'm no economist. :dunno: Hopefully someone can explain it to me :)

eventhough we have those positive growth it was still comparatively low compare to our neighbors where theie growth rates are at double digit growth for the whole decade. These is the reason why Malaysia, Thailand and Indonesia uplifted the lives of their poor people. BTW, the filipino poor who live on less than a dollar a day is only 11% but those who live in less 2dollars a day are 40% based on 2001 statistics.

If I become the President of this country I will gather all the rebellious soldiers, the opposition politicians, the useless partylist representatives, the leftist, the separatists, the abu sayyag and JI, Some of the priests and bishops, Actors'Actress wannabe politician into one island and drop them a nuke.
Although this is quite Hitler-ish, I agree with and would do the same only with some corrections:
ill include the NPA, only religious leaders that have ill-thingies against the country shall be included, all kurakot na kumukurakot ng mas madami sa isang milyon kada linggo. basta lahat ng evil pipol.!

the pres. of the PHils does not have enough power. GMA needs more power to kick everybody's asses in place. With the current system she has to barter and make concessions to appease everyone or else.
Then she needs to put her fat husband in exile.

^^ That makes her weak.

Public sector budget surplus expected in 2008



THE public sector -- composed of the national government, local government units, and government corporations -- is expected to register a budget surplus in 2008, according to projections by the Department of Finance.

The consolidated public sector surplus in 2008 will be equivalent to four percent of the gross domestic product, the projections show.



The projection factors in, among others, additional revenues under a law that has expanded the scope of the value-added tax (VAT) since Nov. 1 and raised the VAT rate from 10 percent to 12 percent starting last Feb. 1.

The finance department estimates additional revenue under the VAT law at P75 billion this year.

The projection of a public sector surplus also takes into account additional revenue under administrative measures to improve collections of the Bureau of Internal Revenue and the Bureau of Customs, and a directive for government corporations to improve their financial performance.

The consolidated public sector deficit (CPSD) reached 4.9 percent of GDP in 2004 and was programmed to go down to 3.5 percent of GDP in 2005.

The CSPD-to-GDP ratio is expected to drop to 2.2 percent this year and to 0.5 percent in 2007 before a surplus-to-GDP ratio of 0.4 percent is achieved in 2008, according to the projections.

Saying the government is on track to meet its financial targets, the Department of Finance hopes the country's credit ratings, or at least the outlook, assigned by credit rating agencies will be upgraded.

At present, the outlook assigned on the Philippines by all three major ratings firms -- Standard & Poor's, Moody's Investors Service, and Fitch Ratings -- is "negative" and all ratings are below investment grade. Michelle Remo, with INQ7.net

http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=02&dd=04&file=3

I have a question though. I just read the statistics that XP posted (the one with growth rates from Garcia to Arroyo) and I noticed that we've only had a few years of negative and slow growth. So why is the Philippines so darn poor? All this time, I thought that we had negative growth for like 2 decades! So does that mean that we really need to grow by upwards of 7% for several years? Sorry if my question is simplistic but I'm no economist. :dunno: Hopefully someone can explain it to me :)

Yes, I'm not an economist but common sense will tell us that 7%-upwards is what the country really needs to make a significant change in the economy. This is actually the same case with our SEA neighbors, especially Thailand (We were actually in the same league with Thailand in terms of economy 15-20 years ago). The only problem is that our economic growth was interuppted by the coup attemps in '87 and '91 natural disasters.
A 4%-6% growth would only mean that we are only maintaining growth. It has little effect in our economy and the lives of our poor countrymen. BUT this does not mean that we have to be disappointed. 5% growth is still an important figure. What we need to do now is to make it better this year. And provide a stable environment for foreign investors and local investors as well. And we also need to at least make our population growth to 1.6%-2% annually. Because we also need to have younger people that will replace the older workers/professionals. We also need to improve our education system to offset the number of Filipino skilled/professional workers going out of the country. Now, we are seeing at least moderate economic growth. I just hope that the government would be able to maintain this (Let's just pray that politicans would stop bickering! If they have a problem, send it to the courts! Stop using the media!).

Marites4 is right, in our SEA neighbors they steal their people's money but they also invest it in their own country. It's a very different case in the Philippines! Our politicans are the worst in the world! It seems that they have no conscience!

Anyway this is just my opinion. I still have to listen to people who have real authority on these matters...

^and yet she is listed 4th on Forbes' Most Powerful Women list.

RP reassures investors amid church anti-mining campaign




PRESIDENT Gloria Macapagal-Arroyo's government on Saturday sought to reassure nervous businessmen in the Philippines that their investments were safe amid an anti-mining campaign by Roman Catholic leaders.
Filipino bishops rattled big business last week when they issued a pastoral letter urging Arroyo to ban mining altogether, alleging that it had failed to lift the conditions of host communities and destroyed the environment.

The local industry association warned that the statement would scare off foreign investors in the predominantly Catholic Philippines and displace two million workers along with some eight million dependents.

"The President supports new investments from responsible mining companies because her administration is both pro-environment and pro-growth," Arroyo spokesman Ignacio Bunye said in a statement.

He was apparently reacting to the headline of the Philippine Daily Inquirer, which quoted an unnamed government official as saying Arroyo planned to
mollify the bishops by suspending the issue of new mining permits.

Arroyo is pinning her hopes on the recent revival of the industry, which expects 2006 turnover of about five billion dollars after being in the doldrums for two decades, to bring jobs and make a dent on widespread poverty.

The government is aiming for 1.5 billion dollars in new mining investments this year and 6.5 billion dollars over the next five years.

"We believe that the mining sector can be a force for good in many areas throughout our country. Responsible mining companies are a catalyst for economic development in some of our most remote parts of the country," Bunye said.

"Their projects provide much-needed employment for tens of thousands of our rural countrymen, tax revenues that support education, health care and other social services, and modern infrastructure that benefits all sectors in our rural economies."

Bunye said the Arroyo government shared the bishops' "concern for a clean, healthy environment" as well as their call to "reduce any negative impact from mining projects.”

He said the government would work hard to ensure that new mining projects met "strict environmental and social impact standards," and that it had been "aggressive in enforcing those standards.”


http://news.inq7.net/breaking/index.php?index=1&story_id=65129

to do what ncbmandy does will indeed be dictatorial, yet if you look around South East Asia strongmen have been very successful economically. You might say but it's not a proper democracy yet those who live there will say "but we're better off than your democracy"

Bishops' anti-mining crusade triggers off development debate
Posted: 2:37 PM | Feb. 05, 2006

AN ANTI-MINING crusade by Roman Catholic bishops has rekindled debate over how best to lift millions of Filipinos out of poverty by using the resources buried beneath their feet.

In issuing a rejection of the resources industry last month, the country's dominant religion called on the government to cancel all concessions and deny all applications, saying mining "destroys life" and causes "evil effects."

Few expect President Gloria Macapagal-Arroyo to make such an abrupt about-face but the comments by the politically influential Catholic Bishops' Conference of the Philippines may chill the investment climate.

Obeying the edict "will essentially signal to all investors, local and foreign, not just in the mining industry, that making an investment in the Philippines is a bad one," warned Benjamin Philip Romualdez, head of the country's Chamber of Mines.

He said this would displace two million industry workers and steal food from the mouths of 10 million Filipinos.

"The bishops' statement on mining is absurd," said Manila-based business consultant Peter Wallace. "It sends all the wrong signals to investors. Those who were sitting on the fence will not be rushing in now."

The Philippines says it has the fifth richest natural endowment of mineral resources -- third in gold, fourth in copper, fifth in nickel, and sixth in chromite deposits -- with a combined value of at least 90 billion dollars.

Just 1.4 percent of the nine million hectares (22.2 million acres) -- a third of Philippine territory -- identified as potentially rich in mineral deposits is covered by mining rights, said Environment and Natural Resources Secretary Michael Defensor.

Arroyo said in 2004 that with China's massive demand for mineral products, mining had the potential to improve lives in the countryside that hosts the greatest number of the 40 percent of Filipinos who live on less than two dollars a day.

Reviving the moribund industry would lead to a "significant boost in jobs and productivity," she said.

Bishop Antonio Ledesma, vice president of the Catholic Bishops Conference of the Philippines, insists the church is also concerned about employment.

But the bishops say mining has failed to raise living standards.

"The promised economic benefits of mining by these transnational corporations are outweighed by the dislocation of communities especially among our indigenous brothers and sisters, the risks to health and livelihood and massive environmental damage," a pastoral letter read.

Although the president felt concerned enough to arrange a late-night meeting with the bishops a day after their statement, her spokesman Ignacio Bunye maintained Manila would not revoke mining concessions.

Romualdez said unilateral revocation without amending the law would amount to breach of contract and require the government to reimburse private firms for their investments.

The church "should not be interfering in economic policy, and the bishops should be more open-minded," economist Bernardo Villegas told Agence France-Presse.

Villegas and Wallace both urged the bishops to visit a modern mine, where they said they would learn about the latest technologies employed to minimize the risk of environmental damage and accidents.

From the wreckage of the metals prices bust in the 1970s, it took the Philippines decades to put in place a regulatory regime that would attract money into the industry, which was notorious for poor practices and slapdash regulation in the past.

A new mining law, described by Romualdez as among the world's strictest in terms of environmental safeguards, was passed in 1995.

But a huge tailings spill at a disused copper mine in the central island of Marinduque the following year and a legal challenge in 1997 caused businessmen to hold back. The Supreme Court finally upheld the law in 2004.

After the launch of 24 priority mining projects, the government expects fresh investments of at least 1.5 billion dollars this year, and 6.5 billion dollars over the next five years.

Environmentalist groups have since taken up two recent mine site accidents at the local unit of Australia's Lafayette Mining, the second foreign-funded project to reach production stage under the new law.

The company was fined 10.7 million pesos (206,000 dollars) last month, an industry record here, for discharging treated tailings which the government ruled exceeded permitted cyanide levels and killed fish in two nearby creeks.

The company paid the fine but disputed the findings.

====================

There is a point when calling the bishops' statement absurd... Indeed, another dilemma.. I think the church is just too conservative and sometimes becoming irrelevant nowadays.. look what happened to our population.. the church has somethin to do with it too.. The most important action I think the government must do is to promote responsible mining.. not to eliminate mining nor to be too open... there must be regulation as any other economic policies. And the church must not be close minded, no wonder they are becoming unpopular these days. :sleepy: duhh

Study: Most Filipinas who had abortion ‘married, Catholic’

First posted 05:04am (Mla time) Feb 04, 2006
Inquirer

A NEW YORK-BASED RESEARCH organization has found out that nine out of ten Filipino women who had an abortion in 2000 were married or in some other form of consensual relationship, and the vast majority of them were Catholics, the Family Planning Organization of the Philippines said yesterday.

Rey Carmelo Remonde, FPOP spokesperson, said these were among the findings of the research done on abortion by the Alan Guttmacher Institute in cooperation with the University of the Philippines Institute on Population from 2002 to 2005.

According to the study, the profile of women who undergo abortion no longer fits the stereotype of the “young girl in trouble” as a result of ill-advised pre-marital sex.

“The majority of women actually having abortions are actually Catholic mothers, who are either married or living with a partner,” FPOP said, quoting the AGI study, which estimated that 473,000 women underwent abortion in 2002.

Remonde said that the 2000 figures were bound to have
increased in time as the USAID has already started phasing out assistance to developing countries in the form of free contraceptives.

Life is full of ironies.

^^ And how is that helpful for this "ECONOMIC" thread? You should post that in the news thread! :)

deleted

What is 6.1% of 383,038,000,000? Then, what is the 5.1% of that number? That would be our total GDP in terms of PPP!

Study: Most Filipinas who had abortion ‘married, Catholic’

First posted 05:04am (Mla time) Feb 04, 2006
Inquirer

A NEW YORK-BASED RESEARCH organization has found out that nine out of ten Filipino women who had an abortion in 2000 were married or in some other form of consensual relationship, and the vast majority of them were Catholics, the Family Planning Organization of the Philippines said yesterday.

Rey Carmelo Remonde, FPOP spokesperson, said these were among the findings of the research done on abortion by the Alan Guttmacher Institute in cooperation with the University of the Philippines Institute on Population from 2002 to 2005.

According to the study, the profile of women who undergo abortion no longer fits the stereotype of the “young girl in trouble” as a result of ill-advised pre-marital sex.

“The majority of women actually having abortions are actually Catholic mothers, who are either married or living with a partner,” FPOP said, quoting the AGI study, which estimated that 473,000 women underwent abortion in 2002.

Remonde said that the 2000 figures were bound to have
increased in time as the USAID has already started phasing out assistance to developing countries in the form of free contraceptives.

Life is full of ironies.

The fact that the vast majority of the women polled are "catholics" is because the vast majority of Filipinas/Filipinos are "catholics", albeit just nominal and not really practicing the Catholic teachings.

I think the Catholic Church has done its part in setting a debate regarding mining. Every development should be scrutinized and i think mining needs that debate and close inspection. It can ruin lives as much as it can help them. I agree with the Catholic church in their apprehension towards these mining projects. Wow, i agree with the Church!

^^
that won't work in the phils cough* marcos cough*

but seriously,... PGMA needs better political moves,.. like the one that she did when she said she wasn't going to run,.. that was pure genius,.. it checkmated the opposition into shutting up and made her look like a martyr,... Ill recommend octavian advising her or Atia....

the pres. of the PHils does not have enough power. GMA needs more power to kick everybody's asses in place. With the current system she has to barter and make concessions to appease everyone or else.
Then she needs to put her fat husband in exile.

actually marites, compared to other republics,... the phil presidency is actually is quite powerful.. constitutionally,... PGMA has more power over the phils than Bush has on the US,...problem is, indirect influence is practiced over the nation,... we have the freeist press,... a wealthy and artista driven oppostion,... medieval age aristocratic prelates, ( sorry lolo jess, titos)... etc.. etc.. etc...

so kyle, you come from a political/aristocrat family?

^^ nah,... lets just say a super catholiscized family.... but ahem* me no sarado katoliko... :colgate:

^ ah. and whats wrong with being super catholicized? I know many Italians, Portuguese, Spanish and French people are like that. They still manage to become economic superpowers. blah.. i dont know what im saying. :lol:

^ I ddnt say it was bad or wrong.... its actually kinda neat,... daw seminaryo kis-a ang balay or simbahan...

^Yeah, cathoilc is kewl! Ganun daw eh!

I think askal is Protestant, my protestant companions despise Catholicism in almost every possible way, that's why I am hurt so much.

I think askal is Protestant, my protestant companions despise Catholicism in almost every possible way, that's why I am hurt so much.

Nope, I just have more liberal views. Im not anti-Catholic but I hate the way they meddle into the affairs of the country hampering economic growth along the process. Mining is not bad as long as there are proper guidelines that are strictly to be followed as well as setting up high environmental standards order to cause the least amount of harm among the people. The church is just too paranoid. No wonder we are having a lot of baby factories churning at a rate of 2.3% a year- one of the highest in Asia because of 'go forth and multiply' popular tagline. :bash:

I think the Catholic Church has done its part in setting a debate regarding mining. Every development should be scrutinized and i think mining needs that debate and close inspection. It can ruin lives as much as it can help them. I agree with the Catholic church in their apprehension towards these mining projects. Wow, i agree with the Church!

The thing is, why are the Catholic bishops meddling in the mining policy of the Philippines? I don't think it is properly within their domain to issue an edict and dictate the policy of this matter. It is an economic issue. While the bishops may argue that mining in the Philippines, does not alleviate poverty, this does not make it a purely moral issue within their realm to dictate upon. It remains largely an economic and socio-political issue within the realm of government. Christ said, "Give to Caesar what is Caesar's."

It is true that the pages of Scripture are filled with God’s concern for the poor and with many exhortations to reach out to those in material need. But I believe that the role of the Church is not to actively intervene in policy-making of this kind but rather to call its members and all the people to care for the poor; to inspire action that will lead to the transformation human hearts so that people might be less materialistic, more generous, and more compassionate.

This nexus between morality and economic life is a constant in Church doctrine. I agree that the production and distribution of wealth ideally should have a moral orientation and obligation to ensure that economic growth is distributed equitably and is guided by principles such as justice and charity.

I agree, for the most part, with social justice issues as areas where application of Christian values can take place but this should be done by moral persuasion through preaching and enlightenment rather than by active intervention through political pressure and harangue.

There is a point when calling the bishops' statement absurd... Indeed, another dilemma.. I think the church is just too conservative and sometimes becoming irrelevant nowadays.. look what happened to our population.. the church has somethin to do with it too.. The most important action I think the government must do is to promote responsible mining.. not to eliminate mining nor to be too open... there must be regulation as any other economic policies. And the church must not be close minded, no wonder they are becoming unpopular these days. :sleepy: duhh

I agree with this @rmb (Ryan).

I don't know. A thought just occurred to me. Look into the investments of Monte De Piedad or the investments of investors banking with Monte De Piedad. It may be revelatory.

The thing is, why are the Catholic bishops meddling in the mining policy of the Philippines? I don't think it is properly within their domain to issue an edict and dictate the policy of this matter. It is an economic issue. While the bishops may argue that mining in the Philippines, does not alleviate poverty, this does not make it a purely moral issue within their realm to dictate upon. It remains largely an economic and socio-political issue within the realm of government. Christ said, "Give to Caesar what is Caesar's."

It is true that the pages of Scripture are filled with God’s concern for the poor and with many exhortations to reach out to those in material need. But I believe that the role of the Church is not to actively intervene in policy-making of this kind but rather to call its members and all the people to care for the poor; to inspire action that will lead to the transformation human hearts so that people might be less materialistic, more generous, and more compassionate.

This nexus between morality and economic life is a constant in Church doctrine. I agree that the production and distribution of wealth ideally should have a moral orientation and obligation to ensure that economic growth is distributed equitably and is guided by principles such as justice and charity.

I agree, for the most part, with social justice issues as areas where application of Christian values can take place but this should be done by moral persuasion through preaching and enlightenment rather than by active intervention through political pressure and harangue.

I think the Church has the right (the responsibility) to voice out what it considers to be unjust, unfair and un-Christian. Having said that, I would agree that some of the views expressed/held by the Church have become obsolete. The problem also lies in it being a virtual political entity and being able to exert influence in all walks (pardon the cliché) of life.

The issuance of a Pastoral Letter/edict and media coverage reeks of political pressure to me. I agree that the Church has become a virtual political entity. There is no denying that world historical events were dictated by religion, but its function has become more and more secular lately instead of administering to the spiritual needs of its members.

The thing is, why are the Catholic bishops meddling in the mining policy of the Philippines? I don't think it is properly within their domain to issue an edict and dictate the policy of this matter. It is an economic issue. While the bishops may argue that mining in the Philippines, does not alleviate poverty, this does not make it a purely moral issue within their realm to dictate upon. It remains largely an economic and socio-political issue within the realm of government. Christ said, "Give to Caesar what is Caesar's."

It is true that the pages of Scripture are filled with God’s concern for the poor and with many exhortations to reach out to those in material need. But I believe that the role of the Church is not to actively intervene in policy-making of this kind but rather to call its members and all the people to care for the poor; to inspire action that will lead to the transformation human hearts so that people might be less materialistic, more generous, and more compassionate.

This nexus between morality and economic life is a constant in Church doctrine. I agree that the production and distribution of wealth ideally should have a moral orientation and obligation to ensure that economic growth is distributed equitably and is guided by principles such as justice and charity.

I agree, for the most part, with social justice issues as areas where application of Christian values can take place but this should be done by moral persuasion through preaching and enlightenment rather than by active intervention through political pressure and harangue.

AMEN...well said Lili

mining does not hav any connection about our religion

ye it does when we move to the second life all our earth body goes in here

^^ :rofl:

Nope, I just have more liberal views. Im not anti-Catholic but I hate the way they meddle into the affairs of the country hampering economic growth along the process. Mining is not bad as long as there are proper guidelines that are strictly to be followed as well as setting up high environmental standards order to cause the least amount of harm among the people. The church is just too paranoid. No wonder we are having a lot of baby factories churning at a rate of 2.3% a year- one of the highest in Asia because of 'go forth and multiply' popular tagline. :bash:

Glad you cleared that out coz I would get hurt again if you were. I do believe that bishops are humans, they can also commit mistakes, after all not a single person on Earth is perfect, but at least they could think twice before deciding and it has been centuries since the Church has been separated from the state, they should just take care of the people's evangelization and religious needs.

^^

the church is too powerful,... though I agree with them on certain issues and am thankful for the things they've done in regard to toppling inept presidents,....

there are just things out of their jurisdiction...,... and since they are given enormous political influence they should take care in how they wield it.

a qoute from shoes of the fishermen " when presidents and kings die the world moves on, but when a pope dies the world stops...."

I think askal is Protestant, my protestant companions despise Catholicism in almost every possible way, that's why I am hurt so much.

practice religious tolerance.....:colgate: ,.. that has always been a policy...
spiritual debate is futile

OH ate lili, always with a poetic response. :)

of course again to be taken with a grain of salt

Victor Agustin
Inquirer

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Published on Page B3 of the February 6, 2006 issue of the Philippine Daily Inquirer

HELICOPTER RIDES are not recommended for senior citizens, and even for healthy young thugs, especially when Davao Mayor Rodrigo Duterte is doing the invite; nevertheless, SEC Chair Fe Barin took one last week to Albay, because her fellow Capampangan, Gloria Macapagal-Arroyo, asked her to.

The Albay trip was ostensibly to help resolve the Lafayette mining crisis, but the President took Barin for the ride to discuss, if the grapevine is to be believed, the slow, steady implosion of the pre-need industry.

What could lend a political dimension to the financial problem is that a cousin of Arroyo husband Mike Arroyo, Carlos "Linggoy" Araneta, is not only a partner in one floundering company, but is being sued by another company where Arroyo's younger brother, Diosdado "Boboy" Macapagal Jr., happens to also be a partner.

Happily, such a political fallout may now be averted, according to the grapevine, with the industry and the Securities and Exchange Commission having found a formula, better than what the Yuchengcos did for Pacific Plans, to placate the restive plan holders.

The solution essentially involves the conversion of the pre-need company into a mutualized company owned by the plan holders, with the former owners being diluted and reduced to professional help, who will then expand the pre-need company into a diversified financial services firm.

Barin is expected to announce the industry solution shortly, which, hopefully would arrest the industry-wide sales decline that had already decimated the erstwhile industry leader, College Assurance Plan.

Over at the Senate, opposition senators Aquilino Pimentel Jr. and Sergio Osmeña III have begun collecting documentary evidence on how Malacañang nominees in Philcomsat Holdings have transformed the listed company into a private pawnshop for Mike Arroyo's cousins, Benito "Bomboy" Araneta and his illiquid cousin Antonio Araneta.

As an added political ammunition, the cousin-to-cousin lending facility that involved sequestered and private shareholder funds was approved by no less than Mike Arroyo's uncle, the 89-year-old Philcomsat Holdings president/CEO, Manuel Nieto Jr.

Given his age and declining health, it was not clear if Nieto was aware of the import of his action, where P390 million in corporate funds where sunk into a dormant Alabang lot.

The corporate skullduggery in Philcomsat Holdings have already prompted no less than the Supreme Court to suspend for three months the corporate secretary/director, Bro. Eddie counsel Luis Lokin Jr., who himself is now caught in another fight between the preacher and Bomboy Araneta over a botched TV venture. But that is another story.

^ I wonder how that writer Victor Agustin gets his information if this meeting happened inside a chopper? It would be easy to identify who is inside that chopper, hence, the source of the grapevine.

OH ate lili, always with a poetic response. :)

Hehe. Para bang nagtatalumpati? :speech:

Ate lili, forgive for asking, but what's "nagtatlumpati"? So ashamed sometimes that i have to ask the meaning of some tagalog words. :(

delivering a speech

Friends, Romans, Countrymen lend me your ear :D

^ I wonder how that writer Victor Agustin gets his information if this meeting happened inside a chopper? It would be easy to identify who is inside that chopper, hence, the source of the grapevine.

Gossip flies.....:colgate:

Erap claims alliance with Cory, Susan
By Christina Mendez The Philippine Star 02/09/2006

Deposed President Joseph Estrada claimed yesterday having forged a "wide alliance" with former President Corazon Aquino and other opposition leaders "to advance the welfare of the nation."

Estrada claimed that Senate President Franklin Drilon and actress Susan Roces, widow of his close friend, actor Fernando Poe Jr., were also part of this broad alliance.

The deposed leader called on the people to "relive" the spirit of the EDSA people power revolution in 1986 that swept Aquino to power 20 years ago this month.

"I join the call of President Cory Aquino for our people to renew and harness the spirit of people power that is within each one of us in helping our people help themselves to improve their living conditions," Estrada said.

As his "humble share" in reliving the people power spirit, Estrada said he is "rededicating" the programs of his office to efforts of "empowering our people in uplifting their standard of living."

He also vowed to focus efforts on the generation of more jobs and livelihood opportunities. "In the immediate days, these programs will be strengthened to achieve said objectives."

Estrada made the statement from his rest house in Tanay, Rizal, after returning from a medical leave.

The former president was allowed by the Sandiganbayan to seek medical treatment for an eye injury at the San Juan Medical Center last weekend.

In a statement read by his son, Sen. Jinggoy Estrada, the former president thanked Aquino, Drilon and Roces for attending the thanksgiving Mass he sponsored last Sunday in San Juan.

"I also thank the presence during the Mass of President Cory Aquino, Senate President Franklin Drilon and Miss Susan Roces, persons I deeply regard with high esteem," he said.

Estrada said their presence "were more than reassuring that there will always be a wide alliance in working for the welfare of our people and for the future of our nation."

The younger Estrada, however, was quick to debunk speculations that the "wide alliance" with Aquino is to repeat another people power.

Estrada and Aquino led opposition leaders in calling for President Arroyo to resign.

The young Estrada said the four key figures "did not discuss people power in the making."

He said the possibility of having another meeting between them is likely to focus on how they can all work together "for the welfare of our people and for the future of our nation."

Senator Estrada reiterated they have always "adhered to the rule of law," debunking any possibility of a violent overthrow of Mrs. Arroyo.

Although they are calling for the resignation of the President, Senator Estrada said they are leaving it to the people to decide on how she can be pressured to step down.

"We are renewing calls for Gloria to resign or to step down because she does not have any moral authority to serve our country. She does not have the mandate of our people," he said.

He said the opposition will lead peaceful protests to show discontent against the Arroyo administration. "The opposition leaders, I myself, will go to the streets, if ever," the younger Estrada said.

Aquino renewed her call Tuesday demanding Mrs. Arroyo to step down and allow herself to secure a legitimate mandate through a snap election.

Aquino, however, ruled out any tactical alliance with Estrada.

She said Vice President Noli de Castro should resign as well and allow Drilon to govern as acting president.

Aquino had a falling out with Mrs. Arroyo last July 8 after the President’s admission that she had spoken with an election official during the 2004 vote count. She then joined opposition calls for Mrs. Arroyo to resign.

She tried to rack up support for another people power movement, but failed.

The opposition, militant groups and supporters of Estrada also tried to spark daily protest actions but their numbers fell short of those seen during the two popular revolts in 1986 and 2001.

Aquino also denied she was forging a tactical alliance with the ousted leader, saying her presence during the thanksgiving Mass sponsored by Estrada last Sunday was her way of expressing unity among Filipinos.

Aquino’s attending the thanksgiving Mass triggered rumors that she was seeking an alliance with the disgraced leader to force Mrs. Arroyo from office.

^^ Another teleserye to watch for!!

^^ :rofl:

She said Vice President Noli de Castro should resign as well and allow Drilon to govern as acting president.

fishy, fishy, fishy. style nila bulok!

dapat gas chamber na yan si Erap sobra hallucination.
He should have done all that when he had the chance instead of going on his nightly drinking binge and impregnating every willing stewardess.
madame cory mag agree ka na sa land reform or youll just be the same as your nemesis madame imeldific.

^^^^ this is getting really really obnoxious. That article should be titled,

"Erap, Cory, Drilon, Susan join forces to destroy the Philippines."

Their BS is never ending. I don't know how these people could sleep at night knowing that their actions are so obviously motivated by greed and an insatiable lust for attention/power. How Pathetic.

^OMG, another wave of dirty blabbing from a stupid monkey who failed to lead the country!

cory joining erap and then talking about reliving the legacy of Edsa. What a joke and slap on the face of the filipino people.

What has happened to Cory? She made wrong decisions. Mukhang naging cheap siya.

What has happened to Cory? She made wrong decisions. Mukhang naging cheap siya.

baka nagayuma ni erap :D

Income of Select Philippine Cities (2004)

Quezon City P6,505,295,046.38
Cebu City P1,653,751,231.76
Cagayan de Oro P1,005,150,424.83
Iloilo City P768,443,327.75
Butuan P628,350,345.07
Legazpi P318,453,056.99

Source: Commission on Audit

Complacency top threat to fiscal reform program

The Philippines’ strong showing last year -- growing at a surprising pace in the fourth quarter and containing the deficit substantially -- is evidence that it is well on its way to a "virtuous" cycle, a US investment bank said.

The only obstacle that will prevent the country from staying on the reform track, said Lehman Brothers, is if it allows complacency to creep in.

"If the Philippines perseveres with reforms, we judge that it has the potential to be a 5-7% growth economy, not the 3-5% growth economy of the past," Lehman Brothers said in a research note.

It said the country’s economic performance in 2005 has proven many skeptics, including itself, wrong. To remedy the situation, it has upgraded its 2006 gross domestic product (GDP) growth forecast for the Philippines to 5.5%. Although lower than the government’s 5.7% target, it is an improvement from the bank’s original forecast of 5%.

"We were among the skeptics. In 2004, President [Gloria Macapagal] Arroyo declared a state of fiscal crisis. To make matters worse, in July 2005, the president faced possible impeachment, eight cabinet officials resigned, tax reforms laws were suspended by the Supreme Court, and S&P (Standard & Poor’s) and Moody’s cut their sovereign outlook on the Philippines to negative. It seemed unlikely that the Philippines would get out of its economic ’rut’ anytime soon."

"What a difference six months can make. Politics have stabilized and structural reforms have moved into overdrive," Lehman Brothers said, pointing to the stronger-than- expected growth in the last quarter of 2005, a surge of dollar remittances, implementation of the expanded value-added tax (VAT) and higher taxes on alcohol and tobacco products which helped the government lower its budget shortfall to P146 billion, significantly below the P180-billion cap.

The improving fiscal health of state-run National Power Corp. (Napocor), the bank said, is also an encouraging development. It said this will go a long way in helping bring down the combined deficits of the government and state-owned firms to P160 billion, or 3% of the country’s total economic output, from 2004’s P187 billion.

"A strong hint that the consolidated budget deficit has improved substantially is provided by the consolidated public debt, which show a large drop to P4.55 trillion (85% of GDP) as of October 2005. From P4.64 trillion (96% of GDP) at the end of 2004. The drop has been so large that the public debt to GDP ratio was already at the IMF’s (International Monetary Fund) optimistic projection for the end of 2006," Lehman Brothers said.

At the rate the country’s fiscal consolidation program is going, Lehman said the government can wipe out the deficit one year ahead of its 2008 schedule and bring down the debt to GDP ratio to 60% by 2010, lower than its 90% goal.

"In our judgment, the structural reforms have proceeded to the critical point where virtuous spirals are starting to develop in the economy better economic fundamentals and stronger economic growth are feeding off each other," it said.

"The biggest danger is complacency, but we are optimistic that policymakers have learned from their past mistakes and now recognize the benefits of staying the course on reform," the bank said.

According to the bank the government’s improved fiscal finances has reduced its funding needs which led to a sharp decline in the 91-day treasury bill rate to near record low of 4.9%, which in effect "reduced the government’s debt-servicing costs and lessened the ’crowding out’ effect on private investment."

"We estimate ceteris paribus (all things being equal) that this is currently reducing the Philippine debt-to-GDP ratio by 6% per year," the bank said.

The bank also highlighted the progress of structural reforms in the banking sector as evidenced by the reduction in the industry’s non-performing loans to 8.7% in November 2005 -- the lowest in seven years-from a peak of 18.8% in October 2001.

"Another potential virtuous spiral could develop from the drop in the NPL ratio, which may encourage banks to lend more, thereby stimulating growth," the bank said.

Indicators of external vulnerability have also improved, and prudent monetary policy has kept inflation in check, it said. -- Karen L. Lema

----------------------------------------------------------------------

Only the Bear & Stearns' economic prediction and outlook for the2005 (particularly the second half) Philippines economic performance came close to the real economic scenario, including the prediction that the President would continue her term for the rest of the year.

Complacency top threat to fiscal reform program

The Philippines’ strong showing last year -- growing at a surprising pace in the fourth quarter and containing the deficit substantially -- is evidence that it is well on its way to a "virtuous" cycle, a US investment bank said.

The only obstacle that will prevent the country from staying on the reform track, said Lehman Brothers, is if it allows complacency to creep in.

"If the Philippines perseveres with reforms, we judge that it has the potential to be a 5-7% growth economy, not the 3-5% growth economy of the past," Lehman Brothers said in a research note.

It said the country’s economic performance in 2005 has proven many skeptics, including itself, wrong. To remedy the situation, it has upgraded its 2006 gross domestic product (GDP) growth forecast for the Philippines to 5.5%. Although lower than the government’s 5.7% target, it is an improvement from the bank’s original forecast of 5%.

"We were among the skeptics. In 2004, President [Gloria Macapagal] Arroyo declared a state of fiscal crisis. To make matters worse, in July 2005, the president faced possible impeachment, eight cabinet officials resigned, tax reforms laws were suspended by the Supreme Court, and S&P (Standard & Poor’s) and Moody’s cut their sovereign outlook on the Philippines to negative. It seemed unlikely that the Philippines would get out of its economic ’rut’ anytime soon."

"What a difference six months can make. Politics have stabilized and structural reforms have moved into overdrive," Lehman Brothers said, pointing to the stronger-than- expected growth in the last quarter of 2005, a surge of dollar remittances, implementation of the expanded value-added tax (VAT) and higher taxes on alcohol and tobacco products which helped the government lower its budget shortfall to P146 billion, significantly below the P180-billion cap.

The improving fiscal health of state-run National Power Corp. (Napocor), the bank said, is also an encouraging development. It said this will go a long way in helping bring down the combined deficits of the government and state-owned firms to P160 billion, or 3% of the country’s total economic output, from 2004’s P187 billion.

"A strong hint that the consolidated budget deficit has improved substantially is provided by the consolidated public debt, which show a large drop to P4.55 trillion (85% of GDP) as of October 2005. From P4.64 trillion (96% of GDP) at the end of 2004. The drop has been so large that the public debt to GDP ratio was already at the IMF’s (International Monetary Fund) optimistic projection for the end of 2006," Lehman Brothers said.

At the rate the country’s fiscal consolidation program is going, Lehman said the government can wipe out the deficit one year ahead of its 2008 schedule and bring down the debt to GDP ratio to 60% by 2010, lower than its 90% goal.

"In our judgment, the structural reforms have proceeded to the critical point where virtuous spirals are starting to develop in the economy better economic fundamentals and stronger economic growth are feeding off each other," it said.

"The biggest danger is complacency, but we are optimistic that policymakers have learned from their past mistakes and now recognize the benefits of staying the course on reform," the bank said.

According to the bank the government’s improved fiscal finances has reduced its funding needs which led to a sharp decline in the 91-day treasury bill rate to near record low of 4.9%, which in effect "reduced the government’s debt-servicing costs and lessened the ’crowding out’ effect on private investment."

"We estimate ceteris paribus (all things being equal) that this is currently reducing the Philippine debt-to-GDP ratio by 6% per year," the bank said.

The bank also highlighted the progress of structural reforms in the banking sector as evidenced by the reduction in the industry’s non-performing loans to 8.7% in November 2005 -- the lowest in seven years-from a peak of 18.8% in October 2001.

"Another potential virtuous spiral could develop from the drop in the NPL ratio, which may encourage banks to lend more, thereby stimulating growth," the bank said.

Indicators of external vulnerability have also improved, and prudent monetary policy has kept inflation in check, it said. -- Karen L. Lema

----------------------------------------------------------------------

Only the Bear & Stearns' economic prediction and outlook for 2005 (particularly the second half) Philippines economic performance came close to the real economic scenario, including the prediction that the President would continue her term for the rest of the year.

Credit Suisse bullish on RP bonds


The credit outlook for Philippine sovereign bonds is expected to shift to stable from negative by March followed by a one-notch upgrade by the third quarter, according to Credit Suisse .

As this report came out, Moody’s and Standard & Poor’s released their assessments last week with the former maintaining its negative outlook while the latter upgraded its ratings to stable. The Fitch rating is expected in the next two weeks.

In the Credit Suisse report, it cites the implementation of the expanded value added tax and its rates increase to 12 percent as key factor to turn around the budget deficit position.

"With the VAT rate hiked to 12 percent, uncertainty on the fiscal front is abating," Credit Suisse analyst Sailesh Jha said. Investors over the next two quarters, he added, are likely to then turn their attention to the process and timing of charter change to create a parliamentary form of government.

"We foresee limited political risks over the next 69 months and remain bullish on the Philippines. We (also) believe that the outlook for foreign currency sovereign bonds may be revised to stable from negative (and) may be followed by a one-notch sovereign rating upgrade by one or two ratings agencies as early as the third quarter once more clarity is gained on the charter change," the report stated.

In the meantime the Credit Suisse analyst also enumerated some downside risks. For example in the political front, if business and consumer sentiment turn negative as a result of a larger than anticipated impact of the VAT rate increase on disposable income and corporate profits, then a People’s Initiative could vote for no charter change.

"In addition, if somehow the Supreme Court were to rule that its decision overrules that of a People’s Initiative, then we foresee political uncertainty emerging for a prolonged period of time," the report said. (LCC)

With these two scenarios, the report pointed to limited possibilities of a sovereign rating upgrade in 2006. "The most significant downside risk that we foresee on the fiscal front is that VAT revenue collections come in below target from April onwards. The first two months of the implementation of the VAT rate increase in February and March are likely to be prone to teething problems."

Jha said it is crucial that 2006 VAT revenue collection targets are met or else sentiment relating to fiscal stability may become less optimistic.

Moody’s explains RP rating
By Des Ferriols
The Philippine Star 02/13/2006

Despite the fiscal progress made by the Arroyo administration, credit rating agencies said "objective indicators" still point to a much weaker relative fiscal position through 2006 and most likely until 2007.

Moody’s Investor Service said in its special report released late last week that compared to other countries with similar credit rating as the Philippines, key ratios pointed to weaker fiscal position.

According to Moody’s the proportion of the country’s debt relative to government revenues remained close to 500 percent while the ratio of revenues to gross domestic product was above 400 percent.

"This is a high level even for a B-rated government," Moody’s said. "This indicates the large adjustment needed in boosting revenues and reducing debt to avoid the possibility of future debt servicing difficulties."

According to Moody’s, the median revenue to GDP ratio for B-rated countries was forecast to reach 24.2 percent. In contrast, the country’s public sector revenues ratio to GDP was forecast to reach 23 percent and the National Government (NG) revenues ratio to GDP was forecast at 16.9 percent.

Public sector debt to GDP ratio, on the other hand, was forecast by Moody’s to drop from 91.3 percent in 2005 to 85 percent but this was still way above the B median of 55.6 percent.

Government debt to revenue ratio was projected to go down to 370 percent for the entire public ratio compared to the B median general government ratio of 264.3 percent.

The most telling ratio was the proportion of interest payments made by the NG to its total revenues which was forecast to decline from 37.7 percent in 2005 to 33.9 percent in 2006. The B-median, in contrast, was projected to drop from 12.9 percent last year to only 10 percent this year.

Moody’s explained that it was emphasizing the broader non-financial public sector finances in the Philippines because of the contingent liabilities to the national government embedded in government-owned and controlled corporations.

Among the largest loss-making entities, Moody’s said, were still the National Food Authority and the National Power Corp. Although the Napocor’s deficit declined in 2005, the credit rating agency said the total non-financial public sector debt remained at around 90 percnet of GDP in 2005.

"Moreover, 64 percent of such debt is foreign debt, close to the median for B-rated countries, making this sector vulnerable to exchange rate shocks," Moody’s said.

Moody’s said it was also concerned about the fact that while the country’s gross international reserves (GIR) was rising to historical levels, merchandize exports grew by only 2.5 percent in the first 11 months of the year.

The bulk of the GIR growth, Moody’s pointed out, came from remittances from overseas Filipino workers which grew by 28 percent in 2005 to almost $11 billion.

"These suggest some improvement but residual underlying weakness," Moody’s said.

Moody’s said its "vulnerability indicator" placed the country’s risk at 79.2 percent compared to the B median of only 45.9 percent.

"In conclusion, downward pressure on the Philippines’ B1 rating could be relieved through more progress in the vital area of fiscal consolidation," the agency said.

Financial risk for RP low, says US bank

By Dennis C. Serfino, Reporter

UNITED States-based investment bank Lehman Brothers has given the Philippines its vote of confidence, citing the country’s low financial risk on account of its improved economic fundamentals over the past several months.

In its Damocles Index, the investment bank gave the Philippines a score of 8, which indicates a generally low risk.

“The latest Damocles score for the Philippines is low but we judge that it would not take much for it to rise sharply,” Lehman Brothers said in a report. “The fundamentals have improved this year.”

The bank noted that the ratio of external debt to gross domestic product (GDP) has fallen to 69 percent while the fiscal deficit has narrowed to 3.4 percent of GDP, a measure of economic growth. The US-based firm also commended the full implementation of the expanded value-added tax.

“This will help to rein in the fiscal deficit further. However, there is no room for complacency,” Lehman Brothers said, noting that public debt is still very high at 89 percent of GDP while foreign-exchange reserves are low at $15 billion.

The bank also criticized the Philippine economy for being too dependent on remittances from overseas Filipino workers, which are equivalent to about 10 percent of GDP.

The Damocles Index uses a set of 10 internal and external financial variables that historically have tended to signal a financial crisis. An aggregate country score of 75 suggests a one-in-three chance of external financial crisis. A score above 75 is a warning signal that a country’s balance of payments is vulnerable to a crisis.

On the other hand, a score of 100 suggests a one-in-two chance of external financial crisis, while a score above 100 signals that a crisis could erupt at any time.

“However, history can only offer imperfect guidance. No two crises are exactly alike, and the world today is characterized by a number of novel situations, including unprecedentedly large global imbalances, and the emergence of China and India as substantial economic forces,” Lehman Brothers explained.

The Philippines got a score above 100 in early 1998 following the Asian financial crisis and a score above 75 but below 100 in early 2002.

Lehman Brothers said the Philippines has proven the skeptics wrong, with rapid reforms particularly in the area of fiscal policy.

“Politics have stabilized and structural reforms have moved into overdrive. The Philippine economy grew by a stronger-than-expected 2.7 percent quarter on quarter in the fourth quarter of 2005—the fastest pace in eight years—lifting the annual growth rate to 6.1 percent,” it said.

It also said the rapid improvement in the fundamentals of the economy is creating an environment conducive to higher growth. “We have upgraded our 2006 GDP growth forecast for the Philippines from 5 percent to 5.5 percent,” the bank added.

Lehman Brothers said the biggest danger is complacency “but we are optimistic that policymakers have learned from their past mistakes and now recognize the benefits of staying the course on reform.”

It added: “If the Philippines perseveres with reforms, we judge that it has the potential to be a 5-percent to 7-percent growth economy, not the 3-percent to 5-percent growth economy of the past.”

Rating outlook revised to stable from negative--Fitch
Posted: 9:31 AM | Feb. 13, 2006

Cecille Yap
XFN-Asia

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FITCH Ratings said it has revised its outlook on the Philippines' foreign currency and local currency ratings to stable from negative, citing the government's improving fiscal performance and a "more settled" political environment.

It also affirmed the Philippines' 'BB' foreign currency issuer default rating and 'BB+' local currency rating. The country's short-term issuer default rating at 'B' and country ceiling at 'BB' were also affirmed.

"The good 2005 fiscal performance and 2006 fiscal outlook, together with a more settled political environment, warrant the change in outlook," Fitch head of Asia Sovereigns James McCormack said in a statement.

With changes to the VAT now fully implemented, Fitch said it expects the national government deficit to fall to 2.1 percent of GDP this year and the primary surplus to reach 3.4 percent of GDP, allowing the debt-to-GDP ratio to continue its downward trajectory.

But Fitch said that while short-term fiscal prospects have improved, medium-term challenges remain and public finances are still a rating weakness.

"Even with the VAT in place, government revenue relative to GDP is the second-lowest of all rated sovereigns, and it is as yet unclear how or whether it will increase to meet mounting spending pressures, which we believe to be forthcoming.

"A more significant fiscal adjustment than that undertaken to date will be required to avoid a recurrence of downward pressure on the sovereign ratings," said McCormack.

He noted that interest payments are likely to account for 36 percent of revenue this year.

Political developments could also still affect creditworthiness, McCormack noted, as furtive negotiations on constitutional reform displace other legislative initiatives, and political maneuvering continues in a struggle for power.

Fitch believes renewed impeachment proceedings are probable, "again casting doubt on the plausible tenure of President Arroyo," Fitch said.

Copyright 2006 Xinhua Financial News Service-Asia. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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This shows that Moody's rating is a bit harsh.
Political destabilizers are still out there ready to kill the goose that lays the golden egg.

^^ some people would like to ride on Moody's rating and use it for their political agenda.

anyway Fitch sees something good and that's what we should focus on. our economic gains, which had already been starting since middle of last year despite the politics, have been more obvious now and soon we will finally reap the benefits and the effect will pour down to the masses.

^^ That makes her weak.

No, the check and balance and the whole political system in the country is simply too disabling. All the more reason for charter change.

no for now!

By allying herself with even with her old enemy, the unprincipled Erap, Cory is showing her desperation for GMA's removal.

I don't think it's coincidence that Drilon and other known pets of Cory simultaneously announced their calls for GMA's resignation. Cory now also wants Noli to resign to make way for her pet Drilon. IMHO, Cory wants her own clique to dominate a new administration so that her family's interests are preserved.

The cancellation of the stock distribution option of Hacienda Luisita, which paves the way for the poor farmers therein to get their just rights, will certainly be overturned by a new administration beholden to Cory.

no for now!

More and more people are actually saying yes to charter change.
__________________

Yes to Cha-Cha gaining ground (partial)

GOTCHA By Jarius Bondoc
The Philippine Star 02/13/2006

Filipinos favor regional autonomy and more foreign share in utilities. Parliamentary is okay for them, but only if bicameral. And they sure could use more instruction on the Constitution. These are among the findings of Social Weather Stations from 14 polls over 20 years, presented last week to the Bishops-Businessmen’s Conference. The summary would be handy for advocates of Charter Change – perhaps even for its opponents. Anyone who says he doesn’t trust polls is like a jockey saying he doesn’t believe in horses.

Familiarity with issues is a must in any debate. Yet three out of four citizens know little or nothing at all about the Constitution. Figures hardly changed in three years. Those with extensive or sufficient knowledge were only 24 percent in May 2002, still 24 in Nov. 2002, 40 in June 2003, but back down to 27 in May 2005. Those with little or no knowledge were 76, 75, 60, and 73 percent in the same survey periods.

No wonder, when asked if the Charter needed changing, most said no: 59 versus 40 percent yes in Sept. 1992, 77:23 in Mar. 1999, 86:14 in June 1999, 79:21 in Nov. 2002, 80:20 in June 2003, and 70:30 in May 2005. If you don’t know it ain’t broke, why fix it.

Notably though unstated in the SWS summary, more Filipinos say yes to Charter Change whenever the issue is discussed publicly, mainly in the media. The 40-percent yes in Sept. 1992 coincided with loud talk against the 1987 Constitution’s economic restrictions. Nobody could do anything about it then, for the Constitution allows amending or revising only after ten years, that is, starting 1997. On that tenth year, the Pirma Movement gathered a much-ballyhooed three million signatures for term lifting for the President. But the SWS did not present any summary for that period either. The June 1999 poll came with a Preparatory Commission on Constitutional Reform. The body’s superb study on freeing the economy notwithstanding, there was not much press coverage; hence, 86 percent saying no to Charter Change.

The 70:30 ratio of no versus yes in May 2005 changed dramatically after three months. But again the SWS made no mention of its survey in Aug 26-Sept. 25, 2005, in which the statement was posed: "Now is a good time to make changes in the Constitution." Only 26 percent strongly or somewhat disagreed, versus 43 percent who strongly or somewhat agreed; 27 percent were undecided. Aug-Sept. was the period when the formation of a Consultative Commission was being contemplated, with much press coverage. The conclusion can be formed: the more public discussion, the more people favor Charter Change.

Back to last week’s SWS digest, some of the suggested changes did not need Constitutional amending: commodity prices, land reform, human rights, value-added taxes. Others did center on drastic reforms that a new Charter can bring: new breed of persons in government, parliament-federal form of government, curbs to corruption.

^^ it is unfortunate for the proponents and supporters of Charter Change that sometimes the noise of the dissenters overpower the message of its advantages.

it's natural for people to reject what they don't understand. that's why it is important for the people to know more about chacha and realize its benefits. as the survey said, the more people understand about the proposed Charter Change, the more they change their opinion in favor of it.

Cutting of GMA's Term? It depends on the propose ammendments on the provision of the Charter Change siempre, At kung papayag si GMA, but to cut her term in favor of her opponents.....nunca! As the Bible says...wag ibigay ang perlas sa baboy...period

i like that perlas sa baboy. ang dameng baboy

Cutting of GMA's Term? It depends on the propose ammendments on the provision of the Charter Change siempre, At kung papayag si GMA, but to cut her term in favor of her opponents.....nunca! As the Bible says...wag ibigay ang perlas sa baboy...period

They cannot just cut off GMA's term without a sovereign law that says so. She has a mandate to serve for six years.

http://www.philstar.com/philstar/NEWS_FLASH021720065708_9.htm# (http://)

Not sure if this is the proper thread to post this but here goes

Pinoys Still 'Wishy-washy' About Erap Plunder Case?

In early October, 2000 a stern-faced Guingona's speach lead to impeachment vs. EstradaSenator Teofisto Guingona in a privilege speech dropped a 'bombshell' implicating then President Joseph Estrada in a jueteng payoff scandal. Guingona even went so far as to call Estrada the 'top jueteng lord' in the country.

And thus began the series of events that led to the historic EDSA Dos (the Second People Power Movement) and the forced removal of President Estrada from office. Estrada now faces charges of plunder and is currently under house arrest in his Tanay, Rizal vacation home.

Joseph Estrada arraigned on plunder charges in 2000But what a difference 5 years and a few odd months make. Now, the former president who is accused of a non-bailable offense under Philippine law, is asking to be released on his own recognizance and has even managed to secure the help of three of the country's top religious leaders to help him with it. The rationale for his request: Tanay is too far away from the Metro Manila offices of his lawyers. On the face of it, a reasonable request. But let us not forget that "unbailable" should mean "unbailable" no matter how you slice, dice or skewer it. Why not just move Mr. Estrada to a secure facility in Metro Manila closer to his lawyers?

Valentine's Day 2006, Guingona visits Estrada in his Tanay residenceAnd it looks like those responsible for bringing about his detention five years ago are now amenable to such a request--never mind if the law. Even the Arroyo administration is hinting that it will not oppose such a request. Even Teofisto Guingona, the former senator and vice president who has since parted ways with the current Arroyo administration was seen visiting the accused former president this past Valentine's Day!

It is now up to the Sandigan Bayan to make the final determination on Estrada's request. What we and many other overseas Filipinos are asking is why can't the former president be moved to a facility in Camp Crame or the Veteran's Hospital where he was earlier detained? Granting Estrada even temporary freedom makes a mockery of the country's plunder laws and a clear message to all future plunderers: Just wait five or so years and your kababayans will begin to let you slide. Just look at Marcos and his band of thieves! Those alive are all free and enjoying the fruits of their ill-gotten wealth.

^^ ey sap i thought everyone is dead

anyway voice of the SSC philippines, very thick english accent

Central Bank survey finds consumers more confident of economy’s prospects

Consumers have become more optimistic about the financial condition of their households as well as on the economy in the first quarter and are also positive on prospects for the next 12 months, the latest Consumer Expectations Survey of the Bangko Sentral ng Pilipinas (BSP) showed.

Results of the survey showed that overall diffusion indices (DI) for all categories during the three periods under review (current quarter, next quarter, and twelve months hence) "are on the uptrend and at their highest levels" since survey started in 2004.

Positive sentiment was recorded across all income levels, based on all the three conditions, namely: family financial situation, family income level and economic condition of the country.

Consumers cited four main reasons for their improved economic and financial outlook, namely:

* expected increase in income arising from better business condition and more working family members;
* savings in the family;
* effective government policies; and
* possible job abroad.

Survey respondents said their average family income would be better this quarter as the index eased to -2.5% for the first quarter of 2006 from -6% in the previous quarter.

For the next quarter, respondents expect average family income to increase by 3.6% and further rise by 4.1% next year.

Meanwhile, consumers expect family expenditures for basic commodities to increase by an average of 1.5% in the second quarter of 2006, lower than the average increase of 6.2% indicated by respondents during the fourth quarter 2005 survey.

Food and electric and water bills are expected to dominate household expenses, while expenditures in all other basic goods and services, namely; clothing and footwear, transportation, communication, education, medical care, personal care and effects and hotel and restaurant, are expected to decline.

Moreover, respondents believe buying conditions in the quarters ahead will be more favorable, as shown by an improvement in the buying condition indices for the current quarter (from 31.9 to 43.3) and for the next 12-month period (from 24.8% to 28.%).

This is seen to favor the purchase of consumer durables, house and/or lot and motor vehicles.

Respondents said this is because of an increase in income and easy installment terms, among others.

"Respondents expect better employment conditions ahead while the peso depreciation and increases in interest rates would slow down over the next 12 months. Inflation rate for the next 12 months would slow down to 6.5% with the highest price adjustments anticipated in utilities, transportation, fuel and food," the BSP said.

The central bank said 208 or 8.8% of the survey’s 2,353 respondents have at least one overseas worker in their household, with 92% remitting money in the last 12 months.

Results showed 91.6% of households with overseas workers spend the money on food and other household needs. On the other hand, 39.8% of these households said they saved the money.

MORE PRICE-SENSITIVE IN METRO MANILA

But Filipino consumers in Metro Manila are more responsive to price changes, compared to buyers in areas outside the capital, a separate survey by research firm AC Nielsen Philippines showed.

The report, titled: "Bon Prix! (The Price is Right)," sought to find out if Filipinos are highly price-sensitive and whether the trend is the same in various parts of the country.

AC Nielsen presented the paper Friday with the aim of helping retailers and their marketing arms shape their pricing strategies to maximize and assure long-term profitability.

Generally, the survey found out that consumers in Metro Manila are more sensitive to price adjustments for both food and non-food items. AC Nielsen traced this to the fact that Metro Manila-based buyers have more retail choices such as hypermarkets. This means that they can choose which outlets offer the most affordable product or the best value for money.

Hence, supermarket buyers tend to be more sensitive to price adjustments, compared to those who buy from sari-sari -- or small community convenience -- stores.

But even buyers from these small outlets have thresholds.

"Although sari-sari stores are less elastic than supermarkets and their goods are priced higher than the supermarkets’, sari-sari stores do have thresholds, and they are generally on the P10-and-below price range," AC Nielsen said in its survey.

The price elasticity of food items, however, is less compared to the price elasticity of non-food. Price elasticity is the tendency of a product’s consumption to be influenced by price adjustments. For instance, catsup has an average price elasticity of 1%, while the price elasticity of deodorant, which is a non-food item, is 2.5%. This means that consumers tend to be more tolerant of price increases in food items since these are more necessary than non-food items.

Nevertheless, retailers should know that an increase in prices of food and non-food items will also lead to a decline in sales.

AC Nielsen said that for every 10% increase in prices of food products, sales will drop by 5%. For non-food items, sales will drop by 11%, AC Nielsen further said. -- Felipe F. Salvosa II and Iris Cecilia C. Gonzales

Thursday March 9, 12:51 PM


Philippine economy takes coup attempts in stride


MANILA (AFP) - When Philippine President Gloria Arroyo declared a state of emergency on February 24 to thwart an alleged plot to oust her, critics charged she was crippling the economy.

Instead, the Philippine Stock Exchange bounced to its highest levels in a month and the local currency surged to a fresh three and a half year high.

Even as rebel military officers continued to recruit followers to undermine the government, officials insisted the country was still poised to attain its target of 5.7 percent gross domestic product (GDP) growth this year.

Economic officials attributed this to "political numbness," with the business community so immune to power struggles and attempted power-grabs that they no longer reacted to them.

The state of emergency, which included a ban on street protests, monitoring of anti-Arroyo media outlets and arrest warrants issued against more than a dozen opposition figures, was lifted last Friday but Arroyo says she will remain vigilant against any new takeover attempt.

Arroyo insists her actions were prudent and helped maintain peace and stability, and says the swift recovery of the economy shows she was right.


"Just look at the stock market -- at all the markets," she said in a radio broadcast. "We must repair our economy to generate jobs, lower poverty. If only we did not get distracted by destructive politics."

Arroyo has maintained she would seek to insulate the economic sphere from the country's turbulent political scene and she has partly succeeded.

"We've been living with that (coup fears) for the last couple of months. It's par for the course," says Oliver Plana of Asiasec Equities Inc, explaining the economy's resilience.

He said the alleged coup attempt did not result in any violence and for all the controversy over the state of emergency, life for most Filipinos went on normally with businesses staying open and people going to work.

"As long as there is no untoward violence that erupts and the military stays professional and stays away from politics," then the 5.7 percent GDP growth target is attainable, says Plana.

Businessmen have been cheered by Arroyo's vow to continue concentrating on economic matters like tax collection, infrastructure repair and education despite the alleged power grab.

Arroyo has pledged to balance the budget by 2010 after rushing tax reform through Congress last year and introduced a value added tax (VAT) which was expanded to 12 percent from 10 percent last month.

As a result the government's fiscal position has improved with the budget deficit reaching 15.4 billion pesos (30.19 million dollars) in January, compared with a targeted ceiling of 20.9 billion pesos.

The figure compared with 16.5 billion pesos in the same period last year.

"You are seeing a clearer delineation between the political sphere and the economic sphere," said Luz Lorenzo of ATR-Kim Eng Securities Inc.

International Monetary Fund (IMF) country representative Reza Baquir says Arroyo has cushioned the economy from political shocks by implementing the controversial VAT and boosting revenue collections.

This had addressed the main concerns of investors and foreign creditors: the country's growing budget deficit.

"The administration's reform efforts have borne fruit," showing investors that the measures are in place to ensure macroeconomic stability even during political turmoil, Baquir said.

"Even if you do have episodes of political uncertainty, investors are assured you will still have reforms on a stable footing," he added.

He told reporters that after an IMF review last month, the Fund was still projecting GDP growth of 5.0 percent in 2006 and 5.6 percent in 2007, following 5.1 percent growth last year.

However, Fitch Ratings were not so sure and have said the alleged coup attempt remained a cause of concern given the country's still urgent need to improve its fiscal position.

"This is one of the countries where politics matter and it is central to our assessment. Politics affects economic policy," said James McCormack, head of Asia sovereign ratings.

Of particular concern is the country's fiscal position, with interest debt payments taking up almost 40 percent of state revenues, he said.

"There has to be further significant fiscal improvements in the Philippines or we believe the rating in the medium-term will come under renewed pressure."


http://au.news.yahoo.com/060309/19/y667.html

I really don't get it though, couldn't the supreme court have warned government officials first of what was wrong instead of surprising everyone with a sudden revocation of economic incentives on the most profitable areas in the country. DUMB ASSESS. I mean the sin against the law wasn't exactly life threatening or extremely dangerous. If the government was informed of this anomoly first, steps could've been taken to prevent the incentives from being lifted at all.

Perks restored to Clark
Palace puts ecozone under PEZA after court nixes incentives



Locators at the Clark Special Economic Zone are again eligible for incentives after President Gloria Macapagal Arroyo placed the area under the Philippine Economic Zone Authority (PEZA).

Proclamation 1035, signed March 10, effectively restores incentives lost by Clark when the Supreme Court last year ruled that perks provided under the Bases Conversion and Development Authority (BCDA) charter were limited to Subic freeport, another former US base.

The proclamation -- entitled "Creating and Designating Certain Parcels of Land of the Public Domain Situated at Angeles City, Municipalities of Mabalacat and Porac, Pampanga and the Municipalities of Capas and Bamban, Tarlac as a Special Economic Zone Pursuant to Republic Act No. 7916 as Amended by Republic Act No. 8784." -- will allow the 357 export company locators in the Clark economic zone to avail of PEZA incentives from the date of the order’s signing.

Mrs. Arroyo cited RA 7916, which created the PEZA, and PEZA Board Resolution 06-036 dated February 15, 2006, in placing the 337,650,00-square meter area -- defined by Proclamations 163 and 805 issued by President Fidel V. Ramos -- as a PEZA special economic zone.

PEZA incentives include a preferential 5% final tax in lieu of all local and national taxes, and tax and duty free imports of capital equipment, supplies and raw material. Perks under the Omnibus Investment Code may also apply.

Clark, along with Poro Point in La Union, Morong Special Economic Zone in Bataan and Camp John Hay in Baguio City, lost tax and duty incentives after the Supreme Court limited such perks to the Subic freeport.

The Supreme Court overruled Section 5 of Executive Order 80, as well as Section 4 of BCDA Board Resolution 93-05-034, which gave Clark and the three other economic zones the same tax and duty-free privileges enjoyed by businesses in the Subic Special Economic Zone by virtue of Republic Act (RA) 7227, which formed the BCDA.

The Supreme Court said fiscal exemptions should be categorically stated by the law. Since only Subic was named under RA 7227, the other economic zones were not entitled to the same privileges.

Clark Development Corp. President Antonio Ng said the government decided to restore Clark economic zone’s perks ahead of the three others because Clark hosts the most number of locators.

Last Monday, Mr. Ng met with Mrs. Arroyo, Trade Secretary Peter Favila, PEZA director-general Lilia de Lima for the signing of the "registration agreement" which marked the official transfer of Clark locators to the PEZA.

It is estimated that the 357 locators in Clark employ some 37,000 people. As of last year, these companies released some P4.5 billion in salaries and paid some P1.2 billion to the Bureau of Internal revenue and Bureau of Customs.

Mr. Ng said the remaining three economic zones affected by the Supreme Court ruling will still need to wait for enactment of two new legislative measures.

Two resolutions, both sponsored by Tarlac Rep. Jesli Lapus, are now up for deliberation. Mr. Ng said Clark is "really lobbying for the approval" of these resolutions.

HB 4900 calls for the declaration of a onetime amnesty on tax and duty free liabilities, including fines, penalties and interest incurred by locators inside special economic zones and freeports, while HB 4901 calls for amendments to RA 7227, transferring the four economic zones to the PEZA.

Mr. Ng said the proclamation will only cover tax incentives from "March 10 and moving forward." As the Supreme Court had nullified the tax incentives given since 1993, Clark companies still owe the government "billions of pesos in foregone tax revenues."

Mr. Ng said a tax amnesty is necessary since companies went to Clark "in good faith".

In a separate interview, Ernesto B. Santiago, executive director of industry group Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) said the proclamation is a sound government decision.

But Mr. Santiago added that the government should work on the tax amnesty for affected companies.

The trade group sent a letter to House Speaker Jose C. De Venecia, Jr. in February requesting for the "expeditious passage" of HB 4900 that will grant a tax amnesty, and HB 4901 that will make tax perks permanent.

Confusion as a result of the Supreme Court ruling is hurting the country as a whole, Mr. Ng said.

He said one call center company is having second thoughts on setting up a facility that will immediately employ 2,000 agents, while one manufacturer transferred to somewhere else.

"It now becomes so hard for these companies to invest in the Philippines. And we might be driving away investors to China, Thailand and Vietnam," he said.

"Exports from Clark grew by 15% last year, higher than the overall exports growth of 3.9%." -- Maricel E. Estavillo

I really don't get it though, couldn't the supreme court have warned government officials first of what was wrong instead of surprising everyone with a sudden revocation of economic incentives on the most profitable areas in the country. DUMB ASSESS. I mean the sin against the law wasn't exactly life threatening or extremely dangerous. If the government was informed of this anomoly first, steps could've been taken to prevent the incentives from being lifted at all.

Confusion as a result of the Supreme Court ruling is hurting the country as a whole, Mr. Ng said.


We shouldn't be blaming the Supreme Court for this because they could not have ruled on this issue or the legality of this executive order or proclamation if a petition for declaratory relief with a prayer for injunction was not properly filed for its adjudication. In the spirit of separation of powers, the Constitution limits the exercise of the judicial power to 'cases of actual controversies' or what is called a 'justiciable controversy' with real parties in interest whose rights and relations are ripe for judicial determination. The courts are prohibited from rendering advisory opinions based on hypothetical facts or abstractions. Any such impermissible advisory opinion will have no force of law and will not be binding on parties.

It would be interesting to know who are the parties who filed the case in the Supreme Court and what real interests they have presented that would be adversely affected by the Proclamation.

The Supreme Court correctly ruled that "fiscal exemptions should be categorically stated by the law. Since only Subic was named under RA 7227, the other economic zones were not entitled to the same privileges."

Here is another example of an oversight by the Office of the President which seeks to cut corners in terms of implementing its policies. The same fiasco happened with the North-South railways debacle. They tried to award a contract without going through a public bidding process and sought to justify it later. Would it have been better to avoid all these controversies and litigations from the get-go in order to prevent all these problems and cases. It may be propelled by good intentions but in its haste to implement certain programs, they try to do away with legislative and procedural requirements. Malacanang should have pushed instead for another legislation to name these areas economic zones with concommitant tax exemptions or incentives to those that set up businesses in these areas.

Well the government has it's agenda, hopefully it's mostly for the public good.

The SC though has not been very circumspect in so many decisions of it's own. If you look at the Erap EDSA 2 decision, Piatco BOT, Manila Hotel, Bataan Petrochem, Fortune Tobaco Man lawyers just roll their eyes when you read the actual judgement. One problem with the legal system here in particular and the whole system in general is the fact that people focus on the minutae and technicality rather than justice per se, never mind that it's intellectual dishonesty, it's logical anyway and we can find a way to make it stick by interpreting the law this way. In many arbitration cases I've seen it takes time even for brilliant local lawyers to gain success as their focus on technicalities when the concepts are what at's stake.

Well, in the above case, even if the Supreme Court was not bogged down with technicalities and just insinuated itself (which of course it should not) and just ruled on the substance of the law (i.e. the questioned Section 5, Executive Order 80), it would still have ruled that the tax incentives given to these localities were not germane to the law then which was R.A. 7227.
Now that there is a new legislation R.A. 7916 as amended by R.A. creating the PEZA, then the issue was addressed and resolved. The GMA administration should have taken this route in the first place instead of putting a rider clause in that Executive Order 80 that was questioned before the court.

But I agree, some of the SC rulings on the cases you have cited have been questionable, or even if couched in legal terms have raised eyebrows. That is when the Supreme Court engaged in creative judicial legislation.

I heard that the government could further reduce public debt to 69% of the GDP compared to 79% 2 years ago.

We're gradually enjoying the fruits of hard labor and sacrifices made by implementing fiscal reforms. What were initiated then continues up to present. Austerity measures, energy conservation program, streamlining, rationalization and different tax reforms are still in place. Anti-corruption drive and anti-smuggling campaign and RATE continues too. These measures will foil smuggling activities, tax evasion and tax cheat resulting to an improved tax collection. The savings, additional revenues and the continuous strengthening our currency ensures lower budget deficit and public debt. Such occurrences in effect, encourages foreign debt managers to upgrade our credit ratings and sustain investors confidence. This will be good to our economy.

Lili you're right about the judicial process. This has administration has overlooked many official processes in order to fast track economic development. But can you blame them? People are clamoring for progress but there is so much red tape that if the administration were to follow minute detail then progress would take forever and we all know that people here want instant gratification.
The person or persons who filed this complaint to the SC had an agenda and that is to make it harder for this administration to fast track economic development. The same goes about the people who brought about the bruhaha with northrail and southrail.

Philippine Stocks Rise to 7-Year High
Tuesday March 21, 4:49 am ET
Philippine Stocks Rise to 7-Year High on Solid Earnings, Better Fiscal Outlook


MANILA, Philippines (AP) -- Philippine stocks rose to their highest level in nearly seven years Tuesday, lifted by upbeat earnings reports and an improving fiscal outlook for the government.
"It's a market breakout. We should see sustained buying due to the market's strong finish," said First Grade Holdings managing director Astro del Castillo.

The benchmark 30-company Philippine Stock Exchange Index rose 22.40 points, or 1 percent, to 2,185.71, its best close since Aug. 30, 1999. The index has gained 3.1 percent since last Wednesday.

Stronger revenue collection in February allowed the Philippines to keep the budget deficit below the target ceiling despite overspending, the government reported last week.

In addition, Merrill Lynch said Tuesday it has raised its Philippines bond rating to "overweight," saying the country "continues to offer attractive valuations and improving credit prospects," and adding that the government is on track to achieve more progress on the fiscal front and in debt sustainability.

Among the most actively traded stocks, Philippine Long Distance Telephone Co. rose 1.9 percent to 1,865 pesos, in step with a 1.5 percent gain in the company's American Depositary Receipts in New York Monday.

Petron rose 1.1 percent to 4.60 pesos after the country's largest oil refiner in capacity and assets said Monday it's annual net profit rose 77 percent, in line with analysts' forecasts.

Philex A jumped 7.8 percent to 2.22 pesos, while Philex B climbed 7.3 percent to 2.36 pesos after the mining concern's chairman said first-quarter net profit is expected to match the total for all 2005 on high metal prices.

Ayala Corp. added 1.5 percent to 350 pesos on expectations that the conglomerate's various businesses will continue to fare well this year. Its unit Ayala Land advanced 2.3 percent to 11 pesos, while affiliate Globe Telecom gained 0.6 percent to 900 pesos.

Bank of the Philippine Islands fell 0.8 percent to 63 pesos following a 7.6 percent run-up the previous three sessions.

All subindexes closed higher. Gainers led decliners 63 to 31, while 44 stocks were unchanged.

The peso weakened on demand for dollars from companies servicing debts and financing import requirements, traders said. The dollar closed at 51.130 pesos on the Philippine Dealing System, up from 51.030 Monday.


http://biz.yahoo.com/ap/060321/philippines_markets.html?.v=2

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Tuesday March 21, 8:07 PM
Philippines sees fall in debt-to-GDP ratio
MANILA, March 21 (Reuters) - The Philippine government sees its debt-to-GDP ratio falling to 68 percent this year from 72 percent last year if it meets its budget deficit target, Finance Secretary Margarito Teves said on Tuesday.
Teves said the ratio of government debt to gross domestic product in 2004 was 79 percent.

"Our estimate is that will drop to 68 percent if we attain the deficit target of 125 billion pesos," Teves said in a televised roundtable discussion attended by President Gloria Macapagal Arroyo.

The Philippine government, Asia's most active issuer of sovereign debt after Japan, hopes to cut its budget deficit this year to 125 billion pesos ($2.45 billion) or 2.1 percent of GDP from last year's 146.5 billion pesos or 2.8 percent of GDP.

Arroyo said there was a good chance her government would meet its shortfall goal this year as it was ahead of target in the first two months.

Last week, the government said it had a total budget deficit of 40.4 billion pesos in January and February, 19 percent below its target of 48.1 billion pesos......


http://asia.news.yahoo.com/060321/3/2hpmj.html

Lili you're right about the judicial process. This has administration has overlooked many official processes in order to fast track economic development. But can you blame them? People are clamoring for progress but there is so much red tape that if the administration were to follow minute detail then progress would take forever and we all know that people here want instant gratification.
The person or persons who filed this complaint to the SC had an agenda and that is to make it harder for this administration to fast track economic development. The same goes about the people who brought about the bruhaha with northrail and southrail.

People are indeed clamoring for progress, but there is just too much bureaucratic red tape. IMHO, this is exactly why this administration is pushing for charter change. The easing of legislative gridlock, the reduction of bureaucratic red tape, will definitely aid economic development.

People with vested interests will come up with all sorts of protests just to torpedo worthy projects. They want this country to remain poor so they can continue to exploit the masses.

Lili you're right about the judicial process. This has administration has overlooked many official processes in order to fast track economic development. But can you blame them? People are clamoring for progress but there is so much red tape that if the administration were to follow minute detail then progress would take forever and we all know that people here want instant gratification.
The person or persons who filed this complaint to the SC had an agenda and that is to make it harder for this administration to fast track economic development. The same goes about the people who brought about the bruhaha with northrail and southrail.

While the administration wants to fasttrack its projects and programs, each time it subverts the processes, it exposes itself to attacks and further derails and delays the delivery of the goods and services they seek to achieve. It becomes counterproductive. Lagi tuloy nahahanapan ng butas. Can't they do things above board?

True, reducing bureaucratic red tape and legislative gridlock should be aimed for, and this should rightly be foremost in the agenda of the administration. In the meantime, there should also be respect for institutions and processes. Government should not be a violator of its own rules. There was a reason why the legislative power once wielded by then dictator Ferdinand Marcos under Amendment No. 6 was curtailed. It was wont to abuse and to curry favors and give unfair advantage. This president should distance herself from these tendencies.

^ isn't it just a bitch though that when the government does follow institutional processes things don't move as fast and then the administration is scolded for acting so slow but when institutional processes are overlooked then the administration is admonished as well.
Now it would be nice to amend certain processes to reduce red tape but that would mean an approval from congress. Given how amazingly dysfunctional the senate is today, nothing will be done.
I guess it all boils down to
PATIENCE IS A VIRTUE. Its nice to know however that the Check and Balance within our government is working.


Also, anyone thinking of buying some Ayala stocks? PLDT's stocks are just crazy high.

@ JAMAICUS, thanks for all those good news. it's a sign that our government is keen on improving the economy

While i have voiced my unequivocal support for this administration that doesn't mean i've reverted to complacent trust that everything it does is right. This problem has to be resolved. Tax collection efforts must be tripled.



VAT take off the mark

Tax collectors did not meet expectations in raising additional revenues from the new value-added tax (VAT) law, with the take for the first two months of the year turning out to be more than a third short of the target.

This could have repercussions on the country’s hopes of getting a credit rating upgrade.

In its latest report, New York investment bank Bear, Stearns and Co. said the government will have to establish a "track record of improved VAT tax collections for at least three to four months" before getting a rating upgrade.

Outlooks were upgraded when the government pushed through with an increase in the VAT rate last February. The expanded VAT law, passed last year, was seen as a crucial part of government financial reform measures.

Additional VAT revenues is "the most important point to watch" for the remainder of the year, Bear Stearns said, considering the Philippines badly needs more infrastructure spending.

Of this year’s VAT collections, 30% are to be allocated for new projects, while the rest is for deficit-reduction.

"[Credit rating agencies] may also want to satisfy themselves that the expected upturn in infrastructure expenditure is for justifiable projects that have clear economic benefits, not for ’political pork’ to help prepare President Arroyo’s political allies in Congress and in local and provincial governments for the May 2007 general election," the investment bank said.

For the January-February period, the Bureau of Internal Revenue (BIR) collected P2.954 billion in additional VAT, P1.514 billion or 34% short of the targetted P4.468 billion. The targets took into consideration the fact that VAT already covers petroleum products and electricity as well as other goods and services that have previously been exempted.

The increase in the VAT rate to 12% from 10% was not taken into account since this took effect only in February and would begin to reflect in tax collections for March.

But a Finance department official said the reason for the lower-than-target performance was the delay in the implementation of the 12% rate.

This was supposed to have taken effect in January under the law, but had to be delayed because officials realized that end-2005 economic data needed to back up the rate increase, such as economic growth, VAT collections, and the budget deficit, wouldn’t be available.

The official also said the BIR data could even be inaccurate because of double-counting, and needed to be reconciled with data from the Bureau of the Treasury.

The BIR is doing fine in terms of revenue collections, the official insisted, saying "If you look at total monthly collections, it’s somewhere near the neighborhood."

For January, the BIR collected P780.301 million in additional VAT, 73% below the targetted P2.872 billion. The BIR, however, recovered some ground in February and raised P2.174 billion, 36% or P577.6 million in excess of the targetted P1.596 billion.

The new VAT law is supposed to raise P75 billion in additional revenues this year, with the BIR tasked to collect more than two-thirds or P47.751 billion.

The remaining P27.335 billion has been assigned to the Bureau of Customs.

Proceeds from the new VAT law are supposed to help narrow this year’s budget deficit to P125 billion, from P146.5 billion in 2005. The government is aiming to wipe out the shortfall by 2008. -- FFS

^tumatagal ka na dyan, Ben. umuwi ka na d2. kailangan mo na magbayad ng tax para sa social security, whose gonna support those unemployed parents of 5 ghetto grown kids living in the southside under the food stAmps :D

tigs i have 3 months left. i accepted a traveling nurse position. Im going to Singapore to for 6mo, then UK, then Canada. I really wanted to do Japan, but darn it i don't know Japanese. I'll be earning less but hey, life should be about experience not money.

In the meanwhile Tigs, im counting on you to support those 5 kids in the southside. Remember to keep them in school man; iz all they gots.

WOW neat plan Ben

i actually envy you, now i really wanna be a nurse

wont u pursue to be a peacecorp?
u get to go to Africa, the deserted part, just kidding, but great stuff nonetheless :)

the peace corps was a good idea, but the general program has lost much funding. Also, going around as an American is not as great as it used to be. At least i can pretend not to be American given that i am Pinoy and i can just travel around representing nurses.

Philippine outlook still positive, says US bank
Posted: 4:30 AM | Mar. 23, 2006

Michelle V. Remo
Inquirer



US-BASED investment bank Bear Stearns & Co. Inc. has retained its positive outlook on the Philippines despite recent political turmoil, projecting that the economy will even grow at a faster rate of 5.8 percent this year.

Last year, the economy grew 5.1 percent.

In a paper on its assessment of the country, the investment bank said the ability of the Gloria Macapagal-Arroyo administration to weather political problems, including so-called coup attempts, gave the institution reason to believe that the economy was not in danger.

"One important reason [why a segment of the Philippine military] failed to gain any significant public support is that the economy is showing signs of recovery in 2006, and the Manila middle class is unwilling to jeopardize this," Bear Stearns said.

The bank said factors that could help trigger higher growth in gross domestic product (GDP) this year included the increase in foreign direct investments (FDIs) and portfolio equity investments last year.

Bear Stearns noted that in 2005 FDIs reached one percent of GDP, compared with 0.1 percent the previous year. Total investments last year were 19 percent of GDP, compared with 17.4 percent in 2004.

Bear Sterns said the business process outsourcing industry and the mining sector would be key growth areas this year and next.

On the export sector, Bear Stearns does not share the concern of some economists on its dwindling competitiveness.

It said the year-on-year export growth in January, recorded at 0.7 percent, could be due to seasonality, considering that exports grew fast in December.

In December, exports grew 15.7 percent year-on-year.

Bear Stearns said a likely increase in investments this year would hinge partly on the government's ability to achieve its target improvement in the country's infrastructure.

The Department of Finance hopes to raise P75 billion in additional revenues from a law that has raised the value-added tax (VAT) to 12 percent from 10 percent and expanded the coverage of the tax to include oil and electricity, among other sectors.

Thirty percent of the P75 billion in additional VAT revenue is to be allocated for infrastructure.

Bear Stearns said the Philippines might not yet get an upgrade in its credit rating this year because rating agencies wanted to see first whether the government could achieve its target revenues from VAT.


http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=03&dd=23&file=1

Someone posted a website long long ago with the growth projections for the Philippines until 2010. Anyone remember it? I've been looking for it.

Full incentives for export sector



By BERNIE CAHILES MAGKILAT

In an effort to fully support all export industries, the Board of Investments (BoI) has adopted a policy granting full incentives to export sectors listed under the Medium Term Philippine Development Program (MTPDP) and the Philippine Exports Development Plan (PEDP) even if they are not listed in the Investment Priorities Plan (IPP).


This policy was adopted to give more consistency to the MTPDP and the PEDP programs.

"This is also to give full support to all export sectors. This new policy would be incorporated under the 2006 IPP," an official said.

Both the MTPDP and PEDP are targetting a $ 50-billion exports level by this year. Last year’s exports reached over $ 44 billion.

Under the present policy, the BoI only grants incentives to export-oriented enterprises that are listed under the IPP. Other export sectors may be considered for registration with the BoI but with limited incentives only.

With the new BoI policy, all export sectors are eligible for full incentives.

Full BoI incentives means the granting of income tax holiday incentives of as long as six years, one percent duty on imported capital equipment, employment of foreign nationals, among others.

The sectors listed under the existing IPP include agriculture, healthcare and wellness products and services, information and communications technology, electronics, motor vehicle products, energy, infrastructure, tourism, shipbuilding/shipping, jewelry, and fashion garments.

But there are other export-oriented industries that are not listed in the IPP such as the furniture industry but this is listed under the PEDP. The IPP also grants incentives to garments but specifically only to fashion garments.

Thus, the Chamber of Furniture has lobbied for inclusion in the IPP.

The domestic industry employs 481,000 direct workers and 1.3million in subcontracting network. In 2004, the industry exported $ 294 million up from $ 277 million in 2003.

The National Economic and Development Authority (NEDA) has also supported the BOI decision.

http://www.mb.com.ph/issues/2006/03/21/BSNS2006032159336.html

Philippine Shares Rise 0.7 Percent
Friday March 24, 6:11 am ET
Philippine Shares Rise 0.7 Percent to Fresh 7-Year High on Foreign Inflows


MANILA, Philippines (AP) -- Philippine shares advanced to a fresh seven-year high Friday with the help of foreign inflows.
The benchmark 30-company Philippine Stock Exchange Index rose 15.35 points, or 0.7 percent, to 2,208.13, its best close since Aug. 27, 1999.


"Foreign fund inflows are helping the market," said BPI Securities assistant vice president Spencer Yap. "Our fundamentals are still good, and corporate earnings have also been positive."

Philippine Long Distance Telephone Co. was the most actively traded stock, up 0.5 percent at 1,880 pesos, in step with the 0.4 percent rise in the company's American depositary receipts in New York Thursday.

Bank stocks rose on expectations over possible further consolidation in the sector and the recapitalization efforts of various commercial banks, analysts said.

Equitable PCI Bank rose 3.1 percent to 82 pesos on an unnamed buyer's offer to acquire majority control of the country's third largest lender in assets at 95 pesos a share.

Bank of the Philippine Islands was up 1.6 percent at 63.50 pesos, while Metropolitan Bank rose 3.9 percent to 40 pesos and Security Bank gained 2.4 percent to 42 pesos.

Empire East Land rose 14 percent to 0.65 peso as the home builder began a stock buyback program.

Megaworld was up 2.7 percent at 1.52 pesos ahead of the start of the property concern's stock offering.

Gainers led decliners 74 to 28, while 50 stocks were unchanged.

The peso weakened Friday, following the slide of other regional currencies against the U.S. dollar ahead of next week's meeting of the U.S. Federal Reserve, traders said.

The U.S. dollar closed at its intraday high of 51.26 pesos on the Philippine Dealing System, up from Thursday's 51.16 pesos.


http://biz.yahoo.com/ap/060324/philippines_markets.html?.v=2

Philippine economy finally picking up steam

By Alastair Mcindoe
The Straits Times
Publication Date : 2006-03-25

South-east Asia's great economic underachiever finally appears to be sorting out its fiscal problems.

Foreign investment in the Philippines is rising. Michael Dell, founder of the world's biggest computer-maker, was just here to open a customer call centre.

The stock market has hit its highest level in nearly seven years.

The peso, the country's currency, is also up, by nearly 4 per cent against the US dollar so far this year, making it one of the region's strongest performers.

For the first time in a decade, there is also a real chance of credit-rating upgrades for the Philippines.

Manila's financial markets barely missed a beat during last month's political crisis, when President Gloria Arroyo used emergency powers to crush a military coup attempt by senior officers from two elite units.

The country's banks are stronger as the industry restructures bad loans and the property market is nicely pulling out of a long slump: improvements in both sectors are reflected in the share prices of listed banks and property companies.

'The Philippines is back on the radar screen of investors and benefiting from the liquidity flows into emerging markets,' says Alex Pomento, head of research at Macquarie Securities in Manila.

Around 70 per cent of the US$20 million (S$32 million) average daily turnover on the Philippine Stock Exchange (PSE) comes from foreign investment funds, he notes.

For Paul Garcia, research head of ING Investment Management here, the biggest near-term risk to the markets is that posed by the opposition politicians pulling off a renewed impeachment attempt against Mrs Arroyo.

Although the attempt is expected to fail, this country has an unsettling reputation for pulling last-minute surprises.

'The story is now one of dwindling support for the opposition,' says ATR-Kim Eng Securities research head Luz Lorenzo.

Garcia says: 'It will be a very bullish sign for the market if the impeachment attempt is unsuccessful.'

The PSE's main index closed yesterday at 2,208.13 points - its highest level in 6 1/2 years - on a raft of favourable economic news.

But there is still much ground to cover before the stock market regains the peak of 3,400 points it reached shortly before the Asian financial crisis hit in early 1997.

Analysts agree that a sudden darkening in the fiscal picture presents the biggest danger to the investment economy.

ATR-Kim Eng's Mr Lorenzo says that so far the government is comfortably meeting monthly Budget targets.

'The implementation of fiscal reforms is vital; investors really want to see them bearing fruit,' he said.

The government aims to balance the Budget in 2008 but the rising peso is a mixed blessing.

Much of its gains are being spurred by the remittances of the several million Filipinos working overseas - they sent home a record US$10 billion last year.

While the rise is an important bellwether of investor sentiment in the Philippines, exporters are feeling the pinch.

The Philippine Chamber of Commerce and Industry, the country's largest business organisation, wants the central bank to intervene in the currency market to 'moderate' the peso's rise to protect the competitiveness of exports, which are costing overseas buyers more.

http://www.asianewsnet.net/level3_template1.php?l3sec=2&news_id=54078

^^ Good to hear. But i wouldnt get all excited just yet. We really need to see the Philippine economy performing well for consecutive years to achieve solid progress. Its a start, hope RP can maintain it.:)

^Agree. But as what usually happens, we're always good at the start. And loses momentum in the middle of the way. I just hope that it would be different this time.

Dow Jones News


Philippines' Megaworld Expects Double-Digit Growth In '06

Sunday March 26, 2006, 1:39 pm

DJ Philippines' Megaworld Expects Double-Digit Growth In '06



MANILA (Dow Jones)--Megaworld Corp. (MEG.PH) expects double-digit earnings growth this year on the continued rise in demand for residential and office projects, the Philippine propety developer's chairman said.


Megaworld chairman Andrew Tan told reporters at the weekend that the company's net profit should rise around 30% this year and revenue increase 25% as new projects are launched to meet demand from overseas Filipino workers, or OFW, and the business process outsourcing, or BPO, industry.


The company saw net profit last year surge to PHP1.15 billion ($22.4 million) from PHP807.7 million in 2004, while revenue rose 19% from the same period a year earlier to PHP5.32 billion.


"From all indications, the real estate industry has entered an upcycle," said Tan. "Rental rates and property prices are on an uptrend. Real estate sales have grown rapidly in the last few months fueled by strong demand from both local and OFW market."


Tan said the positive sentiment in the real estate sector isn't anything the Philippine property market has seen since the 1997-98 Asian financial crisis, due largely to the rapid growth in the BPO industry, particularly the call center sector, and the increasing number of Filipinos finding high-paying jobs overseas.


OFWs sent home a record $10.8 billion last year and this year the central bank expects that number to hit $11.8 billion. Property developers have geared some of their developments for OFWs, which usually go for mid-market residential developments.


"This may well signal the start of a real estate boom bigger than anything the market has seen before," said Tan.


"The office space that we intend to build in the next five years can accommodate some 176,000 call center employees. This is Megaworld's commitment to the BPO sector which is poised to make the Philippines the call center capital of the world," he added.


Megaworld's Eastwood City, a 15-hectare development near the financial district of Ortigas, hosts the call-center operations of IBM (IBM) and Citibank (C), among others. It also has residential developments and retail facilities.


The company is now undertaking a PHP15 billion project for the development called Forbes Town Center, which involves several residential projects near the financial district of Makati.


As part of its fund-raising effort, Megaworld plans to sell around 5.1 billion shares in a public offering starting April 10, with as much as 95% of the shares to be sold to international investors. The share price will be set on April 6 and will be a discount of up to 10% to Megaworld's average share price in the 10 trading days prior to price setting.


Some 588.5 million in secondary shares that form part of the offering are being divested by Colony-CB Richard Ellis.


UBS AG (UBS), through its business group UBS Investment Bank (UBS.YY), serves as international underwriter and bookrunner of the offering, while BDO Capital & Investment Corp. is handling the domestic leg of the offering.

http://au.biz.yahoo.com/060326/18/mcji.html

Investment in power infrastructure seen as anchor to Mindoro’s dev’t plan



By MYRNA M. VELASCO

The inflow of capital for power infrastructure projects is seen as the first key to ensuring that more investments would be enticed for various opportunities that the province of Oriental Mindoro has to offer.


This has been the main reason why the scheduled "Oriental Mindoro Investment Summit" on April 5-7 this year, integrates a power development program to ensure that there would be electricity to underpin the expected flourishing of key agri-businesses in the province; primarily in the area of cassava and coffee farming and processing.

With the entry of a new power provider (NPP) which is being taken forward in the so-called domain of Small Power Utilities Group, it was noted that an additional 20-MW would be added into the province’s power supply.

As targetted investments are realized, Dr. Peter Lee U, Dean of the University of Asia and the Pacific School of Economics who helped prepare the investment plan for Oriental Mindoro, emphasized that the strategy should shift to looking for alternatives that would be able to provide lower cost of electricity to potential business-locators in what is set on blueprint as "food basket of the Philippines."

A proposed wind power facility by PHESI and Sea Breeze Power Corporation of California is seen adding up 18 megawatts into the province’s power supply; and is due to be taken off from the drawing board in the immediate term.

Planners and local government officials are currently taking comfort over the fact that even with concerns raised on the probability of power rates going up as they get transferred into the ownership of private investors, such scenario is not envisaged coming in abruptly as could be culled from policy tones set out by the Energy Regulatory Commission (ERC).

It has been laid down that the SPUG subsidy will have to be gradually removed so consumers would not be unduly unburdened when they are already mandated to pay the true cost of generated electricity in these off-grid areas.

SPUG areas are currently saddled with heavy subsidies from the stateowned National Power Corporation (NPC); as such scheme has previously been adopted as a strategy to advance development process in rural areas, primarily those not connected to the grid.

The other options eyed are the development of micro-hydro and geothermal power assets; because these are seen to be running on lower cost fuels in the process of generating electricity.

With the planned processing facilities for the broadened cassava and coffee agri-industries in the province, officials noted that reliable and affordable electricity would help a great deal to position the area as an investment haven; and at the same time, a tourism potential; which popularity may eventually thrive comparable to the island paradise of Boracay.

Congressman Rodolfo Valencia noted that Oriental Mindoro currently claims vast popularity because of its Puerto Galera beach; along with Mt. Halcon for mountaineers and the Tamaraw Falls among nature lovers.

"Oriental Mindoro is a prospective site for future power generation projects. The province has untapped sources of power in the form of hydro electric, geothermal, wind and coal," said Valencia

http://www.mb.com.ph/BSNS2006032659685.html

Reforms said on track
Taking its cue from the latest deficit and debt data, Swiss financial giant UBS believes the government’s fiscal reforms are on track, expressing satisfaction on improving tax collections as a result of the full implementation of the new value-added tax (VAT) law.

"The adjustment progress is on track: For the first two months of the year, the incremental VAT revenue targets were met, overall tax revenue is up 31% [year on year] and the budget deficit is down by 0.1% of [gross domestic product or GDP]. Full-year debt numbers for 2005 also show the first decline in the debt ratio," UBS Investment Research said in its latest report to clients.

UBS said the government’s budget deficit target of P125 billion "can be reached," falling to 2.1% of economic output from 2.7% of GDP in 2005 when the shortfall hit P146.5 billion. It noted that the January-February budget gap was 0.7% of GDP, down by 0.1% from last year.

The two-month shortfall reached P40.4 billion, P7.7 billion below the ceiling set for the period, although an increase of nearly 1% from last year.

Saying tax revenues best indicate the success of the new VAT law, which imposed the sales tax on oil and electricity last November and raised the tax rate to 12% from 10% effective Feb. 1, UBS pointed out that tax collections grew by 31%.

Based on the latest data, collections of the Bureau of Internal Revenue (BIR) increased by 23.8% to P91.2 billion, while collections of the Bureau of Customs went up by 29.2% to P25.6 billion in January and February.

UBS said "the incremental tax revenue from the [new VAT law] is on target, according to our discussions with government officials." This contradicts earlier reports that the additional VAT collections of the BIR were about a third off the target.

"We are looking for the tax-to-GDP ratio to increase to 14% by the end of 2006 from 12.7% in 2005, on the back of incremental VAT revenue," UBS said.

UBS also noted that national government debt has begun to shrink as a percentage of the size of the economy, to 72.3% in end-2005 from 79% in end-2004, "the first decline in the debt-to-GDP ratio in a decade." This is despite the government’s decision to assume P200 billion in obligations of the debt-saddled National Power Corp.

"This is a reflection of the virtuous cycle we have been writing about in our research: the fiscal adjustment process supporting capital inflows, in turn boosting the value of the peso, and thus reducing the peso value of external debt," it said.

The peso appreciated by an average of more than 10% versus the US dollar, euro, and yen last year, UBS noted.

UBS, however, said the peso is not expected to appreciate further because there could be dollar outflows, particularly from portfolio investments, if the political situation heats up in the coming months.

"Particularly at risk, in our view, could be portfolio inflows which amounted to $2.8 billion last year, versus a net outflow of $1.7 billion in 2004. The key political overhang are possible renewed impeachment proceedings against President Arroyo starting from late June," it said.

UBS nonetheless pointed to a "remarkable" improvement in the current account, which reflects trade activities in the country’s balance of payments, despite sharply higher commodity prices in the world market.

Last year, the current account surplus reached 2.4% of economic output, increasing by half a percentage point.

"The (mainly) oil price-induced increase in the trade deficit was fully offset by remittances from overseas workers ... And a smaller deficit in the services balance helped push the overall current account surplus up," UBS said -- Felipe F. Salvosa II


http://www.bworldonline.com/BW032706/content.php?id=001

Gov't debt down from 72% to 68% of GDP this year, says Bunye
03/27 10:03:23 AM

From 72 percent of gross domestic product (GDP) in 2005, the country’s foreign debt is expected to ease to 68 percent of GDP this year on the wings of the fiscal reforms initiated by President Gloria Macapagal-Arroyo, according to Press Secretary Ignacio R. Bunye.

In his newspaper column, The View From the Palace that came out Monday, Bunye said that if the "trend continues, and we are confident it will, then we are well on our way to achieving a balanced budget on or before 2010."

He said the international market has responded favorably to the President’s single-minded pursuit of fiscal reforms, and her efforts have reaped dividends for the country.

The country’s five-year bonds have rallied, thus pushing yields to the lowest in more than seven years. "Since the market expects the government’s borrowing requirement to be less as the deficit narrows, there is room for further decline in the yields," Bunye said.

He explained that what "this all means is that we can anticipate more savings because we will be paying less for our international obligations. For the first time in many administrations, we will have internally generated money to pay for our basic social services."

Contributing to the very strong performance of the markets were the recent positive economic data, favorable earnings reports, strong remittances from Overseas Filipino Workers (OFWs) and the government’s less-than-target budget deficit, Bunye added.

Earlier, Bunye said that for the first time in decades, "our goal of reducing our debt from 50 percent of GDP is within reach, especially with the stability of the peso strengthening our fiscal position."

He pointed out that the country’s good fiscal performance showed the resiliency of the economy despite the political noise and sends a good message to the international financial community.

"Intermittent political storms will not distract us from our course toward economic takeoff. The resilience of the Philippine economy has been tried and tested and we are grateful to the Filipino people for their sacrifices and support. They shall be the prime beneficiaries of the fruits of their own labors, as we now see and feel the social payback of reforms," he said.

Can anybody explain to me what are T-Bills(sorry for the stupid question) :
T-bill rates fall
Posted: 1:49 PM | Mar. 27, 2006

Erik dela Cruz
XFN-Asia

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BENCHMARK Treasury bill rates fell across all tenors at today's auction, with total tenders more than five times the government's offer.

The last auction for the first quarter drew tenders of 15.305 billion pesos, against the Bureau of Treasury's offer of 3.0 billion. The government made full awards on all tenors.

The 91-day T-bill average rate, which banks use in pricing loans, slid to 4.978 percent from 5.017 percent previously, with total bids of 2.56 billion pesos against an offer of 1.0 billion.

The 182-day rate averaged 5.935 percent compared to 6.073 percent previously, drawing total tenders of 4.81 billion pesos against an offer of 1.0 billion.

The 364-day average rate fell to 6.750 percent from 7.083 percent, with total bids of 7.935 billion pesos against an offer of 1.0 billion.


http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2006&mon=03&dd=27&file=7

^^ Good to hear. But i wouldnt get all excited just yet. We really need to see the Philippine economy performing well for consecutive years to achieve solid progress. Its a start, hope RP can maintain it.:)

One thing that our Congress ought to pay attention to instead of those endless inquiries that do not even result in any legislation, is this pending bill that aims to encourage the commercial production of ethanol as alternative fuel.

Called the “Bio-Ethanol Fuel Act of 2005”, the bill will boost the development and utilization of ethanol, an alcohol extracted from sugarcane, corn, cassava, potato, sorghum, barley and wheat, farm crops abundant in the country.

According to Rep. Zubiri, one of the bill's authors, there are a lot of investors waiting for the approval of this bill. But these investors won't be putting out money as long as the bill has not been approved.

If the bill pushes through, it could augur well for the farmers producing corn, sugarcane, cassava and potatoes, besides the bright prospects that ethanol will replace at least one-tenth of the four billion liters of gasoline that the country consumes annually. That's 400 million liters of gasoline less to be imported every year--at a time when world oil prices are skyrocketing.

A lot of good news for the Philippine economy. :cheers:


Can anybody explain to me what are T-Bills(sorry for the stupid question) :


T-BILLS - TREASURYBILLS; certificates of indebtedness with short-term repayment periods issued by the National Treasury and sold in an auction to Government Securities Eligible Dealers.

Assuming you buy a 91-day T-bill with par value of Php100,000, you maybe asked to invest (or lend to theBTr) at 98,500. The difference between 100,000 and 98,500 is the discount or your yeild on the T-bill. Government Securities Eligible Dealers, mostly banks, bid for T-bills in the weekly auctions held by the BTr. This GSEDs then resell the T-bills to investors.. This debt instruments issued by the Bureau of Treasury(BTr) with tenors or maturities of 91, 182, and 364 days

^^ Can you please relate it to my news post? So what if it is low? (I'm just reassuring my thought)

^^ it means that the government pays less interest...

if for example you want to borrow money and you release t-bills, the t-bills come with prevailing interest rates which you also pay on top of the t-bills' value upon maturity...

the lower the interest rates are, the better for you...

del

^^ Thanks to both of you.

good explanation. what about the Treasury Bird? :jk:

the peace corps was a good idea, but the general program has lost much funding. Also, going around as an American is not as great as it used to be. At least i can pretend not to be American given that i am Pinoy and i can just travel around representing nurses.


Are you one of those 128 American peace corps headed to the Philippines on board NWA bound for Manila when I was on my way to Singapore last year? They were mostly youths. We all had a layover in Narita at the time, we flew out of Chicago O'hare. That same month after a week, I flew to MNL/Cebu from Singapore for four days then back home in the midwest. It's a small world if you were one of them in that same flight as I was.

^ Nope, but i did pass through singapore and took a flight from singapore to Clark.

Slight cut in growth goal

Government economic planners yesterday approved a new set of macroeconomic assumptions for the medium term, expecting economic growth to fall within a slightly lower range this year and the peso to be stronger versus the US dollar.

Officials at the interagency Development Budget Coordination Committee (DBCC) said gross domestic product (GDP) is now expected to grow within 5.5-6.2% this year, from the previous assumption of 5.7-6.3%.

The DBCC, which sets the government’s economic targets, adopted the slightly lower range for GDP growth considering an expected slowdown in merchandise exports as well as rising world oil prices, Budget Undersecretary Laura B. Pascua said.

Senior officials said the DBCC, chaired for the first time yesterday by the new Budget secretary, former congressman Rolando G. Andaya, Jr., mostly adopted recommendations made by its technical panel.

These include a P51-53 to the dollar exchange rate assumption for the medium term or until 2010, and a downscaled export growth forecast for this year.

Officials said the 2006 export growth was cut to 8% from the earlier target of 10%, while imports are expected to increase by only 9% from the original 11%.

The Bangko Sentral ng Pilipinas (BSP) earlier said electronics exports would likely grow by 7.8% this year, higher than last year’s measly 2.2%. The government was banking on a 10% growth in electronics exports for 2006 to achieve the overall target of 10%.

Last year’s exports fell short of expectations. A 17% surge in December failed to lift full-year exports to the official 10% target. Total merchandise exports reached $41.2 billion, an increase of only 3.9% from 2004’s $39.7 billion.

For next year, the DBCC is assuming exports growth of 11%, and 12% until 2010. Imports are expected to grow by 12% next year and 13% until 2010.

The interagency panel also expects the price of Dubai crude to average at $62 per barrel this year and $63 per barrel next year, reflecting recent oil price movements. Old forecasts were made based on oil at less than $30 a barrel, but prices have gone over $59 recently.

The DBCC also adopted the BSP’s forecast range of P51-53 to the US dollar. The peso has been gaining strength over improvements in the government’s finances, with revenue collections exceeding expectations and the deficit so far narrower than programmed.

National Treasurer Omar T. Cruz also said the government has decided to borrow more money from domestic sources to take advantage of lower interest rates and a bigger dollar stock. The borrowing mix is now 60-40 in favor of more domestic debt, which spares the government from greater foreign exchange shocks.

Mr. Andaya said the inter-agency economic body adopted the BSP’s foreign exchange assumption of P51-53 to the dollar, stronger than its original forecast of P52-57, to take into account the currency’s recent bull run.

The central bank has said the peso is expected to remain strong for the entire year because it will continue to be supported by a strong balance of payments position courtesy of sustained dollar inflows from overseas Filipino workers, portfolio investments, and foreign direct investments.

A stronger peso will also provide support for a low inflation regime. According to the National Economic Development Authority (NEDA), the DBCC revised its inflation assumption for the year to 7.3-7.9% from 8-8.5%, almost the same as the central bank’s projections, but higher than the 4-5% government inflation target.

The rise in consumer prices, the central bank earlier said, is expected to decelerate further next year as it begins to reap the benefits of last year’s monetary tightening spree. According to the BSP inflation is expected to hit 4.3-5% in 2007, slower or just the same as the government’s 5% target.

The policy-making Monetary Board thrice adjusted overnight rates last year and set a higher reserve requirement for banks in June. The central bank now pays an interest rate of 7.5% for funds parked with it for just a day, and collects 9.75% on funds it lends overnight.

A DBCC official said the deficit target has been maintained at P125 billion, which, at 2.1% of GDP, is lower than the 2005 shortfall of P146.5 billion, equivalent to 2.7% of GDP.

The collection target of the Bureau of Internal Revenue (BIR) was kept at P675.4 billion, while that of the Bureau of Customs was increased to P197 billion from P190.5 billion to reflect non-cash revenues from duties on imports of government agencies.

The government has decided to change the way tax collections are counted by including non-cash items in compliance with disclosure standards of the International Monetary Fund. Officials have said this would not change the deficit figure.

The DBCC also agreed to set revenue targets only on a quarterly basis instead of monthly, reverting to previous practice, although monthly tax collections will still be announced but compared only to the previous year’s figures.

DBCC officials are also assuming that the 2006 budget would be approved by Congress. Because of delays in approving the budget bill, the government has been operating on a reenacted budget.

"There was no talk that the budget won’t be approved," an official said.
Borrowings to be reduced next quarter; rates expected to fall

The government plans to borrow less next quarter as more revenues are expected to pour in during the April tax season. Banks said the reduced supply of government securities will mean a further decline in interest rates.

"We will borrow less since we expect the revenues from the expanded VAT (value-added tax) to register starting next month," National Omar T. Cruz yesterday said in a briefing.

The government raised the VAT rate to 12% from 10% last February. It expects to raise an additional P80-82 billion in revenues for this year.

For the second quarter of 2006, the government plans to borrow P66 billion, significantly lower than the P134 billion programmed for the same period last year. Actual borrowings for the second quarter of 2005 totaled P119 billion.

This is also lower than the P75 billion in planned borrowings last quarter. Actual borrowings for the period were P66.3 billion.

The government will also issue more long-term debt as part of its duration management, Mr. Cruz said.

Of the P66 billion, the government plans to issue P24 billion worth of T-bills and P42 billion worth of T- bonds. It plans to issue P3 billion worth of T-bills every other week and P3.5 billion worth of bonds weekly. T-bills have a duration of three months, six months and one-year, while T-bonds range from two to 25 years.

For next quarter, the government is only issuing bonds with tenors of two, four, 10, 20 and 25 years.

Banks polled by BusinessWorld expect rates to further decrease next quarter due to the reduced offering.

"It is in line with market expectations. It proves that the government is managing the fiscal side well," said a government securities dealer.

"Although we are seeing rates at their lowest, the market has no choice since there are few other investment outlets. Rates will go down since demand will remain the same while the supply is lower." -- Karl Lester M. Yap

The World Bank (WB) has described the country’s economic performance in 2005 as resilient and said it expects growth to further improve in 2006 and 2007 despite the lingering political noise.

“The Philippine economy recorded another relatively strong performance in 2005. Public sector deficits and debt were reduced in real terms and the value added tax (VAT) reform law, passed in May 2005, was fully implemented by February 2006 following a number of challenges and delays,” the WB said in the country section in its latest East Asia Update released yesterday.

“Progress on implementation of the fiscal reform program, coupled with the economy’s resilience to various shocks—ongoing political tensions, higher oil prices, agricultural slowdown—boosted financial markets as reflected in a stronger peso, higher private capital inflows, and falling borrowing costs and spreads for the public sector,” the multilateral lender said.

The bank, however, stressed the need for improved tax administration and governance to ensure that recent policy reforms translate into sustained deficit and debt reduction as well as effective implementation of public programs for infrastructure and social programs.

In 2005, the country’s gross domestic product (GDP) grew by 5.1 percent despite a high inflation regime induced by soaring crude oil prices in the world market. Inflation rate averaged 7.6 percent last year.

--By Roderick T. dela Cruz
http://www.manilastandardtoday.com/?page=business02_mar31_2006

Economy to expand 5.3% this year, 5.6% in 2007--World Bank




THE PHILIPPINE economy is expected grow 5.3 percent this year after last year's 5.1 percent expansion, supported by a recovery in agriculture and exports, the World Bank said.

In its latest twice-yearly outlook on East Asia, the Washington-based lending agency projected GDP growth next year of 5.6 percent.



"Prospects for higher growth in 2006 hinge upon the rebound of agriculture and exports. The La Nina phenomenon, which began early in 2006, is expected to revive food production. Stronger export growth in recent months may portend a more favorable performance in 2006," the bank said.

Supporting overall growth is the continuing expansion of the business process outsourcing (BPO) sector in the Philippines, it said.

President Gloria Arroyo recently said the BPO industry, which now employs about 125,000 people, is expected to create up to two million jobs for Filipinos by 2010.

However, the WB's 2006 GDP growth forecast is lower than even the government's downscaled growth target.

Manila has revised its GDP growth target this year to 5.5 to 6.2 percent from 5.7 to 6.3 percent, after taking into consideration a lower growth forecast for exports and continued high oil prices.

From 10 percent, the government now expects exports to grow about 8 percent this year, which is still an improvement from last year's gain of 4 percent.

The World Bank, however, noted that despite the economy's relatively robust growth of above 5 percent over the past two years, unemployment in the Philippines remains high.

The country's unemployment rate rose to 8.1 percent in January from 7.4 percent three months ago.

"Of the 750,000 jobs created last year, only about 13 percent were in the formal sector with paid wages and salaries, whereas 42 percent were unpaid family workers and the rest were self-employed," the bank said.

More Filipinos are moving out of the country to escape poverty, the bank said, noting that the number of Filipino workers abroad had swelled to more than 8 million last year.

In his opening statement on Thursday at an annual gathering of international creditors in Manila, World Bank country director Joachim von Amsberg said "the challenges ahead to accelerate economic and social progress remain significant."

Among these challenges are how to accelerate and broaden the base of growth to ensure it benefits a larger number of Filipinos, he said.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2006&mon=03&dd=30&file=20