The Philippine Economy

[icarusrising]

Originally Posted by XP

goodness, perhaps we should also give them knives so they could kill each other eh?

Knives to cut the cake with... Yun nga lang baka mag-away pa kung kanino yung me icing...

[kyle@1008]

if they're going to do that,.. we'll need live coverage,... it's been so long since philippine television showed quality programing,....no wait better yet, let's lock em in the big brother house...

[death327]

Give them a chance. Who knows they might discuss something productive for the country. Remember each one of them has expertise, si Fidel military and elite group of society, si Gloria Economic and Business and Class B masses, si Erap, the Class C and D Masses. They can come up with something good for all of us.

But i hope they won't end up fighting over the icing.

[kyle@1008]

if they come up with something good for the country,....

I wouldn't mind if they fight over the icing,...they can have an orgy for all I care...

[icarusrising]

Seriously, beyond the "expertise" they can provide. Such a gathering plays on the powers of symbolism. The coming together of these national leaders past and present would already have potency in itself. I hope it pushes through. I am weary of political derailing.

[Maxxclip]

Our next president must have an immunity from erapidemic, gloriatic acid, fidelarism, and coryptonic stone.

[heathcliff]

Originally Posted by crappypants

what a disappointment GMA turned out to be. She is no different than the rest of them. She'll do as she please since she only has two years left she's confident no one will boot her out. I hope she gets impeached and ERap takes her place so he can fatten up his muslim youth foundation into ten billion pesos. This country is being ran by devils . No right or wrong , the populace is a reflection of its leaders, nothing but hypocrites and con artists.
Pardoning ERap after spending six priviledged years in house arrest for amassing billions of pesos in real and not imaginary accounts, some punishment. Those Muslim youth beneficiaries must be so lucky.
What a slap in the face of descent hardworking Filipinos around the world .
GMA's decision can only mean one thing. The descent hardworking Filipinos who can delineate between right and wrong are in the minority. She is just like ERap who thinks she can pander to the masses by keeping them poor and ignorant. After all she said she made her decision to appease the masses. Gma has bigger skeletons in her closet.
I don't think this country will achieve any real progress in decades to come . it is a morally bankrupt society where everything is just swept under the rug.

What GMA did isn't unique. Former U.S. president Nixon was also pardoned by President Gerald Ford even before the institution of criminal charges. Other high ranking officials in many different countries were also pardoned after spending just a short time in detention. Although Erap spent the last six years in his Tanay resthouse, technically he was still in detention. It was through no fault of GMA's that he stayed in his resthouse since it was the Sandiganbayan's decision to permit him to remain there.

The grant of pardon is within the absolute discretion of the president. I do not agree with it because of Erap's lack of remorse, but the Constitution does not consult the sentiments of the people in granting this exclusive prerogative to the chief executive. Moreover, pardon does not depend on the degree of remorse on the part of the convict but on the tendency of the president herself to be clement. Otherwise, the law would have required the convict to be completely penitent before the pardon is granted. But it does not.

[heathcliff]

Originally Posted by icarus-rising

Seriously, beyond the "expertise" they can provide. Such a gathering plays on the powers of symbolism. The coming together of these national leaders past and present would already have potency in itself. I hope it pushes through. I am weary of political derailing.

That's true. It is more symbolism than anything else. It in effect tells the different political factions that as their leaders have "reconciled" with PGMA, so they should also stop trying to destabilize her administration. National reconciliation is not tantamount to denying the guilt of Erap for plunder. That has already been proven in a court of law. True moral reconciliation is impracticable in the world of politics.

Ramos himself has been foremost in opposing the grant of pardon for Erap. But he is also a shrewd politician who understands the need for diplomacy so that the nation can move forward and gain political stability.

[3cr]

I think this is a good symbolic gesture to show unity provided the ex-presidents won't be holding gift bags when they leave Malacanang! Joke, Joke, Joke! Hehehe...

Originally Posted by 3cr

Ramos urges 3 ex-Presidents’ reunion meeting with GMA
By ROY C. SINFUEGO
Manila Bulletin
http://www.mb.com.ph/MAIN20071104107706.html

Former President Fidel V. Ramos yesterday urged a reunion of three former presidents of the Republic – Corazon C.Aquino, himself, and Joseph Estrada – to meet with President Arroyo, so that they can collectively draw up a strategic plan for the future of the country.

Ramos said it was time to set aside "mga alitan" (differences) among the political leaders and focus on what is good for the country so that it can steadily move forward and regain its international credibility.

"Let us no longer focus on former President Joseph Ejercito Estrada. Let us now focus on what is best for the country. Our next generation must be assured of a better future than the present generation," Ramos said.

Ramos stressed that like "kuya and ate" (elder brother and sister), the four of them should set aside time for a reunion since "this is the only option for the four of us to talk."

"This move is my own initiative, and our reunion will be attended only by former Presidents Corazon C. Aquino, Joseph Ejercito Estrada, and President Arroyo, and a tape recorder. No one else must be allowed to join," Ramos said.

Ramos also cited the United Nations millenium reports saying that the Philippines is lagging behind the fast- moving economies of other Asian countries.

"Now is the time for President Arroyo, and the three former presidents to meet and dialogue on how to build a better Philippine future together," he said.

[3cr]

Clark targeting threefold rise in investments
Business World
http://www.bworld.com.ph/BW110507/content.php?id=051

CLARK DEVELOPMENT Corp., or CDC, is targeting investments of about P10 billion next year due to additional big-ticket projects in the business process outsourcing (BPO), tourism, real estate and manufacturing industries.

CDC President and Chief Executive Officer Levy P. Laus said in a recent interview that he expects combined investments in the free port and special economic zone to increase about threefold next year from the P3 billion expected this year. "We should be getting additional major investments in the coming months, particularly in the tourism industry as well as techno-industrial and real estate," he said.

Mr. Laus said prospective investors are also eyeing projects in the BPO and manufacturing sectors, while those locators already operating in the free port and economic zone are continuously expanding hotels, villas, call centers, and putting up additional industrial parks.

"We’re optimistic about prospects of new investors coming in. These investors have already submitted development plans, but we cannot name them yet. We should be able to announce by yearend," he said.

To date, investments in Clark have reached P2 billion. Since 1999, investments in the former US air base have hit P25.5 billion. These businesses, in turn, have generated 52,000 jobs. Mr. Laus said he expects investments to reach P3 billion by end-2007.

In an earlier interview, Mr. Laus had said the government had put on hold the establishment of a sprawling central business district in Clark.

The project, which could have been the first major business district in Central Luzon, was "shelved" temporarily to give way to an expansion of a 2,200-hectare aviation complex being operated by the firm’s subsidiary, Clark International Airport Corp.

Clark Freeport earlier obtained high ratings on its readiness to support information and communication technology investments, according to a scorecard drawn by the Department of Trade and Industry and the Commission on Information and Communications Technology.

The scorecard said the presence of advanced telecommunication facilities, power and transport infrastructure, real estate value, vendor support, local government unit and community support, incentives, quality of life, as well as the availability of skilled manpower to support industries are necessary to ensure sustainability and profitability of investments.

[3cr]

Ayala Land rejects gas blast theory
Business World
http://www.bworld.com.ph/BW110507/content.php?id=003

A POLICE THEORY that a gas buildup led to an October 19 mall blast that killed 11 people is "highly unlikely," property firm Ayala Land, Inc. (ALI) yesterday said, citing initial findings of its own commissioned investigation.

The Philippine National Police (PNP) last week ruled out the possibility of a terrorist attack as the primary cause for the explosion at the Glorietta 2 mall, raising the issue of negligence on ALI’s part.

In a press conference, ALI president and chief executive officer Jaime Ayala said local and foreign experts it tapped had ruled that a gas buildup was not the likely blast cause as microorganisms would need about eight to 10 days in an undisturbed condition to generate a sufficient quantity of methane.

The listed property developer said it had commissioned Dr. Stephen Etheridge, a waste-water and biogas production specialist, and Burgoynes, an international consulting firm on forensic investigations of fires, explosions and engineering failures, to conduct an investigation of the blast.

"Our analysis at this point in time, together with what our foreign experts have told us, makes it seem that it is highly unlikely that there would have been sufficient methane to cause this kind of blast. At the same time, that the diesel tank itself is not the primary source of this kind of damage," Mr. Ayala said.

The PNP had also said that a diesel tank in the mall’s basement may have been a contributing factor to the explosion.

ALI said its probers’ findings showed that the conditions for the production of methane in substantial quantities were not present since the length of time for wastewater to accumulate in the sump pits was not enough.

Mr. Ayala noted that the company has two sump pits that were discharged three to four times daily.

"It is unlikely that biogas was present in the basement since personnel working in the basement did not smell hydrogen sulfide, which smells like rotten eggs and causes nausea and eye and skin irritation," he said.

Mr. Ayala also said the diesel fuel was also unlikely to have caused the severe damage to the mall.

"The diesel fuel in the day tank has been tested by a major oil company in their laboratory and the flash point (the temperature at which sufficient vapor from a liquid is formed for combustion to occur) result was found to be normal at 76 degrees Celsius and within specification. Furthermore, no evidence was found to indicate any contamination with a volatile liquid," he said.

But despite its own investigations, the company urged authorities to look into every angle on what really happened.

Mr. Ayala said the company had yet to receive a copy of the PNP’s findings, and said the firm had yet to release a new estimate on the damage arising from incident and its impact on ALI’s bottom line.

The firm initially said the blast had caused P100 million in damage to the mall.

Mr. Ayala noted, however, that mall operations would have minimal effect on net income as it contributed only 17% to total earnings.



_______________________________



Reconsider terror angle
Ayala Land presents study, saying negligence did not cause the blast
By James Konstantin Galvez, Reporter
Manila Times
http://www.manilatimes.net/national/...71105top1.html

Ayala Land Inc. went on the offensive Sunday debunking the police theory that blame the Glorietta 2 mall explosion on negligence.

In a related development, the Philippine National Police denied it was pinning down Ayala Land. The police has yet to release a report on the October 19 blast that killed 11 people and injured 112 others.

In its press conference Sunday, Ayala Land claimed it is highly improbable that methane and biogas could have triggered the explosion.

Jaime Ayala, Ayala Land chief executive officer and president, showed a video that supports their argument. Plus, Ayala presented the results of a study conducted by Dr. Stephen Ethridge, a British specialist on wastewater and effluent treatment, and by Burgoynes, an international consulting firm specializing in the forensic investigation of fires, explosion and engineering.

The accumulation of biogas in the basement, which is where the blast is believed to have originated, was not feasible as it was 20 percent less dense than air, the study reported. It is less likely for a gas lighter than air to have vented through the open stairwell and out to the open loading dock, the study added.

Ayala said the basement is well-ventilated, contrary to police statements.

Ayala said the experts concluded that microorganism takes about eight to 10 days to grow and generate enough biogas to cause such a massive explosion. “The length of time that wastewater stayed in the basement sump pits was not sufficient for this process to take place, as the water in the pits was discharged several times a day,” Ayala quoted Ethridge.

Plus, the study said the gas must be undisturbed, but Ayala said in a typical day, five people work in the basement.

He said three maintenance people worked in the mall’s basement for about three hours just a day before the blast, and none of them reported smelling hydrogen sulfide, which emits odors similar to rotten eggs and can cause headaches, nausea, throat and eye irritations and even eye injury in high concentration.

“Hydrogen sulfide, a toxic chemical, would have been present even with small amounts of biogas,” Ayala said.

He said there were no “reports or observations by maintenance personnel of any irregularity to the diesel tank,” noting that the diesel fuel tank was last used in June.

Earlier reports said the explosion might have originated at the fuel tank used to store diesel for emergency purposes during power outages.

On the other hand, Ayala ruled out the possibility of an accident or negligence to cause such an explosion, saying that they are quite confident that they followed proper procedures in the maintenance of their equipment.

Ayala was reacting to a police statement that the explosion can be blamed on “negligence,” but it did not specify by whom—by the mall owner or by Makati City government, which conducts inspections for public safety.

Ayala said, “What we can rule out is it is highly unlikely that it was caused by methane or diesel. We don’t think negligence is relevant to those factors since for negligence to be considered it has to be connected to an incident.”

“At this point we don’t want to add additional hypotheses or speculation to the investigation. That’s for the authorities to consider as they pursue their investigation to look at all angles.”

No finger-pointing

Meanwhile, National Capital Region Police Office Chief Supt. Geary Barias dismissed assumptions that they were trying to pin down Ayala Land in their probe.

“We have no reason to pin down the Ayalas,” Barias said. “We have not said that the blame lie with them or for anyone else since the investigation is still ongoing.”

“We’re not blaming anybody here especially Ayala who since day one was very cooperative and helpful to us,” Barias said. “We are continuing our coordination with them.”

But Barias said the post-blast investigation showed a preponderance of evidence pointing to an accident as the cause of the blast.

Authorities are trying to recover the submersible pump that the police claimed would back up their theory of a gas explosion as the likely cause of the blast.

Barias said his men are set to recover additional items in the mall’s basement, adding that it might take three more days for them to complete the retrieval operation.

A fuse, a blackened electric socket and a partly burned centrifugal pump motor were among the items police recovered from the basement late Friday afternoon.

Earlier, police claimed that an electrician, whom authorities did not identify due to the sensitivity of the matter, said the fuse blew up but instead of seeking a replacement, a jumper cable was attached to it leaving no safety mechanism in the event of a systems overload.

Barias said they are investigating that lead and said the recovered items are being subjected to chemical analysis.

He said police should be able to present a consolidated report in one or two weeks.

[3cr]

Inefficient, weak judiciary costs economy P13B — PCCI
Daily Tribune
http://www.tribune.net.ph/business/20071106bus1.html


Inefficiency in the local judiciary is costing the economy from P7 billion up to P13 billion in annual losses, according to the country’s biggest trade group.

Miguel Varela, chairman emeritus of the Philippine Chamber of Commerce and Industry (PCCI), during the Second National Competitiveness Summit, noted that the slow turning of the wheels of justice particularly on business and economic lawsuits has been placing a heavy burden on the cost of doing business, thereby discouraging foreign investors from putting their money into the country.

“The effect of the performance of the judicial system has been thrown into the limelight as the business sector has in various surveys pointed to its performance as being one of the main obstacles and disincentives to doing business in the Philippines,” he noted.

Varela, also champion of special concerns (Ombudsman, judiciary) working group of the National Competitiveness Council, said it is for this reason that judicial reform has been one of the key issues of the council.

“This underscores the deep appreciation on the role it can play in helping improve the business function of the judiciary,” he noted.

Among the reforms being undertaken to improve the judicial system include: the enactment of the Alternative Dispute Resolution Law; reforming certain provisions of the rules of court like Rule 65; Supreme Court’s exercise of integrity and cleansing among the ranks in the judiciary; and the promulgation of the rule on the writ of Amparo.

Varela said with the creation of the Philippine Dispute Resolution Center, the arbitration arm of the PCCI, arbitration has been mainstreamed as a platform for expeditious settlement of business-related issues.

On the other hand, the revisions to Rule 65 provide a remedy to any aggrieved litigant when courts or tribunals acted with grave abuse of discretion amounting to lack or excess of jurisdiction.

Such changes were initiated by the Rule of Law Effectiveness project of the United States Agency for International Development.

Varela added the rule on the writ of Amparo, which just took effect Wednesday, is the latest remedy available to any person whose right to life, liberty and security is threatened with violation by an unlawful act by public officials or other entities.

“The important thing in these judicial reforms is that they must improve the delivery of justice to our people, and we the business people must be actively involved,” he noted.

[crappypants]

Originally Posted by heathcliff

What GMA did isn't unique. Former U.S. president Nixon was also pardoned by President Gerald Ford even before the institution of criminal charges. Other high ranking officials in many different countries were also pardoned after spending just a short time in detention. Although Erap spent the last six years in his Tanay resthouse, technically he was still in detention. It was through no fault of GMA's that he stayed in his resthouse since it was the Sandiganbayan's decision to permit him to remain there.

The grant of pardon is within the absolute discretion of the president. I do not agree with it because of Erap's lack of remorse, but the Constitution does not consult the sentiments of the people in granting this exclusive prerogative to the chief executive. Moreover, pardon does not depend on the degree of remorse on the part of the convict but on the tendency of the president herself to be clement. Otherwise, the law would have required the convict to be completely penitent before the pardon is granted. But it does not.

Nixon wasn't one of the top ten most corrupt leaders of the modern world.
We have two. So we lead the world on that list. Yahoo!!!
Nixon also didn't amass billions of pesos from an impoverished country whose
populace can't even afford descent housing, healthcare, education, books, school dwellings and public roads unless they toil and get exploited in foreign lands. No comparison really, apples and oranges. In the US they even provide free healthcare for illegal aliens. It wouldn't be such an outrage if he amassed that much from a comfortable citizenry. But from a country where 90% of the people are abjectly poor. Plus ERap is no old man he's just a dirty man. His youngest brood is young enough to be his great great great grandson. HIs pastime is gambling and boozing . IF that is the leader and rolemodel of the masa ,We should all convert to Islam .
It may be GMAs prerogative to grant clemency but it doesn't mean it was a just and moral decision . Like i said very few and descent people left in the PHils so nobody cares. GMa is one big disappointment, Evil vs evil .

[heathcliff]

Originally Posted by crappypants

Nixon wasn't one of the top ten most corrupt leaders of the modern world.
We have two. So we lead the world on that list. Yahoo!!!
Nixon also didn't amass billions of pesos from an impoverished country whose
populace can't even afford descent housing, healthcare, education, books, school dwellings and public roads unless they toil and get exploited in foreign lands. No comparison really, apples and oranges. In the US they even provide free healthcare for illegal aliens. It wouldn't be such an outrage if he amassed that much from a comfortable citizenry. But from a country where 90% of the people are abjectly poor. Plus ERap is no old man he's just a dirty man. His youngest brood is young enough to be his great great great grandson. HIs pastime is gambling and boozing . IF that is the leader and rolemodel of the masa ,We should all convert to Islam .
It may be GMAs prerogative to grant clemency but it doesn't mean it was a just and moral decision . Like i said very few and descent people left in the PHils so nobody cares. GMa is one big disappointment, Evil vs evil .

You forgot to say that Ford's popularity ratings plummeted with the pardon. Does that tell you that the American people agreed with the pardon, or that they wanted Nixon punished, or at least convicted first? I knew you would start citing Erap's misdeeds, but Erap was at least convicted by the Sandiganbayan. His pardon only came after. While Ford pardoned Nixon even before the institution of criminal charges. Where is the decency and the justice and morality there? But if you always like to think worse of the Philippines then go ahead.

May I ask where you got the data saying that 90% of the Filipino people are abjectly poor?

[amigo32]

oh come on guys, can't we just accept the president's decision and move on.

[3cr]

BOI, PEZA investments down 6%
By MA. ELISA P. OSORIO
http://www.abs-cbnnews.com/storypage.aspx?StoryId=98338

Combined investments recorded by the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) went down by six percent to P188 billion in the first nine months of the year from P200 billion a year ago.

As of September this year, BOI approved investments amounted to P79 billion, lower than the P142.3 billion recorded last year.

Despite the drop in BOI-approved investments, a ranking trade official said the BOI is confident of meeting its full year investment target of over P100 billion.

"There are a lot of investors coming in the last months of the year specifically in the manufacturing sector," the official who spoke under the condition of anonymity said.

On the other hand, the PEZA reported that it has already overshot its full year target as early as third quarter.

"As of the third quarter, the PEZA has approved P109 billion worth of investments exceeding the P100 billion target we set for the year," PEZA director general Lilia B. de Lima told reporters.

According to de Lima, investments for the third quarter alone increased by 88 percent when compared to the same period a year ago.

De Lima credited the success of PEZA to the re-investments of companies which was jumpstarted by Texas Instrument during the first quarter of the year.

She declined to give an estimate as to how much more investments PEZA will generate for the country during the last three months of the year saying only that "there are big investments coming before the year ends."

For next year, de Lima said she is confident her office can attract 20 percent more investments than this year. "We expect the growth to continue," she noted.

She explained that foreign investors tend to locate in the Philippines because President Arroyo is making an effort to visit potential investors in order to promote the country as a viable destination.

For next year, de Lima said PEZA expects more investments to come from India, China and Japan.

Majority of the investments was for the manufacturing sector due to the capital infusion of Mabuhay Vinyl Corp. for the manufacture of caustic soda and hydrochloric acid and liquid worth P564.6 million, and Pilipinas Kyohritsu’s production of automotive wiring harness worth P453.3 million.

Combined infrastructure and electricity, gas and water supply sector grew with the capital infusion of SN Aboitiz Power Inc., a power generating plant in Isabela worth P27 billion, First Hydro Power Corp., a 112 MW Pantabangan-Masiay Hyfro Power generation project worth P7.7 billion, Montalban Methane Power Corporation worth P1.6 billion and Hedcor Tamugan, Inc., a hydroelectric power project worth P940 million.

Investments in the real estate sector were from DMCI Project Developers worth P1.15 billion, Phinma Property Holdings P464 million, P.A. Alvarez Properties and Development P248 million, and Palmera Homes P197 million.

[3cr]

Government spent P302M for NAIA 3 legal battles
By Jonathan M. Hicap, Reporter
Manila Times
http://www.manilatimes.net/national/...71107met6.html


The Manila International Airport Authority (MIAA) spent P302.67 million last year just to defend the Philippine government in cases involving the mothballed Ninoy Aquino International Airport Terminal 3, a report from the Commission on Audit showed.

If that was not enough, the government spent P645.83 million for technical assistance for the NAIA 3’s start of operations in the first quarter of next year.

The P302.67 million is still lower than the P772.11 million the authority spent in 2005 to fight legal battles with the Philippine International Air Terminals Co. Inc. (Piatco) and Fraport AG Frankfurt Airport Services.

The Philippines successfully defended its position before the World Bank’s International Center for Settlement on Investment Dispute when the latter junked Fraport’s case in August.

Still pending is the case filed in 2003 by Piatco against the Philippine government before the International Chamber of Commerce Court of Arbitration based in Singapore.

The audit report also showed the MIAA last year gave P645.83 million as advance payment to Takenaka Corp. and Asahikosan Corp. for technical assistance related to the terminal’s start of operations.

Takenaka has agreed to repair the defects at NAIA 3 and cooperate with the airport authority in ensuring the different systems of the terminal are operational.

In a related development, the assessment of NAIA 3’s value is being delayed by a government motion questioning the selection of an international appraiser.

Fiorello Estuar, head of the NAIA 3 Commission that is tasked to appraise the terminal property, said they cannot start the assessment because a case filed against them by the Office of the Solicitor General is still pending before Pasay Regional Trial Court Judge Jesus Mupas.

Other members of the commission are Alfonso Tan Jr., a former special legal counsel of the Presidential Commission on Good Government, and Angelo Panganiban.

The assessment of the NAIA 3 will help government determine the compensation to be paid to Piatco, which built the structure.

It can be recalled the Supreme Court annulled the NAIA 3 concession agreements between the government and Piatco but ordered that the company be paid for the construction of the terminal.

[Maxxclip]

Hayyyy.... Its like paying for somebody's crime

[Ex!lE]

RP economic outlook remains rosy

By EDU LOPEZ

A top official of the Asian Development Bank (ADB) says economic prospects for the Philippines are brighter than they have been for quite some time.


Tom Crouch, ADB country director, says the country’s macroeconomic fundamentals are relatively sound, although the reform agenda is still work-in-progress.

"The ADB-Philippines partnership also is in robust health. In 2006, ADB had the highest new lending approvals of $ 650 million since 1998, the highest disbursement of $ 837 million ever, and the first positive net resource transfer of $ 269 million since 1997," says Crouch.

He described ADB’s Philippine loan portfolio which had been a weak performer, is now among the best in terms of such things as the very low proportion of active projects classified as being at risk of not achieving their intended objectives, high disbursement ratios, reduced time elapsed between approval and implementation, and low commitment charges.

"These quantitative indicators of our partnership are supporting a significant enhancement of the quality of the ADB-Philippines engagement in terms of the impact of our activities."

Crouch says the ADB-Philippines partnership is generating a virtuous cycle of policy reforms supported by ADB loans, better economic performance, greater fiscal space for supporting project implementation, better budget cover for priority projects and portfolio performance, and broader base for new ADB support including for policy reforms.

ADB is currently reviewing the country portfolio, is a core element of the ADB-Philippines engagement. It is an annual event, managed jointly by NEDA-Project Monitoring Staff and ADB.

The country portfolio review is a platform for the government and ADB to review the overall performance of the portfolio, examine country-specific common project implementation problems and constraints, and work out appropriate remedial measures; discuss projects with executing agencies, and propose solutions for project-specific problems being encountered; undertake field visits to selected problem projects to assess the magnitude and effects of identified problems; and produce a time-bound action plan with quantifiable and monitoring targets to remedy or improve the performance of the portfolio.

Crouch noted that the review is part of a yearround process that continuously addresses issues that might weaken portfolio performance and degrade the impact of our activities.

"The continuous process allows for real-time identification of problems and the immediate application of remedial measures. One lesson learned by both of us is that early action is needed to avoid deterioration in portfolio quality," Crouch added.

[Maxxclip]

until the government sing a song..."the blame was on me...eeeeeeee" when a 12 year old girl took her life with a piece of rope.