Many economists are already saying that more than 250,000 Filipinos will probably lose their jobs due to the global recession. This doesn’t take into consideration the estimated 20-30,000 Pinoys abroad who’ll probably lose theirs and go back here because of the US financial meltdown. The World Bank and the International Monetary Fund (IMF) have both said that this recession hasn’t even started yet, but we are feeling a terrible crunch already.
Having said that, it is good that we all work together to make this country of ours united and peaceful. Peace and order is one sure thing that would make our country a viable investment site. Economists are urging government to attract more capital infusions abroad since the domestic economy cannot adequately satisfy the local capital markets. Despite efforts, net capital inflows continue to slide, and slide it will in the next few months not because of political instability. No.
The Philippines remains in the bottom rung of places to consider for investments because it has a corrupt, decrepit and patronage-based system. Foreigners are avoiding us like a plague because we have a government that Filipinos and foreigners hate alike. Why? Because corruption has already been institutionalized. Government has spent billions already fighting graft; but corrupt practices remain because it has been part of the informal policies of this administration.
Net—it is not political theatrics of has-beens that’s harming our country. It is the very government that’s the core problem. Everybody wants a charmed life in this little paradise of the Orient. Everybody’s united to survive this global malady that is afflicting each and every country in the world.
However, the one that’s supposed to lead the body politic is the one causing all these problems and making our country an embarrassment before the eyes of the international community. We deserve a government that is better than the present one. It is our right as a people to enjoy the blessings of democracy under a government that we trust. Unfortunately, we don’t have such a government. And 2010 or not, we must all unite to oust this government now.
If we don’t do it now, all our efforts at surviving this global financial sickness will all go to waste. The one reason why people are apparently showing disinterest is the fact that the Filipino People are waiting for new faces to lead them against Gloria.
Colleagues, these new faces exist! They are still here, waiting for the right time to unleash the People’s Justice against Gloria and her gang of evil misfits. There are still Filipinos who have the will, the heart and the spirit to make a better Philippines happen. If this impeachment complaint fail and I’m sure it will, it’s not the end of everything. No.
It will be the start of a New Morning for everyone. Darkness will surely be defeated in the end because that’s the fate that awaits those who oppress, kill and create injustice against their fellowmen. Let it be said here that Filipinos are not those maids being depicted by BBC. Filipinos are not those docile creatures populating an otherwise dark paradise in the Pacific.
Let the world know that, we Filipinos stood out against an immoral and evil regime, now, not in 2010. Let those who hold the torch still, stand up and forever be counted among the pantheon of heroes.
Popularity: 2% [?]
from what sector? where would the capital be coming from? Global banks are on the red. sources of capital like the retirement funds, mutual funds, hedge funds have lost trillions of dollars. People are withdrawing them and putting them in treasury bonds. What sources of capital are they going to tap?
Wall Street is crumbling too.
The Ca t,
ugh, TBills are paid for by governments like IOUs. same as corporate bonds— they’re ways to finance stuff.
the global crisis is that no one trusts anyone to pay ‘em. it started with banks because of the home bubble then it is spreading to corporations. hence stocks fall, corporate bonds are now being doubted. the trillions of dollars lost from the stock market are being funneled to gold, cash, etc. in other words being held on to.
the cash is there, just that no one wants to use ‘em. you know, holding on when the trend goes back up.
yes, cocoy, you got it right. trust in the system, it is lacking. and the sure fire way for us to get out of this rut is to replace this government.
Cocy,
if there is cash, the US would not have bailed out the banks from the taxpayers’ money.
There is no cash flowing from one bank to another. So my question remains from what sector are we getting the capital infusion?
It is not only a matter of trust. The financial condition of the financial institutions had been windowdressed for quite a period until such time that they could no longer extend loans. No one was putting their money in different investment instruments. The GALOC oil exploration was funded by capital raised in Wall Street my Merryll Lynch.
The investment bankers, capital underwriters and the financial services which are capital providers are also affected.
why do you have politicize everything. this financial sector meltdown is global. You mean to tell me, this is again the fault of the Philippines.
This is about greed. This about inequality between CEOs and middle income workers in the US. This is about pressure to make profit. This is about corruption in the US and fraud in the corporate sector.
If we are going to politicize everything and blame everything to the GMA, nothing can be solved.
Can you at least think outside the political box?
Naiintindihan ba ninyo? Hindi dahil wala silang trust sa Pilipinas, kung hindi wala talagang pera sa capital market. Sheesh.
These perpetrators of the subprime mortgage crisis do not even know about the PHilippines. Sus.
Guys,
Aren’t you really saying the same thing but looking at it from different perspective? It sure is about the loss of trust stemming from the discovery of the corporate greed that siphoned off the money held in fiduciary trust to be properly managed, as it turns out, by the crooks in suits at Lehman.
I didn’t read anyone blaming GMA in this episode, except if REVELATIONS COME OUT about where our foreign reserves have gone. Mosey around the corridors of the BSP where the whispers and murmurs are getting louder.
BTW,
The only reason Bill Clinton did not disintegrate politically despite his “not having sex with that woman” was because the US economy was doing well at thew time. Now the shoe is on Bush’s foot and with the economy in tatters, the Republicans will pay for it at the polls next month. So there.
i didn’t say there was cash flowing. there isn’t one that’s “flowing” because no one wants to trade because they’re scared they wont get paid. that’s why there is no “cash”.
Credit stops. no one wants to extend a loan to anybody because trust has been lost. would you loan your friend US$1 if you don’t know he can pay you back? Simplified, is not stock, corporate bonds and TBills but another form of IOUs writ large?
and yes, The Ca t:
Exactly. ;) The Philippines won’t be directly affected simply because it doesn’t have skin in the game. The Philippines is but an insignificant spec in the known universe.
well, the philippines is not that insignificant. if the economy crashes in this side of the pacific, the region will feel the effects of it.
i’m really not turning everything political because it is the nature of things to be political. every action is political, my friend.
spare me the “move forward”, “this is not the fault of GMA” statement. I’m not blaming GMA for the global crisis; that would not be correct. GMA is an insignificant speck in the entire global financial system. and if GMA is to be blamed for the global crisis, that would put much praise for a non-entity.
I blame her for subjecting us to torture. I blame her for not doing her job for 8 years. I blame her for not being honest enough that our economy is really in shambles and wanting an infusion. I blame her for institutionalizing graft and corruption which impacts greatly on our image as a creditor. Look, in the next few months, we will be borrowing money AGAIN, in the BILLIONS Cat. Why? Because our fundamentals have sunk sooo low you would not even want to fathom how low. Trust me on this. No new big foreign investments will come in, not because of the global slowdown. No.
Foreign investments will not come because we have a very corrupt government. I don’t need to politicize that, because Gloria already politicized everything.
Lets pray that we can survive this US rooted world financial crisis when it reaches our shores. I also do hope that the rosy forecast of the government,i.e., our economy is resilient, stable financial institutions, will materialize despite the odds. This US financial crisis is the second wave to hit our economy this year as the first was the fuel and food crisis during the 1st and 2nd quarter which slowed down our economy.
Most businessmen and local manufacturers are predicting that business will be bad by the 1st quarter of 2009. Some of the indicators of shrinking growth are the decline in export of electronics industry, sardines export by 50%, same with furnitures while some local manufacturers are also slowing down in their production and some had stopped. While there are some easily recognizable profitable companies (oil, power and other basic goods producers), but most are barely surviving. The other fear of local industries are China’s products, intended for US, that will be dumped to our country. Would our local industries still be able to earn and pay their taxes to the government?
While the government T-bills are safe harbor for the local banks yet it does not result to economic growth because it does not create goods or benefits any industry. The government may use the T-bills proceeds to fund its projects for the meantime but in the long run it will not be able to repay it if its continuously in deficit, its tax collections are shrinking (closures of businesses & smuggling) and when all GOCCs were privatized. Its remaining recourse is to sell to any highest bidder its remaining public lands and natural resources.
One must note that our government’s foreign and local debt stands around US$56 billion+ plus contingent debt (Northrail, Southrail, PIATCO, Quedancor, etc.) of P500 billion+.
Lets hope that our government would be able to adopt measures that will stimulate domestic growth by building domestic demand and lower interest rates just like what China is doing right now.
well, jac, it would have been better if we survive this crisis without Gloria around. Why? How can you possibly be stirred to invest or grow domestic demand if you don’t really trust this government? Hey, where will all our taxes go? if it’ll just go and line the pockets of Gloria’s corrupt misfits, then, we’re goners.
One functionary mentioned that foreign banks are overly cautious in lending to our government. The only source of funds of our government will be WB & IMF (with strings) and local banks. With shringking tax revenues and other sources of income, in the event government defaulted on its debts, the liquidity of all local banks will be affected. No other country more so with US will help us as they are also in deep financial crisis. OFWs remittances would not be enough to rescue our economy.
Foreign news says that Singapore is in near rescession but I think our economy is in much worst situation. Singapore government has surplus (no debts) while our country is heavily indebted to local and foreign banks. Could be next Argentina or Iceland?
it’s really no use arguing with one-track minds in this blog whose answer to every problem is “oust gloria”. it’s an exercise in futility, a waste of time and energy.
Who said so?
http://www.pbs.org/wgbh/commandingheights/lo/countries/sg/sg_debt.html
The doom and gloom soothsayers do not even understand the debt markets.
When Singapore floats bonds in the market to finance its infrastructures, it is actually incurring debts.
Borrowings are not like going to the banks and asking for loans. It is also issuing mortgage bonds with interest payments.
When you talk about surplus, what does that mean?
balance of trade suprlus or balance of payments surplus?
These are two different terms.
When banks are suffering from liquidity, it means it has no cash. Liquid assets refer to cash and assets that can be converted into cash within the normal operating cycle.
Most of the assets of the financial institutions are in the form of worthless securities and foreclosed real estate which have already dropped in value,
Don’t lecture me about the US financial meltdown if you do not know the subprime mortgage crisis. Your explanation is that of econogob.
ugh, TBills are paid for by governments like IOUs. same as corporate bonds— they’re ways to finance stuff.
Cat,feel free to correct me,as always.
as of now the US government cannot use that mode T bills and the other treasury notes.Because most of the time the banks are the one lending to the government,but in this case ;the government or the private sector cannot raise funds in that mode because banks aint got no money,and the reverse will happen.Instead of the governments borrowing from banks,they are lending them.
if you ask me,where the govenment got their money to bail out,inutang nila sa lender of last resort.kaya 11 trillion and rising na ang utang nila by the time the next president steps in.
About Wall Street, even the Warren Buffets, the Richard Branson’s of this world had tried to soften the crash,but it is not yet working.
Before,all they need to do are stock buybacks if hints of a volatile market are shown,but now it is no longer just a hint.Methinks ang infusion lang nila ang nasa news pero ang mga panic selling nila di kasali sa news.
Across the globe,Football teams are bought by Arabs,because no one is buying oil for now,they must continue to make money.
That could be the capital infusion you are talking about.
DubaiWorld is into ports,in the Philippines they control the South Harbor,they are also into hotels,etc.
The Emirates is turning into a financial hub,but with no new guys,just the same old people who are now going bankrupt,papayag ba sila na natambakan sila ng mga bakarote.Historically the Arabs rescue banks; Citi was saved By a Saudi prince,who is now the individual with the most shares in citi.
As a final note, maybe there is still money left in those Swiss banks and the Cayman islands.
The Philippines knows very much how hard it is to take money from those sources,no matter how illegal they maybe.
well, bencard, now that you’re here. i don’t think this is a waste of energy. Those who have feeble minds and weak arguments, yes, these people tire easily.
here, if you tread this space in the Internet, get ready. If you think it’s just “oust Gloria”, then, show me why we must not oust her. as far as i’m concerned, you have’nt really made any point as to why I need to change my “biased” mind.
so, report to your bosses and maybe they can give you any strategy on how to neutralize such vocal oppositionists such as this person (of course, short of resorting to illegal arrest, bro).
Pat,
I think that it is not corruption, per se, that is shooing foreign investors away. Foreign investors main goal is to generate income for their businesses, and it does not matter if the countries where their businesses were located are corrupt or not. As long as they have a steady flow of income, then they will stay.
Corruption in a country will be a problem for them if the kind of corruption that that country has is unpredictable and unreliable. Businessmen can tolerate bribing officials as long as they got what they need in every bribery dealings.
Maybe the Philippines has that kind of corruption, Unpredictable and unreliable corruption that is bad for business.
yep, that’s unpredictable corruption.yup, yup.
the president’s decision to forestall the political effects of raising electricity prices prior to 2004. how it provoked the fiscal crisis she later received credit for fixing by pushing for e-vat. discuss in the context of the previous decade’s attempts at putting in place a predictable policy and business environment friendly to long-term investments.
patricio, there you go again shooting from the hips with your
patricio, there you go again shooting from the hip with yoour unmitigated presumptuousness. what makes you conclude i have “bosses” to whom i should “report” anything?
i have been asking you what are you gonna do after “ousting gloria” extra-constitutionally. install a junta of cabalistic wannabees led by satur, et al.; bring joma sison back from europe to reign; turn society upside down and “re-distribute” the nation’s wealth by taking away what belongs to the haves and giving it to the have-nots until no one else but the ruling “revolutionaries” are the only ones feasting on the product of an imposed economy (where nobody has any incentive to produce more than what is alloted to him)? or would you rather take a chance on the current crop of nincompoops and give one of them artificial and unconstitutional mandate to lead, only to “oust” him/her as soon as you and your ilk don’t get what you want?
in short, enough of this lunatic and feeble-brained call for “revolution”. it doesn’t do anyone anything good.
well, you have’nt asked that question. You simply wrote that it’s fruitless and useless to react on this simply because people just will say “oust gloria”.
Oh, by the way, the reason why I am militating against Gloria is not personal. To be honest, I have so many friends inside her Cabinet. If it’s personal, I’ll probably take your stand and write ala Bencard.
Let me help the people go thru and understand your pseudo intellectual mumbo jumbo writing and tell you straight:
1. First, I don’t subscribe to a scenario of installing a Communist or even a Socialist after ousting this illegitimate president.
2. I do subscribe however of installing a group of individuals, mainly from the academe, civil society, some technocrats even and the military and form a Council of State. You talk about power? Power will be shared by all. There’ll be no member of this Council who’ll be interested of holding on to power because before being invited to govern, they’ll be in agreement that they’ll only do this in a temporary basis.
3. Third, this Council will impose order. They’ll have the power to arrest and jail those known criminals still traversing the halls of Congress and those who committed crimes against the Filipino People.
4. Fourth, they will reach out to the MNCs here and put their brains together on how to help the people cope up with this financial crisis.
5. Fifth, every department of government shall have the participation of members of the academe, civil society and people’s orgs in policy-making.
6. Sixth, the Council shall have the mandate to review the Constitution and later on, propose a National Constituent Assembly composed of elected individuals who shall contribute their expertise in amending the Charter.
7. Seventh, the Council will reach out to the majority of the people abroad by calling upon their patriotic duty to help the economy in whatever form or means they want.
These are just some of the things I, and a lot of people, envision. I am not a Communist. I subscribe to an Open Democratic form of governance, an ideal which MLQ points to as “caudillo-driven” (self-description). Yes, I admit. I believe in the idea of a caudillo; however, I don’t subscribe to just one caudillo. I believe in a group of caudillos, enlightened ones with pure hearts that will dedicate their lives solving the mess of Gloria and her bunch of greedy misfits.
Oh, by the way, Bencard, here’s the rub.
I will continue calling for a revolution even if it leads to my death. Revolutions are engines that enable societies to grow. But, short of calling people to arms, there are other forms of revolutions, and one form I subscribe to—intellectual revolution.
I’m promoting an intellectual revolution, the kind that does’nt kill real people but kill outdated principles and misplaced beliefs. And your belief and faith in Gloria is one of them.
pseudo-intellectual? look who’s talking – the guy who tries to sound profound but often finds himself way over his head on what he is talking about.
who “installs” your “council of state”, the mostly (un)civil society; the clenched-fisted, red-flag waving, malcontents who think they can do a better job wielding the power and (mis)using the public wealth; the gang who possesses the most efficient killing machine and the biggest bomb? who will decide who are the “enlightened ones with pure hearts”? you and cvj?
and how much time would it take for such a council to be in place after gma’s “ouster” and before the whole country is thrown into political anarchy, economic ruin and social chaos?
well…if you read most of my posts, i don’t try to sound profound. in fact, i hate being profound because people don’t understand “profound” people. But, you, well, you, you want to use “profound”, “high falutin” language to hide the shallowness of your defense for the puny one.
Well, bencard, yes, you got it right.
“…the clenched fisted, red-flag waiving, malcontents who think they can do a better job wielding power and (mis) using rhe public wealth…” you are describing Gloria’s gang right? These are their character before Gloria formally swore as president.
you’re mature enough, still you write like a child, asking stupid questions such as ” who will decide who are the “enlightened ones with pure hearts” ? you and cvj?
answer: not us but the people will decide who will populate the council. How much time would it take? Well, it depends on the situation Bencard. It could be days, it could be weeks, or it could be months. It depends.
Throwing the country into “political anarchy, economic ruin and social chaos”? My gosh Bencard! What century are you in? Have’nt you noticed that we are in that kind of situation already?
one has to go down to the level of a 2-year old child to try to talk to you. what people? 10, 20, 30 thousand individuals like you at edsa out of 80 million filipinos?
you create your own hell, and no one is stopping you from going in there unless you violate the law.
well, better to go to hell, than live in a fantasy world created by your puny idol, hehehe.
oh, by the way, your puny idol is very near her dream of creating or carving her own kingdom…in Babuyan Islands, hehehe!
Oust the Pretender! Down with the baronness of immorality!
Oust the Daughter of Satan!
Quite a vigorous fencing match there, Bencard and Pat.
Cool off a bit and allow me first to welcome you back, Bencard. We’ve been wondering about why you’ve been quiet. I wanted to canvass your views on the US uconomic contagion, given your being on the Eastern seaboard. How are Fil-Ams or Am-Fils doing po? I hope not many have seen theor 401-K’s frittered away by Wall Streets’s crooks in suits.
Now on GMA, while I wouldn’t be as harsh as to call her names, I would however hope she, as leader of the nation, can really be more candid to us about hw her subalterns have been acting for her, and for her to portray more accountability and transparency. Not every critic or detractor is a destabilizer. Most Filipinos are more inclined to be respectful towards their leader, any leader given our cultural orientation. But what galls many, I think, is when there is a projection of insensibility made worse by seeming lack of sincerity. The Philippines is a hard society to lead. But it would help if the leader is seen as genuinely earnest in helping the people and is ready to account for the State’s actions.
Sorry meant “a projection of insensitivity.”
hehehe! well ding, for your sake, i’ll be calling Gloria, the “Blue Barbie doll”