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The
saying that “when the US sneezes, the whole world gets a
cold,” is again coming true with the latest hard fall of
the Lehman
Brothers investment bank and Merryl Lynch.
Sadly,
there is news that AIG, which is the mother company of
Philamlife, is reported to be floundering, except that
the US federal government has rescued it to the tune of
a $85-billion infusion.
Reports
are now rife that several banks in the Philippines may
not only catch cold, they may go down with the flu due
to their exposure to these banking giants. BDO,
Metrobank and many other banks, although with lesser
exposures, are adversely affected, so we can only hope
that this meltdown will not be beyond repair.
The
peso, which has been riding high in the past few months,
is suddenly reeling from the impact of the US financial
problems. What is happening in Wall Street is now being
felt by the Philippine stock market, and the once-strong
peso is inching toward P50:$1. All these developments
can only mean that no matter how strong our economic
fundamentals are, our economy can still suffer from the
aftershocks caused by the tremors of the world’s
economic giants.
Even
Europe is now starting to feel the heat of the US
meltdown. As reports indicate, several banks in England
are already en route to bankruptcy. We hope that these
adverse global economic developments will be righted
soon enough and restore financial normalcy after this
turbulent times.
n n n
Good
news! The International Monetary Fund (IMF) announced
that “the Philippines is in a better position to face
[the] global financial crisis due to the fiscal reforms
of 2005-06” and that “continued vigilance will help
prepare for coping with any externally induced
repercussions.”
It is
saying what we have been confirming all these time that
the financial policies of the President is proving to be
the key for the country’s financial stability and for us
to weather the global financial meltdown. Now let her
critics refute the IMF.
n n n
We are
happy that the price of oil appears to be ebbing as
indicated by the world market price index which has
already gone down to just $90 a barrel, notwithstanding
the announcement of the Organization of Petroleum
Exporting Countries that it will reduce production down
to about half a million barrels a day.
The
Philippines certainly welcomes this salutary development
because we are a country wholly dependent on oil imports
since we are not an oil-producing country. With this
development, let us hope that prices of prime
commodities will remain stable and our transport sector
will show its patriotic colors and forget about its
usual penchant for holding transport strikes, to the
detriment of the commuting public.
n n n
Another
good argument for revisiting Republic Act (RA) 7610, the
law providing special protection against child abuse,
etc., is the report that in Zamboanga City, boys as
young as 15 years old carried out the kidnapping of four
peace advocates in Basilan.
This
report is just one of many regarding teenagers who are
already veterans in waging acts of terrorism. It is
about time that RA 7610 be revisited, perhaps to return
to the old child-abuse law where the age of discernment,
for purposes of criminal liability, starts after a boy
reaches 9 years of age.
Today,
many criminal syndicates take advantage of the porosity
of RA 7610 and use children in carrying our their
criminal activities. Drug pushers, for one, use children
as drug couriers because when arrested, these children
will not be sent to jail but will either be turned over
to the care of the Department of Social Welfare and
Development, or to their parents.
Statistics will show that thousands of teenage boys and
girls already indulge in illegal drugs, just as many of
them engage in sex orgies. If we still dream that our
youth are the fair hopes of the Fatherland, there is no
way that the liberalism under RA 7610 can make the dream
of Jose Rizal come true.
n n n
There is
one bit of good news: The National Census and Statistics
Office has reported that the employment index in the
country has improved, which is again one good indicator
that the economic policy of President Arroyo is sound.
In many countries, including the US, unemployment is up.
In the Philippines, unemployment is down. I believe that
congratulations are in order.
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