As we have predicted in our previous column, almost the whole world is jittery as a result of the meltdown of US financial institutions, when the giants in US banking and finance accumulated heavy losses in their operations.

Some of the biggest banking and investment houses went down the drain and others were scrambling for bailouts. Asia is not spared, but we are happy that we are in a much better position to face the meltdown due to fiscal reforms earlier instituted by President Arroyo, as pointed out by no less than the International Monetary Fund.

This development, once more, illustrates that the economic fundamentals of the Arroyo government are correct, which no amount of criticism from administration foes can dispute.

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US Ambassador Kristie Kenney has pointed out that the stable local economy enabled the Philippines to stand its ground against the economic slump in the US.

“The Philippine economy is in solid footing because the government has been doing well in developing industries for foreign investments,” Ambassador Kenney said.

With the world in a financial turmoil forcing central banks to release funds to prop up their economies, we should be proud that under the Arroyo watch, the country remains economically stable because, to paraphrase the Bible, “This country is founded on rock.”

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There is a raging war in the Senate because of the so-called budget insertion. This is unfortunate because so much valuable time that can be used for constructive discussion is lost due to partisan strife.

In fact, I am really surprised why this is such a big issue in the Senate because in the many years I have been in Congress, from 1985 to 2004, the transferring of appropriations within the President’s recommended budget is not uncommon.

You see, under the Constitution, Congress cannot increase the budget as proposed by the President, it can only reduce it. And it is also not uncommon for senators and congressmen to transfer allocations from one agency to another, depending on how congressmen or senators consider the more priority projects which need additional funding and which may have been overlooked in the President’s budget proposal.

Let me give one specific example. In the 2009 President’s budget, there is an item for the enlargement of the Department of Justice (DOJ) Academy in Clark. I did not consider this of such importance to the detriment of more funds for the Witness Protection Security and Benefits Program, as well as items for additional prosecutors.

I have, in fact, proposed that the items for the DOJ Academy be transferred to the Witness Protection Program and also provide more funds for prosecutors, of which we are very much in need. I do not think that there is anything illegal or immoral in this kind of kung-fu in budgeting.

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In Iloilo City, about a week or so ago, a notorious hoodlum, said to have been brought in by a drug lord from Masbate, was shot dead by members of the police force during a shootout right in the heart of the city. No doubt it was a legitimate encounter, and I hope more hoodlums will fall in the present campaign of the PNP to rid Iloilo City of the drug menace and of undesirable strangers who stand as protectors of this illicit trade and disturb the peace of our city and our people.

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President Gloria Macapagal Arroyo issued Administrative Order 239 restricting the use of government vehicles and those of government-owned and -controlled corporations for unofficial reasons, during nonworking days and after office hours, unless with the proper authorization.

This is in line with the government’s energy-saving program and the antigraft and corruption campaign. All concerned would do well to observe this directive strictly. There are many instances where government vehicles are used for family use even on weekdays, especially during weekends.

Helping our government save on gas is everyone’s affair, and it would be criminal to waste government resources for purely personal and selfish reasons. In these trying times, a little help from everyone will go a long way.

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Makati Mayor Jejomar Binay of the United Opposition announced that the low corruption rating of the country would not improve under the Arroyo administration. The survey results said to have been conducted by Transparency International is suspect of biased and manipulated results, and even the survey process itself is undoubtedly far from transparent and, therefore, not credible.

Antigraft Commission chairperson Constancia de Guzman observed that the survey was not factual and is based solely on public perception and “does not reflect the realities on the ground.”

Indeed, many key opposition leaders should look into the paradigm of public service and not disservice, and help our people rise beyond perceived limitations. This is the kind of public service expected of them.

Editorial: ‘Unfettered greed’

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Personal Finance: Making sense of it all

For two weeks now, the news of the financial turmoil in the US has been badgering all of us. The anxiety it has caused is really overwhelming to many since we all know that whatever happens to the US has very big effects worldwide, including the Philippines.

The Entrepreneur: Changing global economic landscape

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Coast-to-Coast: Rescue and deliverance

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Reflections from the Mirror: Founded on rock

As we have predicted in our previous column, almost the whole world is jittery as a result of the meltdown of US financial institutions, when the giants in US banking and finance accumulated heavy losses in their operations.