Prosperity through judicial reform
PROSPERITY for all shared by every Filipino is the banner declaration that encapsulates “Ambisyon Natin 2040: The Life We Want”.
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PROSPERITY for all shared by every Filipino is the banner declaration that encapsulates “Ambisyon Natin 2040: The Life We Want”.
To advance beyond noble intentions, some business leaders are actively promoting the “Covenant for Shared Prosperity” to be signed by business organizations and companies. Sure, it’s still commitment in words but there will be the conscious effort to monitor each other’s pledge and commitment, to be accountable for some specific results, to be honorable in one’s own voluntary declaration.
WE should take note and be encouraged that we have a Supreme Court that is seriously engaged in judicial reforms. These are embodied in a policy document, “A Strategic Plan for Judicial Innovations, 2022-2027,” (the SPJI) that was launched officially in October 2022. More notably, the programs and projects under the SPJI are making progress.
WE cannot let this episode just pass by and be obscured as trivial.
IN the previous column, we talked about the dearth of securities issues as an obstacle to capital market development.
THIS is an invitation for the business community to be acquainted with the “Strategic Plan for Judicial Innovations,” or “SPJI.” This was launched last October 14, 2022 by the Supreme Court and details the specific programs and projects being undertaken or to be undertaken for judicial reform.
IN the quest for effective measures, more specifically new products, to promote the capital market, the advocates appear to have overlooked the potential of Securitization.
THIS article is an attempt to create an awareness of systemic risk by pulling out information from the 2nd Semester 2021 Financial Stability Report of the Financial Stability Coordination Council (FSCC) chaired by the Bangko Sentral ng Pilipinas (BSP) Governor. The FSCC institutional members are the BSP, Department of Finance, Securities and Exchange Commission, Philippine Deposit Insurance Corp. and the Insurance Commission.
PRE-election speculations on who will win in the upcoming polls keep referring to the “ABCDE” classes in our population. Those in the “AB” class are the rich, the well-educated holding well-paying jobs, the elite. They are in the minority as voters. Those in the CD and E classes are the very poor or struggling poor, the underprivileged and disadvantaged. They are in the majority and will determine the outcome of the elections. The Tagalog term laylayan has become a common word, meaning, the marginalized and referring to the “CDEs.”
BEYOND the confines of their quarterly meetings, the Capital Market Development Council (CMDC) is hardly known. But their deliberations, decisions, advocacies and projects have long-term impact on the country’s financing scenario and ultimately on the whole economy. Let me explain.
THE vital importance of and the need for good governance and the institutional arrangements of checks-and-balances have been highlighted by the well-publicized Commission on Audit (COA) findings of deficiencies and irregularities in the use of public funds by some government agencies.
WOULDN’T you want to invest in a very profitable company that enjoys monopoly through a government franchise lasting 25 years? Wouldn’t you buy their IPO (initial public offering) shares as they become available?
A very significant development is happening in the local landscape, which is going to be greater originators of public spending with several serious implications.
LET me start by stating the obvious: we all have a direct stake in protecting the environment. We all know about greenhouse gases, which contribute to the greenhouse effect when the heat of sunlight is “trapped” in the atmosphere and produces the climate-warming change that, in turn, brings about those ill-consequences we now are experiencing.
Standard & Poor’s (S&P) issued on April 30, 2019, a credit rating upgrade of the Philippines, from BBB to “BBB+, stable.” This brings the country to equal Thailand’s rating, to a notch higher than Indonesia’s “BBB, stable” and a notch lower than Malaysia’s “A-, stable.” The description “stable” means that the grade is expected will be maintained in the next one to two years.
A widely publicized comment by a well-known politician that honesty is not an issue in elections because all politicians are liars, has elicited a lot of reactions, publicly and privately expressed. And so, should we all react in disagreement to this trivialization of honesty. As a virtue, honesty is so intrinsically important and basic in every aspect of our lives.
With the horrors of pork barrel continuing to inflict themselves upon us, almost helpless citizens, let us recall what happened in 2013, the year the pork barrel abuses were revealed to the public in all its monstrous perniciousness.
LET this piece be an updating report, especially to my colleagues in business, on what the business sector is doing to be engaged in the move to amend our Constitution—which portends major consequences to all of us Filipinos.
WE must continue the public discussions on federalism because this move to change the fundamental structure of our government is quite alive, even if the pace appears to have slowed down. In fact, the Speaker of the House of Representatives is now introducing her own version of a federal government structure.
LET’S start by repeating the premise that the development of our local capital market is crucial to providing long-term funds needed both by business and the government to promote and maintain economic growth. Sourcing funds through the capital market is, we all recognize, the alternative to our over-reliance on bank financing which has its limitations.
Let’s zero in on the budget’s aspects of providing quality, accessible and relevant education.
Even as the 2018 national budget is starting to be implemented this January, the Department of Budget and Management (DBM) has initiated the preparation of the 2019 national budget with a National Budget Call, asking national government agencies and government-owned and -controlled corporations to submit their budget proposals for next year. Related to this, the DBM conducted a forum on January 17, 2018 to discuss and clarify budget issues pertaining to the whole budget process and to the concerns of individual agencies themselves.
Let us recall again how the Asian financial crisis started 20 years ago in July 1997, and how it produced a domino effect on Asian countries.
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