Bitching 101 - Of politics, celebrities and some nuts and bolts in between

Another week in the life of Juan de la Cruz.

1. An upbeat Philippine economy during election fever? It seems so. The peso is at an all time high - USD1.00 = P45.50. The bank and money changers are buying your dollars at P44.80. They sell at P46.00. For my balikbayan friends, this is not a good time to come over and think that your moolah is worth much. Which goes to show also that families of OFWs seem to be scrimping a lot these days. They need to pay for the final exams, tuition fees, graduation fees, house and lot, electricity, gas, etc. that the dollars their relatives are remitting seem to be at an all time low. In order to push the Philippines to increase spending, the Central Bank of the Philippines has also issued to all banks that all savings and checking dollar accounts will no longer earn interest. Nada, zip, 0%! What the f*#!@*#?!?!?! And the interest rates for all peso current and savings accounts will earn 0.5-1% less depending on your balance.

Analysts say that the dollar will probably drop to the 44 mark before the elections. And at the rate it seems to be dropping in the world market, it will not be surprising to see the dollar at an all time low.

Sad to say, the dollar is useless already. Some banks have opened Yuan deposits and are encouraging investors on this financial promo. Tsk tsk tsk. Obama must be reeling at how badly the American economy is doing.

2. A congressman has filed for impeachment of the 9 justices of the supreme court that voted for Ate Glue to appoint the next Supreme Court Justice before her term ends. This has caused so much uproar among constitutionalists, lawyers and academicians. As you very well know, except for the current chief justice of the supreme court, all the other associate justices were appointed by Ate Glue in the last 9 years span of her reign as president. As to whether this impeachment will prosper or not, there are two thoughts on that.

On a positive note, politicians can use this for their political mileage. We know that Ate Glue has lost her popularity among the Filipinos. Except for the people of Pampanga, being linked to Lakas-Kampi has seemed to be a curse for the politicians. It is evident in their presidential bet, Gibo Teodoro who seems to be lagging in the polls.

On a negative note, because it is already the campaign period, the politicians may be engrossed in campaigning and saving their balls. So this may not be a priority for them. Why waste time in session when they can gain more ground on the streets.

3. Edu Manzano, the running mate of Gibo Teodoro, who is running for Vice-President under the Lakas-Kampi banner is complaining that he is not getting enough funds or exposure.

Duhhhh!?!?! I thought he was famous. In the first place, I do not understand why he was chosen as the running mate for Gibo. He is the albatross of the Lakas-Kampi group. He has NO achievement at all. Darn. I would have probably been happier if Ate Glue were able to convince Boy Abunda to run as the vice of Gibo. As I said in the past, even Vice Ganda would have been a better choice. As to choosing Edu, uhmm..who he?

There is no use infusing money for his campaign. It's better to donate it to a better cause. Whether Edu stayed on or not in the campaign trail, it wouldn't matter.

4. Entertainment columnist Dolly Carvajal bumped into Anabelle Rama and Ruffa Gutierrez. When she pressed Ruffa to comment on the "walk out" incident on "The Buzz" a few weeks ago, Ruffa retortedly refused and commented that "I'm moving on and moving up. I'm happy in my new home TV5 and with my new endorsement of Nokia N97mini. Imagine ka-level ko na si Rihanna who also is a Nokia Girl (giggles)" . Ang kapal talaga ng mukha ng mga yan, is all I can say. Ruffa will never be on the level of Rihanna. On the contrary I take back my words. She is in Rihanna's level. Remember Chris Brown, Rihanna's ex who used to beat her up (and her seeming to luveet!!!). Well that's the level of Ruffa with her ex husband. Aside from that, there is no other similarity, this aging queen is going to get.

On a lighter note, Mark Bautista, has jumped the ABS-CBN bandwagon to join GMA 7. Rumor has it that it's not because he's not being given better breaks in Kapamilya. It's because he has to heal a broken heart. It seems that the rumor has it that he's leaving Kapamilya to forget a romantic liaison with the all-start hunkaloid (who's rumored to be closeted up to now) of this network. Hence, his transfer to Kapuso will be a new beginning. Perhaps he will find his dream partner in his new home.

And so life goes on in the world of Juan de la Cruz. Till next bitching....

Economics 101

On CNN the other day, there was a discussion between two newscasters on whom to blame for the global economic depression. Flipping through the cable channels was depressing, to say the least. Of course, one had the choice of going through the local news where the grim specter of kidnapping, murder, the corruption of GMA's government and showbiz scandal make the day more putrid.

But the exchanging banter between the newscasters on the Davos Economic Forum left me thinking - would the world economy crash overnight? And yes, who was responsible for this? Which led me to thinking about basic economics which I learned in high school. The law of supply and demand!

True, notwithstanding all the hooplah about the subprime mortgage the United States had gone through, the spiraling crash of the market worldwide did not seem like it started alone with the real estate disaster spawned from greed among hotshot business yuppies in the US.

The subprime mortgage was only the tip of the iceberg. Fund companies began lending out money to almost every Tom, Dick and Harry. Those with inadequate funds were also allowed to loan. And when the banks began collecting the loans, so much bad debts were eventually uncovered. The rest was history.

Undeniably, the various investigations then led to the discovery that several, if not practically all CEOs and COOs and CFOs and other "chiefs" (what's in a name) were tagged as raking in millions to billions of dollars as their take home paychecks. Far beyond the pay grade of what the ordinary businessman used to get, greed got in the way. And companies were paying million dollar wages to lackeys - those that had a degree, but didn't have the brains or balls for the job.

Unraveling the mystery on the whodunnit first isn't really a challenge. I recall my high school economics teacher etching on our blackboard the need to balance the economy with a seesaw rule where the demand and the supply are on both sides of the tipping scale.

So now I pose the hypothesis. Sure the global economy grew in the past decades. And yes, free trade in a free world surely is the way to go. But at what price? I think that the basic economics where more supply than demand, is the culprit for the worldwide slowdown.

I look at it from a local perspective. When Globe and Smart initially introduced the concept of a cellular phone in the Philippines, the queue was horrendous. Everyone wanted one. The mobile phone was hot business. People didn't mind getting locked into plans that were horrifically paying off only for the phone companies. After less than 5 years in the market, there was a sudden slowdown - in mobile phone units, plans, prepaid concepts - and an increase in the providers. The plans got really cheap and the phone aplenty. From initially a Nokia and Motorola model, came along LG, Blackberry, iPhone, Samsung, Vertu, several China made models, Sony Ericsson...Of 90 million Filipinos, it is estimated that there are about 65 million phones running around in the country (and counting). This includes the toddlers who already have a mobile phone in their hands and the subscribers who have a second, or third, or even fourth mobile phone in tow (one has got to be a Sun Cellular for indefinite texting and calling). I guess, the Philippines did not earn the title of "Texting Capital of the World" for nothing.

The Philippines has had its share of the real estate flop when Fidel Ramos was once president and the first wave of the financial crisis had taken its toll on the Asian region. Properties lost their values. Today we see a wave of growing condominiums and real estates by Ayala Land, MegaWorld, and other developers at leaps and bounds. Properties are pre-selling like hotcakes and the Philippines is about to experience the first bout of defaults when people begin to lose their jobs as companies merge and lay off workers.

Which goes back to my hypothesis - that there is too much of the good stuff running around. Too much supply for a market that is already saturated with material goods. And the demand has decreased because more and more people are not in the financial capacity to buy. With the current situation of a collapsing financial institution, people are holding on to whatever cash they have on hand.

And we're all asking - are the banks safe haven? Remember, all these banks use our money to lend it to other business enterprises and once these businesses begin to shakedown, so do our cash. And it can come full circle where even the biggest local banks can collapse.

The dreadful scenario leaves many of us who have some savings wondering about the future.

But the Filipino is a different race. Resiliency is in their spirit. And they've been through both good and bad times and most know how it is to be dirt poor. And most of us will survive it. The question left is, how? Don't you see the spate of wannabe movie stars, singers, newscasters, and politicians?

Hopefully not through greed and corruption. Karma has its way back home...

The road less traveled

Prediction has it that this year, the worldwide economic meltdown is going to take a toll on the developing countries.

The pinch has not seemed to hit the Filipino in the Philippines - yet.

The government is banking on the OFWs as we brace for the effect of the global financial crisis in the Philippines.

The last Christmas holidays saw a lot of Balikbayans. Many were not only here for the cheaper holiday escapade, but many balikbayans were actually scouring for opportunities in the Philippines.

They say that a crisis brings out the humility in human beings.

When the Filipino decides to become an OFW, or decides to migrate to a land of opportunity, he must leave pride behind. I have seen a lot of friends leave stable well paying jobs in Manila, only to start with less paying odd jobs in the US or Canada or the Middle East. The reason is - for family.

Now that the global financial crisis has hit the industrialized countries first, these are the same people that have looked to coming home. Time to swallow and leave pride behind once more.

Life indeed comes full circle. One day you're way up there. The next day it's all gone. Life's choices are made by us. While many follow the Exodus, some of us take the road less traveled. The latter is more difficult and filled with challenges. Many of the success stories of great men are those that have taken the road less traveled.

Whichever road we take, whatever decisions we make, right or wrong, the challenges and consequences should not make us regret the decisions we started off with.

Crashing!!!

Today's headlines regarding the economy of the world was not good.

The economic problem which began from a subprime mortagage on real estate properties in the United States had escalated to become a global problem. As of this blogging, it has now spilled to England and Iceland has melted away, so to speak.

The stock exchange plummeted in all sectors and this has thrown investors into a frenzy.

They say that the Asian countries are least affected from this worldwide problem, and the Philippine economists are beating their breasts with pride that the among the ASEAN countries, we were the least affected when the stock market dived for the sixth consecutive day in trading.

Okay, so we have the good news on the local economy in the business pages of every newspaper. Heads up with the peso not plummeting as rapidly as the other financial exchanges. But that's the newspaper or errr.... Malacanan Palace reporting. The government is pinning all hopes on the Overseas Foreign Workers (OFWs) for the coming Yuletide season. With the predicted surge in remittances, the financial economists predict that the peso will be buoyed up to P42.00 to the dollar (up from the current P47.75 trading as of this blog).

These are definitely not good times rolling. But if there is one thing that will not halt the Filipinos from doing, is spending for material things. The Pinoys have a penchant for showing off. I have a friend who works for the IMF and is based in Washington DC. She drives a Toyota while her Filipino maid drives a spankingly new Mercedes Benz!

In the Philippines alone, the gadgets are the yuppies best friend. Never mind if they don't eat the right meal or have medications for their illness, as long as they have the latest gadgets, that should make them happy...temporarily.

The other day, I gave a lecture together with two other prominent doctors in the field of Neurology and Cardiology, respectively. The cardiologist, Dr. Romeo Divinagracia who happens to be the president of UERM as well, said that part of the reason why statistics on mortality and morbidity for hypertension and heart attacks have not changed in spite of the advent of good drugs to control these are perhaps due to non-adherence to drugs being prescribed.

When it was my turn to speak, I talked about poor quality drugs that abound in this country and why patients turn to generic drugs. I have nothing against the latter, just the former. Poor quality drugs have no place in any market, because they can kill. Not producing the intended efficacy and/or problems on its good manufacturing practice can pose safety issues, which consequently become lethal to the patient. But the Filipino patient will NOT spend more for medications because they cannot boast of the drug. Besides, treatment of diseases is not drug therapy alone, but also non-pharmacologic (change in lifestyle, eating the right food, practicing healthier living, etc.).

So the stock market has crashed and the problem is global. Right now, the problem seems to have no light at the end of the tunnel...and I disagree with the government that the Filipinos are spared from this global dilemma. With a global meltdown, there will be no place for OFWs in countries that are suffering from the economic glut and the BPO (outsourced business) may get affected as well. As if this is not a double whammy that will slap us right in the face, the government doesn't seem to have a bail out plan when this happens.

Right now, we can only pray that this doesn't happen.

Back to work everyone...

Exodus

This week alone, three of my close friends are migrating. One to the US, the other two to Canada.

These are not people who are from the D and E class of society. They are middle managers in their respective field of endeavor. They earn more than P1M a year. And they are part of the new batch of Filipino citizens that are queuing to the lane called "EXODUS".

I will not venture to ask them why, but wish them good luck.

I understand why they did what they had to. At the turn of events in our country today, all the politics is hurting the economy of this country and the turn towards a financially unstable future in the light of the very high inflation rate of 9.8% is hurting every Juan de la Cruz.

Over two decades ago, the OFWs (overseas foreign workers) were mainly comprised of the poorer sectors of society. They were teachers who gave up teaching in public schools so that they can earn HongKong or Singaporean dollars. They were skilled laborers who traveled to the Middle East so that they can earn US Dollars for their families in the Philippines. Both parties made the ultimate sacrifice - parent(s) working abroad while the children are in the Philippines. Some have seen some of their dreams fulfilled. Others are still migrants of the world, finding their dreams in the midst of nightmares.

About 4 or 5 years ago, I had given a lecture during the annual convention of the Philippine College of Physicians and provided initial data of doctors shifting careers as nurses. While some in the audience agreed, the others scoffed at the numbers. Today, it has become the pride of the Philippines to ship out our graduate doctors who have shifted to a nursing course. And those taking nursing and pharmacy are a growing number, simply because of the enormous employment opportunities.

The inflation rate in the country has swollen to almost 10% from a 3.4% inflation rate same time last year. For the average worker who brings home a net income of P10,000 a month (with nothing saved), where does he get the extra P1,000 to circumvent the hardening economic times? The P20 increase of Gloria is a pittance because that would simply mean an added P440 a month in take home pay. He still lacks P560. And with the escalating cost of basic commodities, he will need to tighten his belt more. And health service will definitely be at the top of the list.

While the markets have locally grown compared to the same month last year, this is not because the market has become more bullish. There have been many players in the various markets. In the pharmaceutical sector for example, the deluge of generic bit players have grown in leaps and bounds, and with due cause. Consider the parameters of food, clothing, shelter, education and health care. Health care will definitely always be at the bottom of the list. And with the escalating cost of almost everything, belt tightening will begin with health.

These are difficult times. Even for those who have a little more, these are trying times. There are not much employment options in the country. And the queue to the international airport and out of the country is biting every working sector in the country. As the middle class takes the exodus now, the gap between the rich and the poor has become smaller and smaller. The middle class after all, serves as buffer to the extremes in social class. The middle class takes the brunt of the taxation scheme of this country. The rich have accountants that can shave off the billions of pesos they should be paying. The poor, well, the poor don't pay taxes anyway. So what's the use of including them in the discourse?

The government must be more palpable during these times. Mendicancy through doleouts by Gloria must be stopped. "Give a man fish and he eats for a day. Teach him how to fish and he eats a lifetime." It is with this saying that the government is trapped in a status where they cannot provide more job opportunities, nor decent livelihood programs, or programs where the government cuts down spending so that more funds can be appropriated to its citizens. It then results in inculcating a culture of mendicancy among its people.

The only light we see at the end of the tunnel, is the fact that Gloria's term is about to end. But the way politics is in the Philippines, it has become a way of life, a business venture, and yes, the reason for the exodus.

Why?

Three letters in a word.

I will be myself today - bitchy. I think the rainy season has started. Much earlier than predicted. Nevertheless, so has my ascerbic mood.

For the last month, the local newspapers have splattered the dire economic condition of the Philippines. It's as if the Philippine economy was on the verge on collapse and the escalating gas and food prices are making the Filipinos go hungry.

So why?

- why is it that those who don't pay taxes complain the most? (read, those in the squatters aream, those medicants, those that don't work, the daily wage earners who don't even pay a single peso out of their earnings for taxes)
- squatters have more rights than the landowners who pay taxes for the land that isn't developed yet are squatted on?
- are overseas foreign workers (OFWs) and employees financing the government? Thanks to us hard working employees, the Filipinos, particularly the politicians, are still alive. That's the reason why Gloria borrows money so that we can pay for the loan.
- in spite of the increasing prices of goods and commodities (even the most basic ones)and public utilities, was value added tax (VAT) passed into law? That's because the IMF (International Monetary Fund) demanded it. And thanks to ex-Senator Ralph Recto, who was responsible for the VAT, we are all paying more. And he's not senator anymore. But since his wife is governor of Batangas, well, what more can I say? Jologs talaga ng pinoy!
- are the doctors, teachers, engineers, nurses flocking the exit lane of this country to work abroad?
- is it than when Gloria is embroiled in a scandal - a bombing, crisis or massacre hogs the limelight?
- the Filipino will perennially complain of the rising cost of basic commodities and utilities, and will even march the streets to ask for a rollback on these, but will meekly buy even the most expensive mobile phone or purchase an ipod or MP3? They don't seem to have a problem purchasing 'gadgets'.
- did the Catholic Church have a second collection last weekend to help the victims of Myanmar? I am not against helping our fellow brothers. But since the Burmese government will not help its own people and the generals are aloof enough not to accept help from other countries, why provide monetary donations to them and get a second collection? I guess the prelates need to look around the country and they will find that more help is needed within the country rather than outside. Besides, some of the bishops are complaining that the collections each Sunday are dwindling. Hey, home first, other later. The Pinoys are so show off!
- is Gloria sending a disaster team to China? There was a disaster in northern luzon with Typhoon Cosme ravaging the region late last week. Send the medical team there. There are many barangays and towns that don't have doctors even on a regular day and sick people have no access to minimum healthcare in many places in the Philippines. Gloria should send her health teams there and not to some expedition in China. My dear president, the people in China are more far advanced already than we are.

My poor country.

Pathetic people run this nation.