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By Al labita
The Bangko Sentral has been unprofitable in recent years. Monetary authorities may not admit it, but they appear edgy over how to tame a financial market which has gone awry. Page 2
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IS MILITARIZATION DESTROYING OUR FORESTS? 8 6/27/14 11:27 PM
COVER STORY
Quick Facts About The Bangko Sentral zz The Bangko Sentral ngPilipinas was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993.
Money Woes By Al Labita Monetary authorities may not admit it, but they appear edgy over how to tame a financial market which has gone awry. Inflation, which measures the nation’s economic health, has surged to 4.5% in May, the fastest since November 2011. Inflation, a key component in formulating monetary policy, was seen averaging 4.3 percent this year and by 3.4 percent for next year. That, in turn, raised a red flag on whether it would trigger a rise in interest rates as they affect business transactions. And as many expected, the Bangko Sentral Ng Pilipinas (BSP) turned to socalled special drawing rights (SDRs), jacking up the interest rates it pays to depositors from two to 2.25 percent per annum. As everyone knows, SDRs are where the rich and the famous park their excess funds amounting to billions and get paid for it.
Risks to instability
This was meant to mop up excess liquidity in the system by making the SDRs attractive to depositors. Usually, funds invested in SDAs are effectively taken out of the system and kept in the vaults of the central bank. No matter the hefty costs SDAs carry, the BSP was willing to absorb rather than risk instability in an economy that has proven weaker than expected in the first three months. BSP data showed that total deposits in the special facility, which at their peak were more than P2 trillion early last year, retreated to just P1.2 trillion as of midMay this year. At the current level of deposits, the BSP’s interest payables to depositors total around P27 billion, a big number seen to grow even bigger as the central bank endeavors to attract more funds to its vaults.
Interest-driven
The BSP has been unprofitable as a government corporation for four consecutive years already owing to its huge
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SDA-driven interest expenses, based on records. In 2012, for instance, the BSP incurred a net loss of P95.38 billion. This improved to a net loss of only P24.26 billion the following year, when it adopted measures that encouraged SDA depositors to make placements elsewhere, reducing the central bank’s interest expenses in the process. Because the central bank’s mandate to keep prices stable costs a lot of money to pursue, the monetary authorities seek appropriate amendments to its charter that would allow the national government to raise its paid-up capital contribution to Php150 billion. Analysts lauded the BSP for its decision raising SDA’s rates despite the heavy costs it entails on its finances. They say the hike was a commendable move, as it sends a clear signal that BSP’s interest expenses, which naturally result from higher policy rates, take a low rank in the hierarchy of the BSP’s policy priorities. The BSP’s decision to hike the SDA also demonstrated that the below-consensus GDP growth print for the first quarter of 2014 was not going to get in the way of carrying out their price-stability mandate, other pundits say. While it was important to keep the BSP loss-free and operationally sound, the mandate to keep prices stable throughout the US$250-billion economy always comes out a priority. While the BSP has raised the rates on SDRs, it has kept steady key policy rates at 3.5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 5.5 percent for the overnight lending or repurchase (RP) facility, ostensibly taking into account the plight of ordinary borrowers.
zz Filipinos were able to conceptualize a central bank for the Philippines as early as 1933. It came up with the rudiments of a bill for the establishment of a central bank for the country after a careful study of the economic provisions of the Hare-Hawes Cutting bill, the Philippine independence bill approved by the US Congress. zz During the Commonwealth period (1935-1941), the discussion regarding a Philippine central bank that would promote price stability and economic growth maintained. The country’s monetary system then was administered by the Department of Finance and the National Treasury. zz In 1939, as mandated by the Tydings-McDuffie Act, the Philippine legislature passed a law establishing a central bank. As it was a monetary law, it required the approval of the United States president. However, President Franklin D. Roosevelt disapproved it due to strong opposition from vested interests. A second law was passed in 1944 during the Japanese occupation, but the arrival of the American liberalization forces called off its implementation. zz Shortly after President Manuel Roxas came into office in 1946, he instructed then Finance Secretary Miguel Cuaderno, Sr. to draw up a charter for a central bank. The establishment of a monetary authority became essential a year later as a result of the findings of the Joint Philippine-American Finance Commission as headed by Mr. Cuaderno. zz The Commission studied Philippine financial, monetary and fiscal problems in 1947, and recommended a shift from the dollar exchange standard to a managed currency system. A central bank was necessary to implement the proposed shift to the new system. zz The Bank is active in promoting a financial inclusion policy and is a leading member of the Alliance for Financial Inclusion.
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Nation
News from Where You Stand
CARAT 2014:
Balikatan Extension?
SUBIC BAY, Philippines (June 26, 2014) The guided-missile destroyer USS John S. McCain (DDG 56) is docked in Subic Bay for exercise Cooperation Afloat Readiness and Training (CARAT) Philippines 2014. In its 20th year, CARAT is an annual, bilateral exercise series with the U.S. Navy, U.S. Marine Corps and the armed forces of nine partner nations including Bangladesh, Brunei, Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Timor-Leste. (U.S Navy photo by Mass Communication Specialist 1st Class Jay C. Pugh/Released)
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SOUTH CHINA SEA (June 25, 2014) Lt. j.g. Raymond Piana, navigation off icer aboard the amphibious dock landing ship USS Ashland (LSD 48), center, shows a chart to Philippine Marine Col. Custodio Parcon during a tour of the ship’s pilothouse. Ashland is participating in exercise Cooperation Afloat Readiness and Training (CARAT) 2014, a bilateral maritime exercise series between the U.S. Navy, U.S. Marine Corps and the armed forces of Bangladesh, Brunei, Cambodia, Indonesia, Malaysia, Singapore, the Philippines, Thailand and Timor-Leste. (U.S. Navy photo by Mass Communication Specialist Seaman Raymond D. Diaz III/Released)
he 20th Cooperation Afloat Readiness and Training (CARAT) exercise between the Philippines and the United States started last June 26, a few months after the supposed end of the Balikatan exercises. According to the US embassy, this year’s CARAT exercise is being held in several strategic locations in the country, including Subic Bay, San Antonio in Zambales, and Sangley Point and Ternate in Cavite. The exercises are nothing new, as previous CARAT exercises were held in Mindanao, Palawan, Subic Bay, Cebu, and other locations. “CARAT Philippines is part of a broader bilateral exercise series the US Navy conducts with nine partner navies in South and Southeast Asia to address shared maritime security priorities, strengthen maritime partnerships, and enhance interoperability among participating navies,” the US embassy said in a press statement. The Philippines has participated since the series began in 1995, and CARAT exercises over the past two decades are considered to be clear examples of the long-standing and close US-Philippines navy-to-navy relationship. The 2014 CARAT series, which started last May, is also currently being held in other Asian countries such as Malaysia, Bangladesh, Brunei, Cambodia, Indonesia, Singapore, and Timor-Leste. The exercises, as claimed, are meant to fortify the capabilities of both forces in amphibious operations, special operations and enhancing information-sharing. “This exercise we are in now, is designed to improve our inter-operability, build our relationships, so we know each other better and be able to do more complex things in support of one another, whatever the event might be,” remarks U.S. Navy Fleet Commander Stuart Musch. The seeming focus on countries bordering China and Southeast Asia has been described by both critics and analysts as a strategic move by the United States, in response to the military expansion of China in the South China Sea. This year’s CARAT Philippines will focus on combined operations at sea, amphibious landings, diving and salvage, and maritime patrol and reconnaissance fl ights. “Sailors and Marines will exchange best
practices and share information with their Philippine Armed Forces counterparts during multiple professional exchanges and seminars ashore,” the US Embassy told the public. “Civil action projects, community service events and band concerts will facilitate interaction with the local community,” the US Embassy added. Five warships, including a U.S. guidedmissile destroyer and about 1,000 troops will take part in week-long Cooperation Afloat Readiness and Training (CARAT) exercises, which include live-fi re drills 40 miles (64 km) off Zambales. The drills are to be held about 80 nautical miles offshore, near a patrol of Chinese coastguard ships stationed at the entrance to Scarborough Shoal, a disputed reef. When Navy Fleet Commander Jaime Bernardino was asked what the Philippine troops would do if there was an invasion, he answered: “How do you exactly respond? My answer there, is the exact response to any incident out there, is dictated by our national leadership. Whatever they want us to do, we will do,” he said. The Philippine Navy said the drills were a regular annual event and has no relation to the tensions in the region, but observers and concerned protest groups are not convinced. News reports verify that tensions have escalated in recent months, with China’s growing assertiveness in the South China Sea. China considers 90 percent of the sea its property, as it is potentially rich in oil and gas and fisheries. The Philippines, Malaysia, Brunei, Vietnam and Taiwan also claim parts of the waters, and China is accusing the U.S. of making moves to provoke tension, by showing support for its regional allies, particularly Vietnam and the Philippines.
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OPINION
Commentary A Mirage Economy? Diwa Guinigundo E
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Mixed Messages Last April 22, a Bangko Sentral official said that the Philippines will miss the first phase of the single market integration targeted by the Association of Southeast Asian Nations (ASEAN) by 2015. Yet, the Aquino administration is being confident that the country is ready with necessary measures come 2015. Even if BSP Deputy Governor Diwa Guinigundo is giving assurances that the ASEAN 2015 integration is optional, that doesn’t seem to be the case among government spin doctors. There is this pervasive feeling that the country is being rushed to join into the planned economic community, not because we actually need to, but because of desperation. It is a kind of desperation to keep up to a perceived notion that we have to match up to our neighbor countries, rather than minding what actually matters for the economy. This talk of economic integration and the promises sold with it does not even ring a bell as far as the average Filipino worker is concerned. Juan Dela Cruz still sees the prices go up, and his earnings cannot match the cost of living here. Most people view Bangko Sentral officials as more obsessed with keeping the status quo so that only big business can benefit, despite claims of having anti-poverty programs. Some analysts would say that very little of the wealth gained from an improving economy is trickling down. The man who has to toil in labor on a daily basis just to give his family enough food would tell us that it’s all meaningless talk. The truth of the matter is that whether there is anything trickling down at all, almost nobody feels it. It’s an extreme of having too much on one side and having nothing on the other end. PNoy can keep assuring us with a tired script about an emerging economy, a fairy tale that sounds good to the ears, but brings no comfort to most of us who have to work day in and day out to get our daily bread. Nobody believes it anymore, except for those few who choose to fool themselves.
OpinYon is published weekly by Opinyon Media Services, with business office at Rm 202, ECRD Condominium, Barangka Drive cor Talumpong, Mandaluyong City.
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Morgan Stanley’s Ruchir Sharma has been among the most enthusiastic proponents of the “Philippine tiger economy” narrative, basing his rose-tinted prognosis on the country’s political leadership and the advent of outsourcing: “Aquino has overseen economic reforms that have made government spending more transparent and pushed for more tax revenue. And thanks to success in the [Business Process] outsourcing industry, the Philippine economy has watched incomes grow and new wealth spread.” Technically speaking, Sharma is correct in his observations. But he overestimates the impact of recent political and microeconomic developments, rendering his bullish conclusions highly questionable. As far as the current administration’s macroeconomic policies go, they are almost identical to those implemented in the latter years of President Arroyo’s term: the emphasis on stable inflation and interest rates, trade liberalization and reliance on hot money inflow, expansion in infrastructure projects with private and foreign capital, and streamlining the national budget to rein in public debt. The Aquino administration’s key added value was its “good governance” initiatives, which initially succeeded in raising market confidence -owing to Benigno Aquino’s impeccable pedigree and gestures of moral conviction. Three years into Aquino’s leadership, however, it has little to show in terms of major infrastructural projects and cutting down of red tape and
PUBLIC PULSE On last week’s issue, NOT TRUE by Miguel Raymundo (Vol. 4 No. 43, June 23-29, 2014) 76% of our economy are run by 40 families. Why are we surprised? Julius Espina Just like what Apo Lakay said … “in 20 years, bagsak na ang pilipinas” … and it’s in a verge of getting there Hector M David Economic growth nga ba??? Bki8 tumataas ang bilihin? eh bki8 ang Bawang na bawang tamaas? Grabi na yan...... saan na yung sinabi mo Pinoy na “ kayo ang boss ko”... ang boss mo lang ung negosyante ndi ang maliliit na tao at ang bayan...BOOM PANES!!!! Robert Arevalo Asiado Economic boom panes! Lol! Ang taas ng lahat ng bilihin, so much gain sa mamumuhunan and hoarders... pero ang umiiyak consumers, so ang sukatan ng malakas na ekonomya lamang ay kinikita ng mamumuhunan...at hindi ang kalagayan ng sambayanan... Boom Panes ka talaga... nakakakalbo ka na! Cheen Layman
RAY L. JUNIA Publisher ALFONSO LABITA Executive Editor FREDERICK FABIAN Acting Managing Editor DAVE DIWA Opinion Editor CARLOS RAJAMIRA Creative Director JOJO VALENCIA Layout Artist ATTY. SALVADOR PANELO Ombudsman RAY L. JUNIA President ATTY. RICKY RIBO Legal Counsel
ISSN 2094-7372
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(The following is an excerpt from Philippines’ ‘Mirage’ Economy: Why It’s Worse Than a Bubble by Richard Javad Heydarian. Mr. Heydarian is a foreign affairs analyst for Huffington Post. Originally published 12/05/2013 on Huffingtonpost.com)
OpinYon
bureaucratic uncertainty. With barely three years left in his office, the introduction of decisive measures to arrest the decline of the manufacturing and agricultural sectors are yet to kick in. The governmenthas missed its targets on the implementation of the Comprehensive Agrarian Reform Program Extension with Reforms (CARPER), to the fury of millions of farmers and rural citizens, while the impending integration of the Philippines into a regional common market will most likely batter its already fragile manufacturing sector, which has been struggling with declining demand in the intra-regional production chains in recent years. Historically, agricultural reform and industrial development have been the harbinger of poverty alleviation, establishment of a robust middle class, and the long-term stability of democratic institutions, especially among industrialized Asian economies. But the Philippines is yet to establish an economic regime that begets sustained economic development and political stability. Foreign Direct Investment (FDI) hasn’t poured in yet, despite the government’s aggressive lobby for garnering “investment grade” status by the world’s leading credit rating agencies. Aquino is already struggling with declining popularity due to his perceived mishandling of the post-Haiyan relief efforts, while potentially facing impeachment over his alleged re-channeling of executive discretionary funds for political purposes. Given his declining political capital, it is far from certain whether the current administration has the wherewithal to bust special interests, crack down on tax evasion by big businesses, and mobilize a broken bureaucracy to fi nalize infrastructure projects and implement egalitarian policies for the benefit of farmers and the rural population. It will take a herculean political strategy to overcome deeprooted structural challenges in few years time and rally the Filipino people to this purpose.
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Totoo iyan! Lumalago ang economy natin ang tanong sino nakikinabang?syempre pa iyong may ari ng mga dambuhalang business at mga magnanakaw!sapagkat ang kanilang pera ay nagcicirculate din s philippine economy magnakaw s pinas tapos illaundry ang pera s ibang bansa ibbalik sa pinas illagaysa ligitimate nila business di ba ?di mo na kailangan n maging harvard o oxford graduate pra mau-
nawaan iyan ay naku !kaya nga sana naging estate n lang tayo ng america !napagiwanan na tayo ng ibang bansa sa asia laos /cambodia lang ata ang ka level natin just my humble opinion!!! Thads Marasigan Sino naman ang maniniwala sa administrasion ni panot na tumataas ang economiya??? puro kasinungalingan at pan loloko sa mga tao lang nasa isip nang mga nasa malakanyang.. Rosemarie Bader Economic Boom is not true, ECONOMIC AND REAL ESTATE BUBLE IS TRUE Gerry Roman On Noynoy Aquino’s statement that price hikes do not aff ect majority of Filipinos. Lagi naming lutang sa reyalidad yang si Pnoy e, walang alam sa world. Rhoma Herrera Sa taas nga ng presyo ng isang bawang di na kami nagamit sa pagluluto magic sarap nalang, kaht sa nanay nya ng nagng pangulo nagtaasan ang lahat, palibhasa may hacienda na di kaniĺa kaya di nya ramdam, dapat ng i people power yan, patalsikin kasama mga alipores nya!!! Mil Arceo Rich Pinoys like him are not aff ected. Kasi libre lahat Ang gastos Nya. Diane Infante Wala talaga pakialam yan sa mga nagtataasang presyo ng prime commodities..kc po mga alipores niya mga intsik at pinoy na negosyante... Butch Tierra Dizon
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Opinion
The Viewpoints and outlook of the well-informed
Chutzpah
There’s nothing in the law that prevents Pogi from becoming the first prisoner to run the affairs of our country as its president. After all, he’s still presumed innocent until proven guilty, ‘di ba? That way, he gets to be the first president to pardon himself ... hahaha... ‘di ba?
I
t’s understandable that for high-profi le actor-politicians, nothing is more humiliating than being arrested, handcuffed, brought inside a patrol car with head being shoved into it by a strong hand, fi ngerprinted, made to pose for mugshots, then locked up in a high-security cell like a “common criminal”. And the ironic humiliation is devastating for senators, particularly Sen. Bong “Pogi” Revilla and Sen. Jinggoy “Sexy” Estrada, top cinema action stars who not only play roles risking life and limb in heroic defense of the oppressed poor, but were also 2016’s top contenders for president and vice president, respectively, until they were implicated in the scandalous pork barrel scam. It’s pretty certain that it was Revilla’s bruised pride that made him design and fund his voluntary surrender cum theatrics and fanfare, his egotistical tact fi xated on redeeming a tarnished image or worse: delusively reliving his glory days with captive voters with an announcement he might seek the presidency in 2016 . Love him or hate him, you just have to admire the guy’s chutzpah --- an attribute that shows that his die-hard fans had elected an unfit person into the senate. But, well, there’s nothing in the law that prevents Pogi from becoming the fi rst prisoner to run the affairs of our country as its president. After all, he’s still presumed innocent until proven guilty, ‘di ba? That way, he gets to be the fi rst president to pardon himself --- hahaha --‘di ba? But wait, this scenario is not as loony and farfetched as it looks! Seriously, with crazy votes
MUSINGS Ronald Roy snowballing for him and P-Noy’s popularity steadily vanishing, the indictee’s dream may yet come true! Reform comes best from the worst of misfortunes like Ondoy’s havoc, Yolanda’s wrath, bloody revolutions, and the Lord’s crucifi xion. Yes, no less than the crucifi xion of Jesus of Nazareth was imposed by his Father to reform a sinful world; so, if it takes a catastrophic Revilla presidency to wipe out this generation, then by all means let’s welcome the opportunity to warn the next generation that it will not pay to vote clowns and showbiz “celebs” into public office. But what if, by some celestial miracle, the Revilla presidency turns out to be a smash hit?! Then, jolly by golly wow, we’ll have to respect the so-called vox populi despite its stupidity, and let all the laugh be on me and other Pogi-bashers!! After all, Dimas the thief and Cupertino the dullard were not barred from becoming saints. •••••• Over a month ago, scuttlebutt had it that, by a vote of 8 to 6, the Supreme Court had thumbed down as unconstitutional the Disbursement Acceleration Program, or DAP, for short, also de-
risively taken to stand for Drilon, Abad and P-Noy. Shortly after that, rumor circulated that alleged pork barrel brains Janet Lim Napoles had advanced the sums needed to be granted to those senator-judges who had voted to convict then impeachment respondent Chief Justice Renato C. Corona, reimbursable from the DAP fund, which incidentally has come to be known as President Noynoy’s discretionary kitty. It taxes the imagination to contrive a refutation that the president --- who incidentally was the knowledgeable Chair of the Budget Committee when he
was a solon --- had nothing to do with the DAP’s creation, an act in flagrant violation of the constitution’s express and unequivocal mandate that only Congress can appropriate funds for the operations of government. He adamantly remains in denial mode, although his camp once posited that the DAP’s constitutionality issue had become moot and academic since they had already stopped using the fund. What??? “You cannot arrest me now because I already stopped killing people last year”??? In fairness to Drilon, it may be doubted that he is a co-inventor of the DAP. But, holy macaroni, the heinous culpability of P-Noy and Abad here is as manifest as Satan’s horns, tail and hooves!! It’s an open-and-shut case. No ifs or buts about it, they are both answerable to all Filipinos this very instant!! Huh??? The high tribunal has scrapped, back-burnered or revised its 8 - 6 resolution for hundreds of millions of reasons??? Sorry, but I don’t buy that. These robed men and women of the high tribunal are made of honorable stuff. They are learned and incorruptible. Call me naive, but I prefer to laze in a comfort zone seeing them that way. On the other hand, P-Noy will be hard-pressed to deny that he had made an attempt to cross government officials’ palms with silver. And this is explained by two public perceptions: his notorious temerity for bribing officials, like Corona’s impeachment senator-judges, and his visceral disdain for minority leaders. Hmmm...who can be certain that the president’s downfall isn’t now being foretold by his own unmitigated chutzpah?
Fukushima’s Plague
P
resident Benigno S. Aquino III went to Japan the other day to re-affi rm a collective self-defense agreement between the Philippines and Japan in their territorial disputes with China. China’s leadership has metamorphosed from a sleeping dragon into a fi re dragon behaving like a bully to cover its internal problem which many pundits believe will implode soon. President Aquino’s short trip to Japan was quite fruitful especially when Japan Prime Minister Shinzo Abe vows easier entry to Japan for Filipino tourists. But I felt bad and pity the Japanese victims of the multiple explosions at Fukushima’s nuclear plant when a friend emailed me an article from Counterpunch written by Harvey Wasserman of nukefree. org entitled “Fukushima’s Children are Dying.” Wasserman said that some months after the explosions at Fukushima, thyroid cancer rates among children in the area and nearby have skyrocketed to more than 40 times normal.
“More than 48% of some 375,000 young people and nearly 200,000 kids tested by the Fukushima Medical University near a smoldering reactors suffer from pre-cancerous thyroid abnormalities, primarily nodules and cysts. And the rate is accelerating.” “More than 120 childhood cancers have been indicated where just three would be expected.”, according to Joseph Mangano, the executive director of the Radiation and Public Health Project. Wasserman explained that the nuclear industry and its apologists continue to deny this public health tragedy. “Some have actually asserted that not one person has been affected by Fukushima’s massive radiation releases which for some isotopes exceed Hiroshima by a factor of nearly 30. But the deadly epidemic at Fukushima is consistent with impacts suffered among children near the 1979 accident at Three Mile Island and the 1986 explosion at Chernobyl, as well as fi ndings at other commercial reactors.” Wasserman narrated that atomic power could cause such
WHISTLE BLOWER Erick San Juan epidemics which has reportedly confi rmed by the Canadian Nuclear Safety Commission, which says that an increase in the risk of childhood thyroid cancer would accompany a reactor disaster. “Nearby children are not the only casualties at Fukushima. Plant operator Masao Yoshida died at the age 58 due to esophogeal cancer. Yoshida heroically refused to abandon Fukushima at the worst of the crisis, thus saving millions of lives. Public anger is rising over local government plans to force families, many with small children, back into the heavily contaminated region around the power plant.” At the Three Mile Island’s accident in 1979, owners denied the reactor had melted but a
robotic camera confi rmed otherwise. A wide range of independent studies confi rm heightened infant death rates and excessive cancers among the populace. Excessive death, mutation and disease rates among animals were confi rmed by the Pennsylvania Department of Agriculture and by local journalists. At Chernobyl, Wasserman stated that a compendium of more than 5,000 studies has yielded an estimated death toll of more than one million people. Physicians for Social Responsibility and the German chapter of the International Physicians for the Prevention of Nuclear War have warned of parallel problems at Fukushima. “The situation can only get worse. Radiation from three lost cores is still being carried into the Pacific. Management of spent fuel rods in pools suspended in the air and scattered around the site remains fraught with danger.” Wasserman confi rmed that Japan Prime Minister Shinzo Abe regime wants to re-open the remaining 48 reactors. It has pushed hard for families
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who fled the disaster area to re-occupy irradiated homes and villages. Scientists believe that the Fukushima cleaning system is unable to conduct a full decontamination of the accumulated volumes of liquid radioactive waste nor reduce the nominal concentration of radiation that Japan intends to dilute with clean water and then pour into the ocean. This process does not reduce the final amount of radioactive substances entering the environment and therefore could harm the region’s ecology. Pouring of water with high content of radionuclides into the Pacific Ocean for a long time will cause serious harm to the region’s environment. It could create a real threat to the economy and food security of neighboring states including the Philippines. It could also lead to the accumulation of harmful to human health isotopes in seafoods, making them unfit for consumption. I hope that the Japanese government can still do something about it and give the world the true state of the plague and it’s environmental threat.
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OPINION Helping Filipino... From page 16
Munchpunch is the leading online portal for food in the country, whereas it houses menus, branches and even reviews on restaurants within and outside Metro Manila. It provides the easiest way of fi nding restaurants, caterers and food providers as well as menus and top deals and promos in the food industry. Munchpunch came about during the time that Tan and Hay were in the midst of brainstorming for ideas for a new product, when they noticed menu flyers stacked up at their office. “That’s how the idea of aggregating menus came about,” says Tan. “It was initially for food delivery alone but it has evolved into a menu search engine for any food establishment.” The initial concept was something similar to Citi Delivery, where they were able to develop an automated software to help with the actual deliveries. The difficulties faced though were getting some of the restaurants to conform to procedures. Eventually, Alvin initiated starting using Munchpunch more for menus and dining out which redirected the focus and purpose of the site. Among the challenges Tan and Hay faced on launching Munchpunch was in how to get menus and additional content and their lack of clients and resources. Getting additional content for the site was a manual process where they would have to get information from the restaurants. Although after a certain point, restaurants began approaching them. During the fi rst three years,
Alvin says they had no revenue and had to rely on Google ads. Because the ads weren’t bringing in a lot of revenue, they had to rely on interns to save on costs. Revenue now comes in through ads and the VIP Menu subscription. Alvin says the challenges taught him to “do things faster, test them right away since you’d never get anything done if you were to wait for everything to become perfect.” If there’s one thing that Alvin wished he could have done differently, it is that he shouldn’t have held back and believed in himself more. He advises aspiring entrepreneurs to follow their hearts and believe in their abilities. The biggest milestone Munchpunch attained was getting from zero to 1.3 million views per month. “A great way to help increase readers or viewers for your site is to make sure that you are focused on a specific topic so that when people would talk about it, it will be your brand that would be their top of mind recall.” Alvin adds. Munchpunch managed to grow through proper coding and SEO. Alvin says they’ve also given out stickers and goodies, but SEO has been the most effective method for growing the site. His advice to people who want to get into the start-up game? “Start small with a niche idea but research the target market size in advance”, he says. Asked what was next for Munchpunch, Alvin says they are working on improving the VIP Menu for the restaurants they are working with. They are also looking into corporate tie-ups.
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Politics
The Voices of Change
The Ides of July - Confluence of Events and Strange Bedfellows!
O There’s nothing in the law that prevents Pogi from becoming the first prisoner to run the affairs of our country as its president. After all, he’s still presumed innocent until proven guilty, ‘di ba? That way, he gets to be the first president to pardon himself ... hahaha... ‘di ba?
ver the past year, more and more people have asked me the following questions: Will (PCOS/PH) President Benigno “Noynoy/PNoy” Cojuangco Aquino fi nish his six year term and step down in a peaceful and orderly manner on June 30, 2016? Are there rumblings in the military? Are there Destabilization Efforts going on? Are Coup (de ‘Eta) Conspiracies and Plots being hatched? When will Public Indignation Explode? What Form will it take? Is it possible for Extra Constitutional Regime Change to occur again? If so, will it still be in the form of an EDSA type Popular Uprising cum Military Support? Will Noynoy also be investigated, prosecuted, charged, arrested, detained, tried, convicted and imprisoned if he is ousted or after he steps down? I have more detailed questions of my own. These questions have been percolating in my mind since the fi rst major crisis of the Aquino Administrator – the August 23, 2010 Luneta Hostage Massacre. However, they have become more nagging, noisy and persistent since the Napoles P 10 Billion PDAF/Pork Scam/Scandal erupted almost a year ago. The single thing that I have been curious about the most is how the people’s anger
YESTERDAY, TODAY & TOMORROW Linggoy Alcuaz boils internally and explodes and spills out externally. My own tentative and qualified answers to the above questions have generally been quite conservative. First, I believe that PNoy will complete his term. Second, I believe that it is almost impossible to get the military to commit and move politically. Finally, I believe that the partial civilian and predominantly Middle Class Critical Mass of August 26, 2013, has been dissipated. I have discovered and defined the theory of the decade and a half political cycle – fifteen years. I wrote three consecutive columns about this last year. These were in OpinYon, Volume IV, issues # 4, 5 and 6 (September 16, 23 and 30.) entitled: “Six Decades of Politics and Protest.”, “Beware of the Fourteen Year Cycle!” and “Martial Law Yesterday and Today!”. However, my cycle is not a numerological cycle as in Marcos’s seven (7) and multiples of it. Thus, he always claimed that he declared Martial Law on September
21, 1972, even though he implemented it on September 22 and 23. My fifteen year cycle may be less than or more than fifteen years. It only refers to years and not days or dates except when I want to be superstitious for my own reasons as in the case of the Ides of March – March 15. However, in the case of the latter, I don’t hold myself or my predictions to the exact date of the Ides of March. To me, the period that we have to be excited or wary about stretches from January 16 until the middle of March. The former is the Start of EDSA II on Tuesday night, Feb 16, 2001. The latter is the end of the second semester of classes and the regular start of the summer heat (which is not conducive for rallies and street activities). The next National Elections in 2016, will occur fi fteen years after EDSA II (January 16 – 20, 2001), thirty years after EDSA I (Feb 22 – 25, 1986), forty-four years after the Declaration of Martial Law (September 21-23, 1972), forty-five years after the Bombing of Plaza Miranda (August 21, 1971). Seventy five years after the start of World war II in the Pacific (December 7 and 8, 1941, one hundred and twenty years after the Katipunan’s Cry of Balintawak (August 1896). In line with this, more or less, decade and a half cycle, developments, events and critical mass are coming to a head. In so far as a big mass event is concerned, the August 26, 2013 Million People March to Luneta, occurred a mere thirteen and a half years after EDSA II. The three months before the Ides of July – July 15, this year of 2014, were full of history molding events and occurrences. As we enter the month of July and the second half of the year 2014 (a decade after “Hello Garci!” and a century after the start of World War I.), we see a CONFLUENCE of events that might bring about the Critical Mass that eluded the Anti - GMA Coalition for the entire length of the nine and a half year GMA Administration. Tomorrow, Tuesday, July 1, the Supreme Court may finally decide on the Constitutionality of the Disbursement Acceleration Program (DAP). We have been waiting for this since Tuesday,
June 2. The Supreme Court has delayed biting the bitter bullet for a whole month or four Tuesdays (the regular En Banc Session day.). The Justices have been tweedling their fingers, twisting in the wind and squirming in their assess. Since they declared the PDAF Unconstitutional last year, they can not do otherwise with the DAP. They are trying to invent a formula that will only make the Unconstitutionality prospective and free the Inventors of the DAP from Criminal and Civil Liability for their past actions. Originally, the Disqualification Case against former President, now Manila Mayor Joseph Ejercito Estrada, was going to be scheduled for the Supreme Court En Banc session tomorrow. Take note that Erap has expressed the feeling that his family is being persecuted. J. V. got only 11th place in the Senatorial race. E. R. was the only elected and incumbent winner who was ousted from his post in less than a year for the all too common sin of overspending. Jinggoy was one of three Opposition Senators singled out for Selective Persecution/Prosecution out of two dozen past and present Senators named in the Napoles long list. The 100th Anniversary of the Iglesia ni Cristo will be celebrated on Sunday, July 27. It can only become their biggest mass Mobilization in a hundred years. Although they will not admit it, they mobilized during the Corona Impeachment as well as during one of the highs in the up and down series of rumors about Erap’s impending disqualification. The Opening of Congress and the State of the Nation Address is scheduled for Monday, July 28, 2014. Four weeks after, on Tuesday, August 26, is the fi rst Anniversary of the Million People March to the Luneta. If only I were still an active planner and implementor of Destabilization, I would thank God for such a heaven sent series of schedules. I say to my successors – don’t let the Opportunity pass. It might not present itself again in your active lifetimes. Who and What are the Strange Bedfellows? (To be continued...)
QUOTES OF THE WEEK
Henares “The question is whether we can already cover e-cigarettes with the present taxation law… While the benefits of e-cigarettes over real ones are still being debated tax-
wise, both might be considered the same thing…” — Commissioner Kim Jacinto-Henares of the Bureau of Internal Revenue. “I’m sure the courts are cognizant of fulfilling the obligations but at the same time, having as a factor the advanced age of Senator Juan Ponce Enrile.” — President Aquino, responding to a media
query whether old age would spare Enrile accused of plunder in the pork scam the rigors of going to jail. “With the Asean integration by 2016, CPAs can practice in other Asean-member countries…We have a big advantage because we speak English, we are good communicators. — Donnies Alas, president of the Accreditation of
Certified Public Accountants in Public Practice. However, he cited a past study by the Asian Development Bank which showed that the quality of practice among Filipino CPAs is “below par.” “There is no reason for us to apologize. We’re not yet sentenced. Our trial is just getting started, right?” — Senator Juan Ponce Enrile, reacting to public demands
for those accused of plunder in the pork scam to apologize. “As a regulator, it is a joy to see tangible proof that our microfinance policies and regulations have
“We will not run out of National Food Authority (NFA) rice, we will not change the price of NFA rice, and we will go
Enrile
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around and police the market.” — newly appointed NFA administrator Arthur Juan
such a powerful impact on families and communities.” — BSP Governor Amando M. Tetangco, Jr., citing data that as of September 2013, 183 banks provided P8.1 billion pesos in microfinance loans to over a million borrowers.
OpinYon
“With all due respect, my brotherpriests, I do not see the need for saying ‘good morning’ and similar greetings when God’s real presence in the Holy Eucharist alone suff ices.” — Manila Archbishop Luis Antonio Cardinal Tagle
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GameChanger
SECTIONS NATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 HEALTH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 AGRICULTURE . . . . . . . . . . . . . . . . . . . . . . . 10 FOREIGN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
ALVIN TAN
Helping Filipino Consumers Find Good Food Online
P
eople who love to dine out and eat out with their friends and families know about Munchpunch, the food search site spearheaded by Alvin Tan. Most people have probably used this website to get some information on a new restaurant that they would like to visit, to look at the menu and how much on average would it cost per person to dine there.
Before becoming the CEO of a leading foodie resource in restaurants and food establishments, General Santos native Alvin Tan worked as a developer for a local start-up company. Alvin Tan joined his co-founder Howell Hay as the lead technical person of a software development ship they had decided to put up. It was only later that they realized that they wanted to build their own products, which was the reason they rebooted the company – which then became Exponencia, Inc., the company behind Munchpunch. Turn to page 14
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OpinYon
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