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Jul 12

Downgrades and appointments

Economic news was the dominant theme yesterday, with the credit rating firms telegraphing their intention to take a hard look at the economic prospects of the country and possibly deem them negative. The Peso didn’t get affected as much as many expected, although in the bond market, the one-year bond was basically abandoned by bidders, which one colleague tells me indicates bankers aren’t looking at the Philippines beyond a six month period.

Today, the President has announced she has a new Finance Secretary, Gary Teves, who, by all accounts, is a good guy. Meanwhile, the Senate will resume its merry hearings today while Garcellano has until tomorrow to appear in the House.

Meanwhile, Joseph Estrada’s trial has resumed, with questions concerning economic sabotage by his enemies. Newbreak reports that the Vice-President was intensely lobbied and sounded out by different groups last week; and it unveils the proposed composition of a junta (I know for a fact Ramon Magsaysay, Jr. declined to participate in any such thing).

The pundit round-up for today has Jess Sison saying the President’s troubles are far from over; Ellen Tordesillas says the President is, indeed, clutching at straws; Lito Banayo adds to the chorus and wails that the President is prolonging the agony; Federico Pascual points out what a lucky survivor the President is, and that the United States may have had a role in her troubles;Emil Jurado says that obviously, the tipping point wasn’t reached; Anding Roces, on the other hand, praises the bishops; Bel Cunanan is all praises, too, and chirps we should all calm down; Dong Puno says the cabinet members that quit weren’t traitors to the President, but are pretty lousy at politics; Conrado de Quiros thinks they’re pretty lousy, period; Alex Magno apologizes for assuming the President was a goner, and says it was a lapse in judgment and that he’s sorry; Domini Torevillas speaks up for the Vice-President; Chin Wong wants people to refocus on computerizing elections; finally, Connie Veneracion looks forward and begins discussions on parliamentarism that can’t be hijacked by vested interests.

In the blogosphere, Punzi suspects the Palace has unleashed its agents on the blogosphere; Jove Francisco says the cabinet members who quit are losing the public relations war, but not because of bias on the part of the press; Tina Panganiban-Perez says her network isn’t biased, and reacts to the bishops; Newsstand has two entries on why he thinks the Papal Nuncio neither scolded nor influenced the bishops. AlternNation believes the bishops were right to scold the press for misinterpreting their statements.

6 comments

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  1. Jojo

    Manolo: two things: Alex Magno has no leftwing friends “here and abroad” for the simple reason that they do not trust him. Second, the “apology” is visibly a signal to GMA that he abandoned the ship too fast, or that he wants to meet Bobi halfway and renew the racket he’s been so comfortably ensconced with as Arroyo’s version of what Kit Tatad was to Marcos.

  2. Sam

    Jojo, hahaha…you’re absolutely correct about Alex Magno. He should try his luck at showbiz next time.

  3. boyetb

    The peso rate has already inputted a lot of factors, it has remained resilient over the years. It will take more than somebody from the outside to tell the peso where to go. Normally, it would move because somebody in the Philippines DID something!
    On the other hand, if you have the BSP sending you an IM everytime your quotes trend on the high side, you would definitely think twice before creating undue panic in the FX market.

  4. james

    great links.

    dequiros as usual his fire-breathing form.

    just a minor point.

    As to returning the Peace Bonds, they can’t cause they don’t have them. What they got is the profit in pure cash.

    The Peace Bonds are in the hands of the investors.

    but maybe he was intentionally dramatizing it.
    It reads better that way.

  5. james

    As for ‘Hyatt 10’. Didn’t anybody notice the no-so-veiled threat from Dinky from the interview?

    If called to testify in a court, they will testify on what they know. Escudero, what are you waiting for? Sue them for something. Anything.

  6. mlq3

    jame,s i guess they’ll speak up when the senate begins investigations.

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