As the news tells us, Peso climbs to 7-year high and Historic high for RP stock index. To put things in perspective, read John Mangun who says it’s really a case of the US Dollar being weak: but that the Peso will settle down perhaps sooner than we think:
As mentioned before, the Philippine peso is not strong against the dollar; the dollar is weak against the peso, as it has been against most all currencies. The weakness of the US dollar actually began in 2003. At that time, the euro was priced at $1. Now it takes $1.41 to buy one euro. I think we will soon see a reversal of that trend.
When you compare the peso with other currencies besides the dollar, the appreciation picture changes. The historical price action of the peso to the Japanese yen, euro, Singapore dollar and British pound actually shows a different trend against the US dollar.
A technical analysis of these currencies says that the peso may be reaching the top and is due for some depreciation. The same chart pattern holds true for the Saudi riyal, the Bahrain dinar and the Malaysian ringgit.
As much as I dislike making predictions beyond the short term, P42 to a $1 seems likely, but I have a hard time seeing P40 to a $1 in the charts. I simply do not think that the depreciating dollar is going to continue over the longer term.
And all the panic about an appreciating peso seems very overdone.
For the OFW families, I doubt seriously if they “hoard” dollars, waiting for the best possible rate. The probability is that when the overseas worker accumulates his remittance, he sends it to the family and they convert it to pesos because they need the money. For them, it is unfortunate that the peso is not 56 to $1.
However, since none of us mere mortals have any control of exchange rates any more than we do over the weather, we must adjust and live with it.
So on to politics.Impeach or immunize? Solons debate. After all, even Santiago sees Malacañang ploy in impeachment case and it’s so obvious it has to be asked, Lozano then, Pulido now? (and how’s this for the return of the living dead? JDV lawyer eyes Pulido disbarment even as Lawyer behind impeach raps vs Arroyo hits back at critics)
One reason for the Hamlet-like behavior of congressmen is Bribery raps vs Palace mar impeach-Arroyo bid. There was more just today, at around lunchtime: Beltran: KAMPI exec offered P2M to back Arroyo impeachment. Beltran pointed out that he’d been approached five times by Palace emissaries when he was under detention, to shut up in exchange for money. He said that Francis Ver, Deputy Secretary-General of Kampi (and former chief of staff of Mark Jimenez), offered him a bribe not once, but twice, to endorse the Polido complaint: 1 million pesos in the morning, and as the deadline for filing approached, the ante was raised to 2 million pesos. The others who were approached directly or indirectly were Reps. Rufus Rodriguez, Chipeco, Hontiveros-Baraquel, Hatama (see 2 more solons confirm bribe offer after Beltran exposé): the idea being, I suppose, that if any of them endorsed the complaint it would confer legitimacy on it.
The Palace’s allies, on the other hand, immediately sacrificed Ver: Kampi has nothing to do with bribe offer–Puno and then hit back: House panel blasted for sitting on JdV complaint. And from left field, a counter-blast: SC asked to rouse Ombudsman from ‘stupor’ on fertilizer scam.
The luncheon meeting was not in the President’s original schedule released to members of the Malacañang Press Corps earlier in the day.
The lunch with the congressmen moved the National Economic Development Authority meeting to 2 p.m. from 11:30 a.m.
At 10 a.m., the President presided over a meeting of the National Security Council, where they discussed, among others, the upcoming barangay (village) election and the peace and security summit.
And who is sitting pretty? Imelda Marcos still quite a lady at 78.
Billy Esposo explains why he thinks criticism of Allan Peter Cayetano’s unfounded. In one of those Wack-Wack style coincidences, Alex Magno explains why Esposo’s reasoning is all wrong -because it plays straight into the hands of the Palace strategists (as Magno’s obviously pursuing the Palace line). My point is, when Billy and Alex start thinking alike, something’s out of whack with the cosmos.
The consequences of Senate adjourns 4 days ahead of Oct. 12 schedule are clear. The doors are being slammed shut by the Palace with no one being around to try to prevent it: NEDA rejects Senate request for NBN-ZTE documents.
Newsstand points out two senators have filed two different resolutions on the Inquirer anonymous sources confrontation. Uniffors takes a simpler view of why Joker’s so mad. You can compare the resolutions calling for an investigation into the whole affair, here:
Sylvia Mayuga on the lies of power.
By the way, this is a favorite story of an uncle and worth sharing with you, my gentle readers (it’s a true story, by the way).
A group of Filipinos were touring Bolivia and the guide pointed with pride to some flora and said, “that is one our national flowers.”
“What is it called,” one of the Filipinos asked.
“The Cantuta,” said the guide.
The Filipino paused, and had to ask, “and what do you call those who harvest the flowers?”
“Ah,” said the guide, “they’re cantuteros.”
The Filipinos kept laughing all the way back to Manila.