The Peso holds

The Peso is at 56.075 to the US Dollar, which is far better than was speculated over the weekend. New Central Bank Governor Tetangco may have read the riot act to currency dealers by saying the Central Bank “will move to smoothen out currency fluctuations” as a journalist I was asking about it explained. As a result, the dealers may have decided to “behave”. However, there was a “bloodbath” at the Philippine Stock Exchange, while at today’s auction, the Treasury rejected all bids on T-bills. When I asked someone to explain this to me, the reply was, “No wonder they rejected the bids. The 91-day rate would have gone from 5.893% to 6.318%. If your loan’s interest rate was pegged to that, you’d be knackered”. How this will play out among businessmen remains to be seen.

PCIJ finds validation of its earlier information in Ellen Tordesillas’s column (update: Jove Francisco blogs that Executive Secretary Ermita cancelled a press conference that day and has been scarce since); the apparent consensus among reformists in the Cabinet and the business sector reflects what I blogged about as the rumor mill and scuttlebutt about Civil Society demands as early as June 13-14. That these demands are being met only slowly, and reportedly, hesitatingly, may buy the President time, but at what cost?

Last night, heard a rumor the opposition might have someone with evidence or information highly damaging to either Namfrel or the administration. Certainly the challenges to Namfrel’s impartiality, which includes questions over the Philippine Information Agency (government owned) helping Namfrel in Mindanao, is troubling. I don’t think Bill Luz advising the President on how to weather the storm helps.

Additional columns worth reading: JB Baylon asks the President to resign; Amando Doronila says the crisis boils down to how the President “will go”; Luis Teodoro indicates just how big a gamble the President is taking; Joaquin Bernas, SJ examines the various constitutional options and ends rather strongly (for him):

The stark reality is that the current status quo is unacceptable. Moreover, the President’s credibility has been severely damaged and her ability to govern has been considerably impaired. Indeed, redemption is always a possibility; converts have been known to become saints. For the sake of the nation, she must seek redemption and demonstrate to the people dramatic and effective reforms both personal and structural. There are things which the Constitution allows the executive power to do without having to wait for Congress. She must do these very soon if she wants her presidency to survive.

He wants a miracle.

Additional updates (5:07 pm): Joker Arroyo speaks up, not least to condemn efforts by the Communists to take advantage of the situation (he told me privately last week exactly what he said in his statement -that the opposition cannot be judge, jury, and executioner in this case); Jove Francisco updates his latest entry and says the Palace has virtually admitted military movements are afoot; Speaker Jose de Venecia says it is his duty to endorse an impeachment complaint; Joseph Estrada says he wants a snap election; Paguia says he wants to pass the buck to Atty. Ong (unless given immunity); the Secretary of Finance has petitioned the Supreme Court while Standard & Poor’s says they’re waiting and watching.

Manuel L. Quezon III.

18 thoughts on “The Peso holds

  1. Leave the Jesuits out of this – I don’t think they’re the type to think that praying solves everything. Besides, I think they’ve been far more prudent than their green rivals, who’ve spoken out for Gloria’s resignation this early in the game.

    (Not to make it an Ateneo-La Salle thing… malapit na kasi ang UAAP eh. 🙂 ).

  2. A little out of topic but when I loaded your index page, one of the three Google ads displayed was “Look 10 years younger”. I went through the text of the entire index page and couldn’t find anything to explain the ad. Am I missing something? A hidden message? ;-P

  3. Whoa Sassy! I saw Manolo last night in World Tonight and “he looks 10 years younger”! Google really great! 😛

  4. Fittingly, in one of the most often quoted lines in Filipino movies, it’s the diminutive Nora Aunor character in the Ishmael Bernal film that says with finality: “Walang himala!”

  5. if only Sen. Lacson won last election, a miracle would have happened, and that is the complete overhaul of our government with all corrupt government officials dismissed or charged…

    Pero hindi un mangyayari siguro kahit sa future kasi corruption ang nagpapatakbo sa ating ekonomiya at gobyerno at pag nawala un wala nang gobyerno katulad nang mga press release nang mga maaangas na public officials na magtatayo sila nang sariling republika if ever hindi na si GMA ang president…

    tsk.. tsk.. tsk.. nakaka awa talaga tayong mga pinoy wala na tayong pagasa…

  6. Maybe we can change it? We can overhaul the system if you want to. lets not look at it with defeat but with the will to make it so.

  7. I agree with Joker Arroyo, that “The opposition cannot be judge, jury, and executioner in this case.” GMA has lost her credibility and this wiretapped conversations has increased the suspicions that the government may have help and aided her rig the elections… Problem is: are we prepared to have another President– sino? Si Noli? I do not think we have alot of options: its lesser among evils… eh, sino yon?

  8. If the President resigns, VP Noli will take over, because he is the duly elected VP.

    Sad but true: we get the government we deserve.

  9. i don’t think kabayan noli deserves to be called an idiot. just because the guy doesn’t have the ‘elitist’ credential doesn’t mean he’s incapable of good governance. more than likely, he will keep gma’s economic team and add some of his own with inputs from various sectors including the opposition. noli might well surprise all of us and get reelected by 2010.

  10. VP Noli will have to do if the chief exec steps down (I doubt she will, though), because of what the law states.

    Honestly, I’m uncomfortable with the possibility of having someone’s “bata” (as in H20, elctricity and TV) in the driver’s seat because chances are, they will have his ear.
    But having said that, I still think going the extra-constitutional/judicial route should not be an option.

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