I will liveblog the Senate ZTE hearing over at Inquirer Current starting at 2:30 pm.
Click here for the liveblogging coverage: Liveblogging the cootie grooming session.
259 thoughts on “Liveblogging will be at Inquirer Current”
Leave a Reply
You must be logged in to post a comment.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Is GMA beyond redemption? I still hope for a “Road to Damascus” conversion for Gloria like St.Paul’s.
Let me just clarify. What I don’t want is for another Elite conspiracy to unseat a President. This definitely sounds like another one.
What really bugged the elite about Erap is not corruption per se but cronyism. They just didn’t like Atong Ang, feared him rather. The elite couldn’t care less about over-pricing of projects and direct graft. Erap’s cronies threatened their businesses. Probably the same deal here with Mike Arroyo dangerously throwing his weight around. Is that what you mean by declasse, manuelbuencamino?
justice in waiting, following your theory, corruptions that happened (i’m sure there were some) under cory’s and fvr’s watch were with their knowledge and the ‘tithe’ had been offered and shared. as to pgma administration being involved in every alleged “corruption” , i think you are jumping the gun. no one has ever made that conclusion except blog commenters like you and some ‘omnipotent’ journalists infesting pinoy society. put up or shut up.
BrianB, i think the elite is ok with whoever is in power as long as appearances are kept. Deniability is key. As it happened, one of their own (JDV3) undermined this deniability which is a cause of discomfort. Anyway, as you can see, Bencard is bravely trying to push deadma to new levels. With Rego’s help, maybe he can still succeeed and balance in favor of the status quo will be restored.
Let us remember SEPTEMBER 21:
1))The 35th anniversary of the declaration of Martial Law by Marcos.
2)The Macapagal-Arroyo administration showed its contempt for the hard earned rights of the Filipino people when it issued the Calibrated Preemptive Response to suppress mass actions on September 21, 2005
Never again!
Bencard, we don’t need reasonable doubt to fire politicians. We don’t even need due process. Whenever there is massive corruption there is a presumption that the buck stops at the presidency. I’m speaking as an ordinary citizen here. Scapegoating a leader is the only responsible scapegoating. Hell, it’s honorable, and the fact that the FG is right in the middle of a controversy makes such an eventuality pathetically crystal clear. I don’t like it that it has to be the elite’s choice again, but if Manolo and others who rub shoulders with industry leaders and political families (and what not) on a daily basis feel a change of government is in the air, then all I can do is sit back, count myself lucky and hope PGMA’s other transgressions (like all those leftist slayings) will not be forgotten. The rich and powerful and well-connected hold all the cards, so let them play it out.
geez, why take on bencard, mb?
he does not want issues resolve. he’d rather fly the coop where he is safe than care about friggin’ corruption practices. if he did, in his eloquence, he could have been there at the forefront with arroyo (not the thief, but joker), saguisag, tañada, et. al. slugging it out with the marcoses.
bencard,
why don’t you come home and talk for the administration? because out of everyone i heard at the investigation so far, you seem to be the most convincing.
the problem is not everyone here dude, your administration colleagues, knowing that everyone is out to get them, don’t even do their homework before showing up at the Senate. you don’t go into a den of lions with a fillet mignon strapped around your neck.
even Miriam thinks the admin people are “unprepared”.
cvj, i’ll be honest with you. i never really got to understand what “deadma” means. the slang was not in use in pinas 37 years ago. pinoys here seldom use it and never in my crowd. can you please enlighten me?
deadma=patay malisya
translation: comfort in distance can be desensentising and can blur one’s history of struggle.
Bencard:you left Pinas 37 years ago? right at the peak of Marcos despotic rule.Very heroic! and know you are a long distance critic ..
desensitizing
Tita Emilie:
“We don’t need shadows in this government. This is a government of transparency where accountabilities are institutionalized.”
Gloria Macapagal-Arroyo
tdc,
indeed, this government is soooo transparent that they can easily hide under harry potter’s invisibility cloak.
Tita Emilie:
“We cannot NEVER this nation to turn into a playground of global criminal syndicates.”
– Press Conference, Malacanang
April 24, 2001
“We can NEVER allow this nation to turn into a playground of global criminal syndicates.”
– Press Conference, Malacanang
April 24, 2001
i.n.e., thanks. Deadma is feigned cluelessness that is made feasible by plausible deniability. With JDV3’s testimony, Gloria’s Assumptionista friends (as recounted by Manuelbuencamino), Solita Monsod and Bong Austero lost the cover of plausible deniability hence their discomfort which accounts for their responses. Aas MB and MBW speculates, canceling the ZTE contract may restore this condition.
cvj:
already there are rumblings of possible chinese reprisals if the ZTE deal is cancelled. can the government really do this? considering it lauds chinese investment as part of its push for progress?
TDC
Your use of the british english,by replacing z by s and all those frech quotes,makes me think you’ve stayed in europe like mbw for a while.
Tonio, reprisals against whom? Once the facts about the ZTE payoffs come out, the ones with the most to fear would be the ZTE executives themselves (in part for being clumsy and not discreet enough). While there is very real corruption over there in China, the difference is that the Chinese government has a bigger stake in keeping up appearances. Once details come out, the ZTE bosses have a real chance of being shot once scapegoated and convicted.
I simply had to share this to show how Rey “the Magician” Tetangco can create money out of thin air to defend the dollar even if the BSP really has no cash but simply the full faith and credit of the Republic.
While everyone is busy concentrating on Big Mike, HRH GMA and “Perky” Princess Lulli, Rey “the magician” blew Php 50B in paper loses (when the BSP is only capitalized at Php 10B)at the BSP. When you create money out of thin air it is the direct result of the magic of modern financial technology. Why no one in Congress even flinched? Ah, the magic of the sovereign power of the state treasury. Creating money out of nothing.
Why defend the dollar vs. devaluation anyway versus the peso? Rey “the magician” blew Php 50B on everyone’s behalf.
Business
BSP in good fiscal position – Tetangco
By Des Ferriols
Friday, September 21, 2007
Despite sustaining heavy losses from its forex operations, the Bangko Sentral ng Pilipinas (BSP) said it is in a “good fiscal position†after building up capital reserve to absorb the impact of the peso appreciation against the dollar on its bottom line.
Speaking before the Quijano de Manila Symposium yesterday, BSP Governor Amando M. Tetangco Jr. told reporters that despite reporting losses of over P50 billion from its foreign exchange operations, the BSP is still in “good fiscal position,†saying that sustaining heavy losses is to be expected in the conduct of monetary policy.
Tetangco made this statement amid talks with the National Government (NG) to finally pay up the remaining P40 billion of its P50 billion paid-up capital as provided in the BSP charter.
Tetangco explained that over the years when the BSP was making huge profits, capital reserves were put in place as it also continued to build up international reserves.
“In the first place, profit is not the primary objective of a central bank,†Tetangco pointed out. “A central monetary authority will do what it would take to maintain price stability. So if we sustain losses, that’s just part of what we do, it’s the cost of doing price stabilization.â€Â
Huge losses being sustained by the BSP, however, underscored the need for the NG to start seriously considering how it would be able to fully capitalize the central bank.
Tetangco said the credit standing would improve dramatically when government pays up the remaining P40 billion of its capitalization and this would ultimately benefit private borrowers.
Tetangco explained that both the national government and the BSP were used as benchmark institutions for pricing private sector loans which would mean borrowers would have access to cheaper funds.
“We welcome the proposal to fully pay-up the P40 billion capitalization of the BSP,†Tetangco said.
According to Tetangco, the BSP is discussing options with the NG and details are still being worked out on how the government could pay up the capital.
“Ultimately, this is good for a more effective conduct of monetary policy to achieve stability,†Tetangco said.
The Arroyo administration initially said it is planning to issue a P40 billion obligational authority to complete the capitalization of the BSP, possibly beginning 2009.
Budget secretary Rolando Andaya Jr. told reporters that talks have begun to discuss how the government would fill up the remaining P40 billion from the P50 billion that it is mandated to provide as capital for the BSP.
Under the BSP charter, the government was supposed to provide the entire P50 billion capital requirement of the central bank but it has so far paid only P10 billion.
According to Andaya, however, NG and BSP officials have been discussing the possibility of a multi-year obligational authority.
“It’s like a guarantee that every year, the BSP will get a certain amount,†Andaya said.
“If they need P40 billion, starting for example 2009, they will get that much until the P40 billion is paid up.â€Â
Andaya said the national government planned to issue a single instrument for the entire amount.
In turn, Andaya said the BSP could securitize this sovereign-guaranteed instrument at a discount. “As long as it has that guarantee, it will not default and they can securitize it,†he said.
isn’t the NBN project somehow linked to a lot of other Chinese investments. already Mendoza has alluded to repercussions on these if the ZTE deal gets junked.
KG: expat for a multinational some time ago
after the cabinet showed up in full force,back to normal in wiretapping siguro.
Siguro kahit yung si asec formoso di payagan sa garci as a resource person…..he was invited for his technical expertise
at next week darting kaya si abalos at nery? re:zte
kung dumating man:total denial to death panigurado.
wack wack is in mandaluyong,abalos was or is king there,and all the time he was pressent during joey’s meeting with the others and that comelec meeting of joey and formoso are just pure coincidences.
round and roud it goes,and oh don’t you know.. this is the game that we came here for.
I strongly believe romulo neri will tell the truth in the next Senate hearing.i have always known him as a MAN OF PRINCIPLE even during our college days.
KG: dont give up on Neri.We need a credible witness against abalos(in addition to the the brave Joey de venecia)
tdc:
well, i just hope prof. neri comes through.
thanks, inodoro and cvj for the definition. but still, what is there to deny? what is “plausible deniability” for? if its really corruption, and money actually changed hands or improper intervention took place, no amount of denying can save the culprit(s) where there is hard evidence to prove the crime. estrada was not convicted solely on the basis of chavit’s whistle blowing. neither would pgma or fg with joeydv’s harmless, nay toothless, testimony, even if believable.
brianb, contrary to your belief, due process is ALWAYS needed to “fire” a politician. it’s called (un)election’ i.e. when the incumbent is defeated in an election contest. under proper circumstances, “people power” is recognized by courts as consistent with due process as in edsa 1 & 2.
you may use a president as scapegoat but in a civilized, democratic society where fairness reign supreme, you cannot condemn and punish someone for the crime committed by others unless he/she herself is guilty as a co-conspirator, accomplice, or accessory “beyond reasonable doubt”. there is no “guilt by association” either.
tonio, thanks for the kind words. as the trite saying goes, “beauty is in the eyes of the beholder”. i’m a nobody vis a vis the senators, so what i say cannot be any better or worst.
We also have that waiter friend of Jinggoy who the senator said “saw the whole thing” referring to the FG’s ‘back off!’ episode.
“…round and round it goes, and don’t you know
This is the news of my life [this is the news of my life]…”
Now i’ll have that song stuck in my head for the day. Karl, just a tip, if you’re in a Karaoke with late-20 or early 30-somethings, stay away from ‘Electric Dreams’ if you don’t want to hear comments that it reminds them of when they were in Primary school.
Manuel,
What is somo? I read it in you rarticle at uniffors?
If I’m not mistaken, Neri was a college classmate of Manny Villar.
tdc, it’s Ateneo Blu Babble Battalion.
Bencard, why do you think it’s all right for you to believe that it was merely a “chance” meeting at Wack-Wack? Why isn’t it all right for me to believe that it was an arranged reconciliation meeting, as what Joey de Venecia III said it was?
“We also have that waiter friend of Jinggoy who the senator said “saw the whole thing†referring to the FG’s ‘back off!’ episode.”
nah, jeg. this waiter is a mere snowflake at the tip of the iceberg. he will probably dread crossing path with dambo. or we can expect mike defensor again coming to his rescue.
you know how tiny they are looked down upon by lawyers (ask bencard)–like only the high and mighty has the monopoly of truth (not even joey, ask bencard). but at times, waiters can be reliable source of information if they find themselves waiting to squeal on renegade putschist like honasan (ask bencard).
like i said, mike’s testimony is holy and sacred. joey is an addict (ask luli, and bencard). but mike–hey, he is next of kin to st theresa of avila. he has line to heaven; he sits at the right hand of the fodder (ah, how much more fattening does he need?).
Sorry Bencard but i think you have it the other way around. It does not matter who you are and what your position in life is as long as what you say is the true, logical and compelling.
…and hopefully not gramatically incorrect, sorry for the extraneous ‘the’.
pete, there was an interesting brief news item on asian news channel (singapore) which pointed out that the zte controversy has not gotten any attention at all in china’s media, and, the report described zte as “state supported.”
bencard, i will go as far as to accept that legally speaking, at best what has been pointed out are circumstances which have not yet achieved the level of facts which would lead to legal conclusions; but i contest your view that with regards the zte deal, everything is just opinion. that would be to render objective fact to be impossible in determining government infrastructure plans. or the impossibilty of a cost analysis for government projects. yugatech points to where a certain objectivity can be reached: he says, technologically speaking, zte’s proposal is superior. but what he can’t answer is, is it overpriced?
if everything were opinion then all accountants would be out of a job, no?
devils, i actually participarted in an ill-fated effort (to its credit, proposed, originally, by officials in the government) to transform the government-owned media facilities into something more useful and educational.
and to be fair, i think the ones dodging how a concrete step forward that could be done, are members of congress themselves.
c-span was a combined effort by media outfits to establish a neutral public access network. for example, the camera is on the whole time sessions take place, and the camera’s fixed, so no bias.
imagine if a (at least) cable channel were on in the senate and the house, the whole time sessions were taking place. attendance could be ascertained by anyone, any time, and the whole spectrum of work, from debates to speeches, etc., could be accessible. it’s up to the citizen if he or she wants to watch or not.
but i suspect congress isn’t interested because a certain lack of transparency is in its interest.
tdc, we always have to believe that no one is beyond redemption. but we also have to believe that until the sign of redemption comes, prepare for the worst.
bryan, i don’t think a change of government is in the air. this can go pfffft or get worse, it depends on a lot of factors. but it does mark a new low for the admin, because it’s affected a constituency (business, the upper and middle class) that so far,was willing to rationalize it’s living with the president and which was willing to uphold the status quo.
at the very least, it could have repercussions in narrowing the president’s options and that of her allies down the line.
folks, let’s be consistent here. if we hail filipinos that work overseas, then let’s respect bencard who sought a better life for himself abroad. he also follows the issues more than many people even here at home. so it’s foul to ask him where he was when tanada et all were in the streets. i respect bencard because his anti fm sentiments shows he was on the right side of history on that one.
just on that one?
whatever. my apo-logies to bencard and to you mlq. but…
never mind.
[*hums*:”di na ko papayag, mawala ka muli, di na ko papayag na muling mabawi……huwag muling payagang umiral ang dilim. tinig ng bawat tao’y bigyan ng pansin…handog ng pilipino sa mundo”]
MLQ3,
“i respect bencard because his anti fm sentiments shows he was on the right side of history on that one.”
people here are not hitting bencard for seeking a better life overseas. i think people hit bencard here for his rule of law and due process arguments. and that is precisely the point. he was right at the time of marcos because he was under marcos for sometime. asking him where he was when tanada et al were in the streets is not foul, it is irrelevant. him parroting the rule of law and due process line of civilized demoracies especially directed at us who are in the country when he does not live here to experience the brand of rule of law and due process that we experience day by day, that is not only irrelevant, that is foul. we do not take kindly to that kind of attitude from foreigners, we especially do not like that from our former brown brother, especially the makapili kind, or in the case of the illegal OFWs in other countries, those that tell on them to the foreign authorities for a certain reward. Coming from bicol, he is now in the company of the joker.
maybe a year in the country in the area of tondo might make bencard come to his senses?
and respect is a given, it is disrespect that is earned. I think the rich and the famous’ line is the other way around.
Manolo: ah yes, an ill-fated effort if that truly was true. considering broadcast media is a powerful tool, it’s such a waste to use it only for propaganda purposes. Though to its credit, the govt does air some shows that are highly educational. I remember watching the Japan series in one of its stations. (a show that showcases things abt Japan) Also very fateful for me to chance upon the airing of its WTO series. That was one hell of an eye opener for me. I didn’t realize before how harmful the G8 had been to developing countries with their inflexible attitude and double standards. (i was sold on globalization before, when FVR acclaimed when he was still pres) actually, i still believe in globalization (no matter what Bello says abt it being on the downturn) G8 jz need to practice playing fair, plus allowing developing countries prerogative in protecting industries they want without unfair subsidies on their part. debt relief has got to be seriously considered for everyone. the world can’t integrate every country’s economy if there are large disparities everywhere.
Going back to govt owned media stations, what a waste really. so much opportunities lying untapped.
As an accountant I am pretty much interested in the economic viability of the project.
For an ordinary person, savings of 20 billion is kind of WOW, that’s a lot but subjecting it to the accountant’s and economist’s tools of evaluating the project, it falls flat of the rosy picture the proponents are “painting” to make it economically viable.
According to NEDA’s evaluation, the NPV of the project before adjustment is negative.
Before adjustment means before inclusion of some more barangays which are already covered by another project of Deped.
NEDA’s computed economic NPV (net present value)is negative at P1,581.45 million.
That means given the future stream of inflows in the form of savings from the project, the cost is still more than the savings.
The EIRR of 13.01 percent is only viable if the interest remains low and is lower than 13 per cent for the duration of the project or remains fixed. It seems the interest of the loan is commercial and not that of a government to government loan.
After the adjustments made, the net present value becomes positive at about .7 billion. But the included barangays
may already be covered by another deal.
This is what Romulo was pointing at. The cost of overlap and the assumptions made due to adjustments given the condition of the loans.
I was trying to find the payback period so as to know whether the techonology will not become obsolete while it is being used by the government within the number of years, it is “recovering” the cost and paying off the loans for its financing.
The investigation should have included the presentation of economic and technological feasibility and viability of the project to show if it is worth sinking in billions of money in the form of loans.
Again, the prosecutors did not do their assignments.
They were only after the testimonies which expectedly would be a defense on the decision made. Qualitatively.
As to JDV3, a person who claims that he is a stockholder of a corporation or corporations and his names do not appear in the corporate paper, I can not imo consider him totally honest and credible.
And for a corporation that he claimed he owns, a paid-up capital of 325,000 bidding for billions worth of project is for me as a corporate account something fishy. I share the opinion of Enrile.
correction in the last sentence,
as a corporate accountant, I smell something fishy.
bencard, you seem to “know†so much about the events here and the “rightheousness†of the presidential couple. why don’t you do it officially instead of hyperventilating and making the usual rantings in this blog? put your sense of patriotism where your mouth is. maybe you will do a better spin job than bunye.
“G8 jz need to practice playing fair, plus allowing developing countries prerogative in protecting industries they want without unfair subsidies on their part.”
Devils, aren’t you asking the leopard to change its spots?
I am with you Brianb. I still do not see documents that would implicate GMa and the FG.
What the opposition needs are hard evidences and not perceptions.
The testimonies of Chavit may not have brought a guilty verdict for Erap. It’s the bank documents and other paper trails that nailed him.
In the court, even the successful effort of a prosecuting lawyer to prove the presence of the accused in the scene of the crime will not make him guilty. It is still the smoking gun and the dead body that will.
In the previous blog of MLQ3, I raised the issue about the possible violation of the Graft and Corruption Laws of JDV3.
Reading the liveblogging of MLQ3 made me smile when Enrile was questioning JDV3 on his equity participation in companies that were involved in government bidding and contracts. His name does not appear in the corporate papers.
It is not because he is not a stockholder, but he is intelligent enough not to implicate himself in times of
investigation, documents-wise.
So why did he come forward? That my friends are left to you to ponder on.
Shaman, they already did once. Before the 1980’s, the USA actually allowed the developing countries to industrialize whichever way they chose. That’s when Korea, Taiwan and the others took off. After the 1980’s, they imposed their ‘Washington Consensus’ on us and other developing countries. (In her book, ‘Escape from Empire’, Alice H. Amsden characterizes the first phase as ‘Empire 1’ and the second as ‘Empire 2’.) That resulted in more anemic growth and recurrent debt crises.