Noynoy Aquino government hires Fitch Ratings to give Philippine economy a thumbs up

Incumbent Philippine President Benigno Simeon “BS” Aquino is beaming with pride now that the country has scored an “investment-grade” credit rating from Global rating agency, Fitch Ratings under his watch. You might be asking yourself, “What the heck does it all mean?” Well, it means a lot of things that some folks will never understand. This is because the credit rating upgrade will only amount to something when investors actually invest in the country and when those investments turns into profit.

Hired to rate

Hired to rate

In a nutshell, the country now has a good credit standing — supposedly. The rating upgrade is said to be a “move expected to boost investment and lift the country’s long-term growth potential.” How? Here’s a simple analogy: let’s assume that Pedro is tired of commuting. He now wants to take out a car loan from a bank. As its standard procedure, the bank will look at Pedro’s credit history and his ability to pay his debt. If his credit standing is good, his chances of getting approved for the loan is high and he might even have access to a lower interest rate. A low interest rate could allow him to manage his finances better. That is also assuming that he doesn’t decide to take out any more loans in addition to his car loan, which could spin his finances out of control.

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The question is, should Pedro ask for a loan in the first place? Why can’t Pedro just work hard and pay for his car in cash? Just because he now has access to a credit line, it doesn’t mean that he should go out and take out a loan.

The same could be asked of the Philippine government. Should the government take out more loans now that the country has a good credit rating? After all, one of the things cited by the rating agency, Fitch as the reason for giving the Philippines an upgrade from BB+ to BBB- is that “the government ably managed the country’s foreign debts, which has fallen to 47% of total government borrowings, from 53% at end-2008.”

While Filipinos are still debating over who initiated the reforms that led to the credit upgrade, they seem to forget that there is a risk that if the country falls into excessive debt again, it is possible that the borrowed funds can get mismanaged yet again or could get funneled into a private account in the Cayman Islands by some government douchebag. If or when that happens, a lower credit rating will be the least of the Filipino people’s worries.

When borrowed funds meant for infrastructure projects disappear, Filipinos will have nothing to show for falling into the debt trap — there will be no new infrastructure, no money for better education and health care, nor any money to help with social services. Not to mention the obvious outcome: there will be no return on investment. In other words, borrowing money that can only get lost in the “bureaucratic maze” is not something Filipinos should be looking forward to.

Taking all the credit

Taking all the credit

As usual, President BS Aquino was quick to take all the credit for the credit upgrade. Never mind that it was crystal clear that the credit agency emphasized that it was former President Gloria Arroyo who introduced reforms that effectively improved the fiscal management of the country, something that BS Aquino is reaping rewards for at present. GMA’s VAT reform law in 2005 was said to “have made general government debt dynamics more resilient to shocks.”

However, BS Aquino stated that the upgrade was “an institutional affirmation of our sound good governance agenda”. Yes, as stated by Fitch, government borrowings were down by 47%. Let’s not forget that the reason for this was because BS Aquino put all projects on hold in the beginning of his term. In fact, he didn’t want to spend on public infrastructure projects that time, which was a move that resulted in the economy only growing by 3.2 percent in the third quarter of 2011. As mentioned before, the significant drop in growth in 2011 compared to the 7.3% growth in 2010 compelled some of the President’s critics and members of the Makati Business Club (MBC) to strongly advise him then not to put on hold public infrastructure projects and, instead, “to pump prime the economy” with government funds.

President BS Aquino it seems didn’t realize that putting a hold on infrastructure projects that were initiated by the previous government would backfire on his own administration. Some people even saw through his so-called “austerity measures” as vindictive and just a ruse to make people believe that he is unlike his predecessor Gloria Arroyo whom the President claims to have “depleted” the national budget through its alleged overspending.

What I am trying to say is this; BS Aquino’s move to put projects on hold or do nothing in his first year in office and equate that to “austerity measures” gave the impression of “sound fiscal prudence and good governance”. The fact is, it really doesn’t matter who is sitting in Malacanang right now since the remittances from the overseas foreign workers (OFWs) and consumerism fueled by it is what’s keeping the economy afloat. Both BS Aquino and GMA cannot even take credit for the economic policy of sending laborers abroad. Our dependence on remittances started in 1974, during the Marcos years. Unfortunately, the Philippine government has become addicted to the easy availability of funds from remittances.

BS Aquino doesn’t seem to realise that the influx of foreign investors will be limited by the 60/40 provision in the constitution. Not all foreign investors are satisfied having a local partner. A lot of businessmen prefer to have 100 percent control on their businesses. Removing the restrictions is one thing, but the question is: Has the situation around doing business in the Philippines improved? We might be inviting guests over without first cleaning the house. Last I heard, foreigners are still getting themselves kidnapped for ransom.

What will be BS Aquino’s next move after patting himself on the back? Since he now has access to credit, will be borrow funds to push his Daang Matuwid? Would he spend it on infrastructure, better education, health care and social services? Even if he did, these investments have low guarantee on returns. Just like cars, they depreciate in value. While improving the country’s infrastructure would be great, they can deteriorate in time when they are not maintained properly. And while investing in human capital through education, health care and social services is excellent, it can only go so far until the funds dry out. Implementation in giving Filipinos access to better education, health care and social services can also be tricky. Laws would need to be introduced to address it. Sadly, the ballooning population can easily write off any improvements achieved in those things.

For better return on investment, BS Aquino should also invest in manufacturing, agriculture and mining. They provide jobs and can teach Filipinos new skills. It’s about time Filipinos make a name for themselves in something aside from exporting labor. If Filipinos use borrowed funds for ventures that will result in long-term economic programs, they can be self-sufficient and won’t have to rely too much on foreign investors for jobs or income.

49 Replies to “Noynoy Aquino government hires Fitch Ratings to give Philippine economy a thumbs up”

  1. When I was in high school which was decades ago, there was this family who sponsored an award for graduating students. The first year they did that. The criteria they specified just happened to match their graduating daughter’s skill set. I can see a parallel with that mentality.

  2. ofw remittances – 24 billion dollars a year
    fdi ( foreign direct investment ) – 1 billion dollars a year!

    p-noy can try to fool the filipino people but not international investors.

        1. you should read tye history books.
          each and everyone – especially the grandfather who helped tge japanese. pure scum

        2. Jeez, in denial mode ka parin ba hanggang ngayon eduardo? Its a known FACT that your president’s grandpa willingly helped the japanese during world war 2.
          You can’t even remember such a fact in our history?
          It seems that your brain can’t handle the TRUTH.

          TROLL HARDER

  3. Tama ang sinabi ng ating pangulo noong Easter. Ang pagbangon ni Hesukristo ay sumasalamin sa pag-asang pinanghawakan ng bawat Pilipinong makailang beses nalugmok sa kalbaryo ng korupsyon at katiwalian.

    1. That’s totally nonsense. As a Bible-believing Christian, that’s very insulting.

      Pahiwatig na ang problema ay nag umpisa kay Arroyo at perpekto ang pagkalagay at implemento ng constitution ng 1987 at kahit noon pa ng 1942.

      And then eduardo goes nuts since he can’t counter this… 😛

    2. You should apply some ICE, eduardo since you just got BURNED.

      Your tears are very delicious.


  4. Mabuhay ang mga OFWs! Mabuhay BSP! Mabuhay si PGMA! Ma…bu…hay…si…. P…next time nalang 😉

    It will be a slap on their face if they give credit to PGMA and all the OFWs knowing them but they cannot hide the truth; Fitch rating review was on the internet and everybody can read it.

  5. 8 out of 10 filipinos are happy.
    10 out of 10 north koreans are happy.
    Poverty and unemployment is the new luxury

      1. But bottom of the league, and overtaken last year by cambodia, and vietnam racing ahead

        Unctad’s ( united nations council for trade and development) data showed the following FDI volume
        flowing into specific ASEAN-member countries in 2012:

        Singapore, $54.4 billion
        Indonesia, $19.2 billion
        Vietnam, $8.4 billion
        Thailand, $8.1 billion
        Cambodia, $1.8 billion
        Philippines, $1.5 billion

    1. That’s it? Big deal. Our country will never be like Hong Kong or Singapore with that puny FDI you’re showing off. FAIL.

  6. How can the Philippines be like Singapore, Malaysia or Hong Kong?

    First of all more and more Filipinos’ mindset is getting more are more parasitic.

    Starting from the politicians who are vulgar examples in breaking the law. They, plus most government officials, and employees are without shame at all in extorting money from the citizens who need the services from the government through permits, licenses and even clearances.

    The ordinary people are also salivating while listening to the stories of government personnel about how they extort money from the people. Because they themselves dream of getting into government employment and do the same.

    If ever that happens perhaps these people will no longer be called Filipinos.

  7. Indeed, it was GMA who initiated the economic reforms which steered the Philippines from the world’s recession making the Philippines grow to 7.6%.

    However, BSA also had achievement of its own aside from GMA by building on that foundation which lead to the Fitch Ratings.

    Second, it was because of the Philippines overseas workers remittances and not having to rely on foreign borrowing, like so many other countrie, to bridge the gap of its exports to imports, that it helped plug the country’s deficit and amassing 80 billion dollars more in currency reserves, which was better than GMA’s initial success:

    “Both this government and its predecessor have worked hard to put the country’s fiscal house in order, reducing its debt from 68% of GDP in 2003 to 41% last year, while refinancing it more cheaply, lengthening its maturity (to over ten years on average) and increasing the proportion denominated in pesos, for which the world shows strong appetite.”(The Economist, April 6th 2013 Hong Kong of the print ed.)

    Both GMA and BSA faced challenges. One in which GMA failed to address, and BSA had been working on rectifying. Such as the target of the low tax collection of less than 13% last year, and the energy reliance of the Philippines to foreign sources. BSA had faced corruption head-on:

    “There is a reason why President Aquino stands as among the most popular democratic leaders in the world, while his counterparts in Japan, Europe, and even the U.S., face a cynical electorate, desperate for a better alternative. According to a Pulse Asia survey, Aquino currently enjoys a whopping 80 percent approval rating, particularly praised for his anti-corruption/crime efforts. This puts him at par with charismatic global leaders — such as Brazil’s “Lula” and the U.S.’ Barack Obama — at their very peak.”(R. Javad Heydarian, The Blog)

    You see BSA had improved on the domestic demand that the domestic economy will grow to 7 to 8% in the coming years. BSA also made that crucial stimulus of cash transfers to the poor that sparked demand for goods and services. He also funded more on education like what GMA did.

    Furthermore, there is not a lack of foreign investor interest in the country. In fact it is the huge bureaucratic hurdle they have to face and the challenge for BSA to improve on and pour capital into manufacturing.

    The worry these days is the excess capitalization in that the peso appreciates so much that the level becomes that of asset inflation, which may lead to bubbles.

    I am with you in doing the housekeeping more. I dont take away what GMA because she did good in the economy. But to take away BSA’s own record of achievement is a bit much knowing that he also faced the same challenges which GMA had also faced.

    Let us be positive and support BSA in his next three years. The Philippines is not out of the woods yet. But we are seeing the light. I agree with your nod for caution and to build something more solid on the economy other than OFW’s remittances.

    The breakdown of the labor pool according to the MundiIndex of the Philippine economy is that only 13% are in industry with the majority going to the services sector 56% and 33% to agriculture.

    Maybe with the tide doing the way of the Philippines business outsourcing amounting to a projected 16 billion dollars and creating thousands of jobs will start the way of what you are thinking.

    While you think GMA had achieved much, and I dont disagree, lets celebrate BSA too had done much more than what GMA did. This is a blessing the Philippines that there was continuity of growth. Oks?

    I am happy with BSA. The country has chosen a better successor. Now my concern is the next one. Will they be able to build on what BSA has done for the nation? Or are his successor going to be incompetent and whats worse, a kleptocrat?


    1. While you think GMA had achieved much, and I dont disagree, lets celebrate BSA too had done much more than what GMA did. This is a blessing the Philippines that there was continuity of growth. Oks?

      BS Aquino is vindictive and doesn’t give credit where credit is due. He continues to divide the nation with his blame game. He applies a double standard when it comes to his Kaibigan, Kaklase and kamag-anak particularly when they are accused of graft and corruption.

      BS Aquino will never change the mentality of the Filipino people if he continues with his appalling ways. The end doesn’t justify the means. If you think that badmouthing or vilifying those he thinks are corrupt is the solution to our country’s woes, you can think again. It will only promote disunity.

      The credit rating upgrade won’t mean much if the funds get mismanaged.

      1. Mckinseys say capital flight from philippines is 97 Billion dollars.
        (I.e not external investment)
        That is equivalent to the natiinal debt or 50,000 pesos for every man woman and child.
        Arroyo will look like small fry when the scale of corruption under aquino becomes known
        ICIJ have lifted the lid and exposed the philippines as the worst culprits – 500 politicians/celebrities with offshore accounts just in british virgin islands.
        No wonder 3 years in and no projects – all the money has been squirreled abroad. That is not a surprise. The lack of outrage is.

        international investors will still take a wide berth from such a corrupt and hypocritical government

        1. No wonder 3 years in and no projects – all the money has been squirreled abroad. That is not a surprise. The lack of outrage is.

          The lack of outrage is due to the expensive PR machine hired by the government using tax payer’s money.

    2. Such a long rant just to say that “BS Aguino isn’t so bad after all.”

      Harap-harapan ka nang ginagago ok lang sa iyo? Or maybe you just had too much do drink?

  8. The up-grading of the Philippines to ‘investment grade’ BB+ is about the marketing of ‘investment grade’ securities and/or bonds. The gov’t. is now internationally recognized as a country that can offer, on an international level, securities and bonds to people/governments/pension systems around the world that are willing to buy them (termed ‘sovereign debt’) at the interest rates set by the Bangko Sentral and the promise that they will pay up when presented for encashment when the bonds/securities mature. it is a methodology of gov’t.s around the world and a credit rating approval from Fitch/Moody’s/G&S is essential or no one will touch the bonds/securities offered by the Bangko Sentral.This is what the ‘investment grade’ rating is all about. The risks are that the bonds will not be paid, w/interest, when the time comes to pay-back the investor/buyer of the gov’t. bonds they purchased from the Bagko Sentral. if the thieves in charge do not do the right thing with the proceeds from the sale of the bonds, the gov’t. defaults on its ‘sovereign debt’ obligations and is screwed and usually turns around and screws its citizens out of what is rightfully theirs. Greece/Spain/Ireland have all be fucked but not on ‘sovereign debt’ obligations so much as banker led scams that necessitated gov’t. bailouts which led to inability to pay off the bond-holders. The USA/UK are two countries that are just printing money to cover their obligations and now no one will go near a 20 year U.S. treasury bond, so they buy them themselves and use it as an excuse to print even more money.

    Can you spell PONZI? this will not bode well for Filipino’s in the long-run, NOPE!

  9. But GMA’s 7% happened every presidential election, 2004 and 2010, where there is heavy election spending. In 2010, Villar’s heavy spending, the highest among the presidential candidates plus the OFW’s remittances in 2010 pushed our GNP above the 7% mark. But after every major election, we came to earth again, the 7% or above is not sustainable, nothing to crow about.

  10. Yes. Thats true. GMA may have her flaws but to take away what she did right in economics is plain politicking.

    I give a lot of credit to BSA who has done a fantastic job in improving on the economy. I dont think this is just “chamba,” but a well thought out process of his administration in that we are now seeing the results.

    The Philippines does not rely on foreign borrowing typical of other countries because OFW remittances have contributed to 8.6% to bridge the gap. The Philippines is now a net creditor to the world instead. Thats a mean feat for BSA. And well done.

    Yes. Housekeeping chores will not end. Structural reforms like you said is needed to sustain the initial gains. The objective is always to lift the poor, and bring them to the middle class. We need jobs in the Philippines that are value added economics, like manufacturing to supply local needs instead of relying on chinese imports.

    My fear has always been the next successor to BSA who may not be the ones we hope will continue on, and then, the poor, which is the ultimate objective in the economy, to make us become an economic tiger, may be threatened.

    We can be one again if we are not careful. For example, South Korea was a dirt poor country which relied on agriculture, and whose labor pool were mostly peasants.

    It is now the 15th largest economy in the world with a very strong middle class, despite its share of WB-ImF dictations, dictators and corruption.

    We can do the same, and looks like we are headed to it, because the early indicators seem to be similar. I am bullish. We need to attract foreign companies to build their products in the Philippines.

    We have to amend our short sighted “nationalist laws,” by not being overly liberalising our economy, but to use every tool that protect and promote our national interest, over our despicable monopolist oligarchs, and being pragmatic, that that world also need to gain in doing business in the Philippines.

    We have the right people in the administration. I can only pray, because I cannot predict, who the Filipino people will vote, once BSA’s term is up. For now, kudos to BSA.


    1. Haba ng rant mo para lang sabihin na okay si panot pero pasensyahan nalang, walang maniniwala sa sinasabi mo.
      Everyone can already see that aquino only credit grabs and does absolutely NOTHING for the economy and yet he enriches his corrupt KKK.
      Don’t even try to rebut that this all happened under his regime when in fact it was gloria that made the necessary choices to uplift our economy. The economic gains today were all thanks to the previous admin not to your noynoying, lazy president.


    2. Lies. The improvement of the economy is not of BS Aquino, but more like of GMA’s continuous use of Keynesian economics.

      “We can do the same, and looks like we are headed to it, because the early indicators seem to be similar. I am bullish. We need to attract foreign companies to build their products in the Philippines.”

      Another set of filthy lies. How can we attract more foreign investors if we still have flawed economic policies?

      “We have to amend our short sighted “nationalist laws,” by not being overly liberalising our economy, but to use every tool that protect and promote our national interest, over our despicable monopolist oligarchs, and being pragmatic, that that world also need to gain in doing business in the Philippines.”

      Again, lies. Singapore and China liberalized their economies. And not to mention BS Aquino is still part of the oligarchy. Oh, and he is still closing more doors in favor of local cronies.

      Thanks for the lies, TROLL. 😛

  11. Pabayaan na lang po sina Imelda, Bongbong at Imee? At sina GMA at Mike? At mga Euro Generals? At mandambong na din?
    We get more of the misconduct we don’t punish. Or the conduct we we reward. Skinner. Even kids know these.

    1. ‘Those who have no sin should cast the first stone.’

      Sorry, but even kids became gullible and like you, being brainwashed by what the biased media tells them.

      It’s really hilarious for people like you to act like GIRLY MEN and whine about putting away one corrupt politician and not realizing the full lengths of the corruption. But what do I expect from a ignorant Pinoy pleb like you to know?

      You’re more of a skinner because you’re a… TROLL. 😛

  12. For the mean time, those who are favoring BSA have no choice including me. All those interested in his position are proven crooks or proven potential crooks. So, good luck mga kababayan. Pagtiti-isan na lamang natin. Between evils, he is better than the most but that betterment is temporary until May 2016 and thereafter brace for a more mandarambong.

    Marlowe ….

    1. PNoy is a bigger mandarambong. You never realized it. But we do…

      TROLL. 😛

      Oh yeah, onion-skinned people are soooooooooooo annoying. 😀

  13. I don’t really give much thought on who should get a lion’s share of the credit for this achievement. I just wish to correct the perception na getting a sovereign investment grade for the Philippines is all “media/propaganda” material lang. In the finance/business world, this is a critical milestone. Let me explain further:
    Source of capital: unknown to most, the Philippines’ credit rating is not just for the country’s debt. It also serves as a ceiling rating for its domicile companies. For example, companies which are MNC-comparable such as SMC, SM and Ayala, etc could have been rated (on standalone financial and business performance) as above investment-grade (i.e.: BBB- and above) are all scaled back to BB+ (Phil’s current S&P rating). Such scaled-down rating means that borrowing cost for these companies are more expensive than what they could have been. And obviously, if the top-tier names are scaled down, the mid-tier and SMEs will be scaled down as well. On a trickle down effect, this limits these companies’ source of affordable funds and thus limits their capital investments which in turn limits the extent in which they can impact the country’s and its general populace’s wellbeing.
    Securities market: most investment funds have investment mandates that require investing only in “investment-grade” marketable securities (i.e.: stocks, bonds, rights, warrants, etc). Again, the Philippines’ sovereign investment rating is the ceiling for its domicile companies. Thus, getting an investment grade rating will now bring in these previously unavailable investment which will improve the performance of the Philippines’ securities market which will enrich shareholders
    Trade: companies involve in export/import trade are typically “penalized” for having originated from a non-investment grade country, either via requiring advance payments, cash on delivery, performance bonds, etc. With Philippines now having an investment grade, such constraints are lessened improving capital management for these type of companies
    There are other indirect impact of the said milestone din, pero the above are the easiest to foresee na makakatulong sa Pinas.

    1. Indeed, that’s all correct. So the issue here is the way the credit upgrade is being pitched and spun as a momentous thing that validates a specific government. The key words here, as you pointed out, are this development’s main relevance is to those who employ capital as it will “improve the performance of the Philippines’ securities market which will enrich shareholders”. That is where the immediate effects will be felt. Whether those effects will trickle down to the majority in the form of new employment opportunities remains to be seen.

  14. Fyi. It is interesting to note that, aside from Fitch ( deducting from Ricky’s prior comment, was a “fake” rating agency), another European entity, Barclays (as mentioned in the report below, recently fined for price fixing and manipulating the $300 trillion securities market), painted a very rosy picture for the Philippines’ upcoming investment climate.

    Are the posturings of these two foreign financial entities “real” data-driven, or as alleged, “fake” data-driven?

    Now exposed, it begs the question: Are these two “fakers” in conspiracy, i.e., setting the stage, creating a “fake” market in the Philippines for a kill very soon? If they are trying to entrap the new hot money reportedly flooding Asia, why picked Philippines? Ease of entry for “monkey” business, easy to manipulate, 1997 redux? Is that the reputation of our local bourse and financial markets?

    Whether this is paranoia, we’d rather see PNoy and the country’s financial regulators increase their vigilance. (He he, now, here’s where the Malaysian connection maybe of help, eg, Dr Mahathir’s wisdom.)


    To be more realistic and not just like bunch of professing intellectuals, why don’t we divert our minds and some spare resources in spreading to all Filipinos that most politicians and most government leaders, and even some employees are the ones responsible in not only sucking the country’s resources but corrupting the cultural mindset as well.

    Let’s unite in disseminating to all people that we can reach that the annual national budget keeps on evaporating without any significant improvements in the national infrastructures (like roads, bridges, electrification, computerization in all government agencies and branches, etc.) and facilities.

    We request all the help we can get to let this message through to majority of Filipinos, if not to all, from you guys.

    We believe together we can make a great difference.

    Thank you for your concern.

    1. @eachhisown

      “Government is a reflection of the people. The corruption starts with the people. When we start to expect the government to take care of our responsibilities, we get a Bill, Hillary, or our current congress. Corruption always fills a void left when responsibilities are ignored. We get what we are. If we want government to change we must begin with ourselves.”
      — Warren, Olathe

      “This is a reflection of our government and society today. When we elect our representatives to the highest offices in government that we know to be ignorant (usually corruption follows) then it is us who are the ultimate sovereignty that should be prosecuted – and I think that is now taking place.”
      — Robert, Sarasota

      “It is only when the people become ignorant and corrupt,
      when they degenerate into a populace,
      that they are incapable of exercising their sovereignty.
      Usurpation is then an easy attainment, and an usurper soon found.
      The people themselves become the willing instruments
      of their own debasement and ruin.”

      — James Monroe

    2. “Getting the message through” is not as simple as it sounds. People like eduardo (if you visit this site often, you’ll know the likes of him) have the mentality which this site has been heavily opposing. If you visit and try to comment on the more mainstream sites, you will be mugged by other commentors with the same way of thinking as eduardo’s, and add to that, ang tatapang nila, sobrang dami pa. And they are really that shallow that they take it as their victory trophy when you shut up. As for me I just comment on mainstream sites once or twice hoping that someone will begin to see it my way.

      1. That’s the point I’m trying to get through to the minds of the majority of Filipinos who’s culture are sinking much deeper into instinctive corruption and thievery and abuses.

        Most Filipinos are raised up to a family where taking or stealing the properties of their parents and siblings are being ignored or tolerated, which implant into their mindset that it is legally normal and even noble. Also, they are raised up that throwing garbage, pissing and making s**t anywhere is acceptable and having no consequences at all.

        Most Filipinos don’t even understand what is the correct right of way when walking in the sidewalk and the right time to cross the street by waiting for the pedestrian light to turn green, or reduce the sound of their karaoke in order not to damage the eardrums of the ears of their neighbors, as some few explicit examples.

        Most Filipinos hate to be reprimanded for whatever mistakes they intentionally made, because it hurts their pride so much. They cannot differentiate between constructive and destructive criticisms. For them, all comments about their mistakes do not require criticism at all because they consider any of it personally and morally destructive. For them intentionally violating the rules or the law do not have dire consequences. That they can always discuss or negotiate with the enforcers to escape from being punished accordingly.

        This is the kind of culture which is getting more deeper into the mindset of most Filipinos who could not anymore understand what is universally right and prudently acceptable.

        This is the most fearful of all, that it will not be longer than expected, if even the grills that imprison most residents in their houses won’t be enough to give them privacy and security from thieves and abusers.

  16. The Same ratings agencies that cooked the mortgage books in 2007/2008, give me a break. Who on earth wants to invest in closed corrupt ecomony, where you can’t own property or get real bank accounts and Is filled with mindless bureacrats and ridiculous rules. The phils is a body shop for overseas and always will be

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