There are so many numbers being floated around to paint a really upbeat image of our economy. Some of those numbers are good reasons to be hopeful, taken out of context. But the numbers that matter paint a slow growing economy. If a report card can be fashioned out of data from Philippine Statistics Authority (PSA) and Bloomberg, the country’s leadership deserves a good spanking. That’s what we used to get from our parents after presenting a report card bleeding with red marks. What are those red marks? Start with GDP growth rate: from 6.3 percent in Q418 to 5.6 percent in Q119 to 5.5 percent in Q219. Private consumption was 5.3 percent in Q418, 6.1 percent in Q119 and 5.6 percent in Q219. Government spending was 12.6 percent in Q418, 7.4 percent in Q119 and 6.9 percent in Q219. Investment was 4.9 percent in Q418, 8 percent in Q119 and -8.5 percent in Q219. Fixed capital was 8.5 percent in Q418, 6.4 percent in Q119 and -4.8 percent in Q219. Exports grew 14.4 percent in … [Read more...] about Economic report card
Public banks vs private banks
John Gokongwei was selling peanuts to his classmates, Josephine Gotianun Yap was sticking stamps to letter envelopes and Hans Sy was emptying trash cans at SM Makati. Hong Kong’s richest billionaire Li Ka Shing was 15 when he worked at a factory producing plastic watch bands for 16 hours a day. Malaysia’s No. 1 tycoon and Shangri-La hotel chain founder Robert Kuok Hock Nien started work as an office boy while still in college. China’s Alibaba.com billionaire Jack Ma first worked as a teacher. The world’s No. 1 wealthiest billionaire Jeff Bezos was 16 when his first job was flipping burgers at McDonald’s in Miami City, while world’s No. 2 wealthiest Bill Gates’ first job was as a computer programmer in senior year in high school. The world’s No. 3 richest billionaire Warren Buffett was 13 when became a newspaper delivery boy. What were the first jobs of the Philippines’ top business leaders, their unforgettable experiences and … [Read more...] about Their first jobs
OTTAWA: Canada's economy shed a net 24,200 jobs in July, driven by a decline in wholesale and retail trade, official data showed on Friday, as Canada's job market remained in a holding pattern for the third consecutive month.Statistics Canada said the unemployment rate edged up to 5.7per cent from 5.5per cent in June as more people looked for work after hitting record lows earlier this year. Analysts in a Reuters poll had predicted a gain of 12,500 jobs and an unemployment rate of 5.5per cent."Clearly it's on the disappointing side of expectations," said BMO Chief Economist Doug Porter. "Of course, you can never read too much into any one month but this is the third setback in employment in the past five months."The Canadian dollar weakened to US$1.3268, or 75.37 cents U.S., following the decline in jobs.July saw the loss of 11,600 full-time jobs and 12,600 part-time positions. Employment declined for youth aged 15 to 24 and for women in the core working ages of 25 to 54 but increased … [Read more...] about Canada sheds ‘disappointing’ 24,200 jobs in July: analysts
[Delivered at the Session Hall of the House of Representatives, Batasang Pambansa Complex, Quezon City on 22 July 2019] Thank you. Kindly sit down. Kumusta po kayo? Senate President Vicente Sotto III and the honorable members of the Senate; House Speaker Alan Peter Cayetano and the honorable members of the House of Representatives; Vice President Maria Leonor Robredo, magandang hapon po sa inyo --- sa iyo, ma’am, [applause] kung nasaan ka; former Presidents Fidel V. Ramos, Joseph Ejercito, [applause] Macapagal-Arroyo [applause]; His Excellency Caccia and the esteemed members of the diplomatic corps; Executive Secretary Salvador Medialdea and the other members of the Cabinet; Chief Justice Lucas Bersamin and the Supreme Court; my fellow workers in government; mga mahal kong kababayan. Let me begin by extending my hand in gratitude to all who kept faith with me in our most trying times. Numbers speak a thousand words and tell a hundred tales. But the … [Read more...] about FULL TEXT: Duterte’s 2019 State of the Nation Address
Build, build, build – trust! It must be said, whether we admit it or not, that we should be thankful to our countrymen serving in government. Most of us are scared of this thankless job or are simply not up to it. Yet, when one takes on the job of a public official, there is that uplifting honor behind the title, there are those connections useful even after one’s life as a public servant, and there are those invaluable opportunities (business or otherwise) created because of the rich relationships and wealth of information and experience acquired by someone who served well. Government personnel may earn huge psychic income but the salary is forgettable. So when the public or taxpayers demand accountability, it’s not due to the salary that is paid to them (which should be increased, really), but due to the assets of the country entrusted to them. They handle and spend other people’s money – money coming from every Filipino … [Read more...] about Build, build, build – trust!