Poor attitude towards credit contribute to failure

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There is a running joke that oftentimes the borrowers are rabid towards the debt collectors. (when it should be the other way around, since the lender is on a high moral ground)   Borrowers too get sickness like blindness, deafness, and loss of memory when it comes to the money they borrowed.  Such a behavior even goes to reality shows.

The sad reality is that scores of rural banks and micro lending have closed shops.  What is the reason for such a high mortality?   Non repayment due to obstinacy of borrowers to pay back their borrowed funds.

The borrowers make the lending conduit tighter and narrower and makes living more difficult.  

The good old habit is to pay the money borrowed.  We were to cross the difficulties with borrowed money and it truly right and just to pay it back.   The money that is being used to help others will be used to help others more 

This should be the knowledge about financial literacy instead   https://www.robinsonsbank.com.ph/knowledgebank/5-habits-of-financially-responsible-filipinos/

Alternative:    G Cash loan up to P125K

Philippines is not a poor country

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Because of the continuous negative publicity of the enemies of the state here and abroad, plus political detractors of administration, we are led to believe that Philippines is a poor country.   Try to look at the figures of the poverty.

Try to see the GDP numbers for 1st Quarter;  Philippines is tops. This is despite the perceived perception of recession and inflation world wide.   We are number 36th in world GDP rankings as of 2022. 

The economy of the Philippines is an emerging market, a newly industrialized country and one of the most dynamic in Asia-Pacific region.^[33] As a developing economy, the country is working towards achieving greater industrialization and economic growth.^[34] The Philippine economy is the world's 36th largest by nominal GDP and 15th largest in Asia according to the International Monetary Fund in 2023.

 Some list us at number 19.  Our foreign exchange reserve is high.  We have manageable debt to GDP ratio.  (Japan has the worst at 269% of its GDP) 

All we need to do is reach the trillion GDP numbers.   If we go to the provinces, we see a lot of infrastructures and beautiful attractions.   Time to rethink our perception of our own country.   

China with its exodus of manufacturing firms is pitiful compared to the Philippines.  

We expect that Philippines will be ranked 27th by 2037    http://www.cnnphilippines.com/news/2022/12/27/ph-economy-accelerate-growth.html 

The Philippines is projected to continue its growth run in the coming years... lifting the country from 38th spot in the ranking as of 2022 to 27th by 2037," CEBR said.

Observance of pedestrian law provision of LTO law

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The former mayor of this town was killed while crossing the highway;  he was ran over by a speeding vehicle.

Now it is no longer the former mayor who are at risk of being bumped or being run over by motor vehicles.  But many others who cross at the pedestrian lane.  A gentle reminder on the pedestrian lane law.  Section 43C of the LTO law  It came from this post.  

It is my experience on a daily basis that it is dangerous to cross at pedestrian law, even  if there are such toothless laws

https://ulongnuno.blogspot.com/2017/06/enforcing-pedestrian-lane-crossing-law.html

(c) The driver of any vehicle upon a highway within a business or residential district shall yield the right of way to a pedestrian crossing such highway within a crosswalk, except at intersections where the movement of traffic is being regulated by a peace officer or by traffic signal. Every pedestrian crossing a highway within a business or residential district, at any point other than a crosswalk shall yield the right of way to vehicles upon the highway.

Vehicles do not slow down at pedestrian lane.   There are some who do but very rare.

Let us make the pedestrian lane a haven for pedestrians and not make them merely as decorations

First cash first served; fuera ghosts

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We were planning to buy a parcel of land to add to the project.  The first one was aborted because there were news that the neighborhood would object.  How nice would the little pc of land be to the project.  We informed the agent of the plan and even had a written communication to that effect (we just concluded a multimillion deal)

The project is a memorial project 

However an up and coming millionaire pulled one over us paid in cash.  The property would be made a warehouse for their beauty (soap products).   How the deal turned out smacks of lack of professionalism and lack of integrity on the part of people whom we talk

Let not the smell of dead carcass be on their beauty products or the troubled souls play in their warehouse.   

Scams abound: on line even on high level business and even govt transactions

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There were several times when this post was nearly scammed, for huge amount:

1.   One agent, and this was 3 decades ago, using beautiful ladies as bait tried to sell me a large portion 

a property for a measly sum in Las Pinas, Had it checked by our GE it turned out to be BF Homes Las Pinas.  How could he?  He is the father of a schoolmate from BI, Pasig

2.  The more recent one involved a large tract of land in the farthest end of this province.  He is the uncle of an acquaintance who was selling a 20 hectare foreshore land that abuts the municipal market.   The deal being proposed, is we give P10m to the foundation.   Now there were certain things we discovered:

     1.  The property was not adjacent to the municipal market.  There is a gap of 5 hectares between

          the market and the property

    2.  The property is currently being cultivated by a group of farmers cooperative, one of his members

         was a pamangkin

    3.  There is a tenant planting melon whose lease gave him the right of first refusal

    4.  The property was subject to an EJ, and no relation can be established between the property 

          and the foundation

3.  Another involves a 10 hectare in a mountain village allegedly a commission granted to the father of the owner.  He is sabungero.  If we could give the broker P10m, then we can start possessing the property But 

we found out

    1, There is no right of way to the property;

    2.  Somebody had CTS with the owner

    3.  Somebody paid for RPT tax before and he had certainly lien on the property

These are tiny compared to the IMBD scam involving  $4.5 whose main participant were Johny Low, and fmr. Prime Minister Rajiv,

Scammers multiply and let us be wary of them 

Correcting the history - former top underground movement leaders setting records straight

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Former top guys of the 50 year old underground movement are coming out to correct history and/or rectify their mistakes.  With the death of its former chairman various former leaders are coming out in SMNI broadcast exposing whos who in the movement and clarifies certain events

1.   Bishop Nilo Tayag former head of Kabataang Makabayan:

      1.  The main thrust of communist movement is atheism

      2.  The diversion, the lie is democratic front:     human rights, independent foreign policy

           This deceit is swallowed by intellectuals and even the religious

      3.  He managed to set up cells while incarcerated.  

2.  Eric Mutuc:

     1.  The movement was responsible for Plaza Miranda bombing.  The event galvanized more

           recruitment and was the turning point in the history of the movement.    It made people

           hate Marcos more

    2.  The figure hailed as a hero and featured in currency and name of the airport can not be considered

          a hero because he supported the communist.  Hacienda Luisita did not have a good record in 

          handling of peasants

   3.  Herminio Espiritu is head of a communist front in North America, one of the 7 globally.   Sonny

        Trillianes did not recognize him 

       Such fronts have been responsible for degrading and giving bad pr to the country and its top

       leaders despite being 39 in the top GDP performer in the whole world

Perhaps the death of JMS and these moves finally bring peace and prosperity to the country

Politically motivated ?

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Politiko gunned down

We have a business partner who just ran for councilor but was gunned down days before the election.  It was a traumatic experience for him and the family.   He is  alive but pays for a bevy of security numbering

12 in all

It was insane to be gunned down near your home and witnessed by your wife and children.  And there could be not valid reason for the hit since he was a kind hearted barangay chairman for several years.

And all he could tell me as is in an island province is that it is politically motivated.  His opponents do not want him alive, because as he is coming out to be the strongest councilor, he could be very well be the next VM or Mayor.  

How brutal and insane could politics be even in small distant towns in the province.

Write down of $17 Billion ATI bonds anger holders, may trigger backlash to Swiss banking

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From Reuters - FINMA (swiss regulators) orders write down of ATI bonds

The Swiss authorities ordered the  write down of $17 billion of ATI bonds in the wake of the  UBS Credit Suisse merger    This has angered many bondholders, many of whom are institutional investors   It was reported that the CSB stockholders would get $3 billion

In the liquidation process, the  most junior of the stakeholders are the stockholders   Something could be wrong here.  

Black eye for BI, DOJ?

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There were two alleged events that would seem to need immeidatet action from the heads  (The head leads the tails)

    1. Lengthy interview for an OFW bound to Israel causing the latter to miss her flight.

    2.  Escort service for a seaman costing P150,000

What happened to public service?

BI warns foreigners of scammers offering to fix   problems at BI

BI promises better services

Credit Suisse problem is a worldwide financial malaise?

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Ulongnuno on Credit Suisse malaise

Manila Times - bank fears spread to Europe

Credit Suisse share prices dived a quarter on account of bad news about Silicon Valley Bank closure

All ready the prices of shares of Paribas and Deutsche  Societe Generalebank dived.

France's Societe Generale SA dropped 12 percent at one point. France's BNP Paribas fell more than 10 percent. Germany's Deutsche Bank tumbled 8 percent and Britain's Barclays Bank was down nearly 8 percent. Trading in the two French banks was briefly suspended.

Credit Suisse is "a much bigger concern for the global economy" than the midsize US banks that collapsed, said Andrew Kenningham, chief Europe economist for Capital Economics.

It has multiple subsidiaries outside Switzerland and handles trading for hedge funds.

"Credit Suisse is not just a Swiss problem but a global one," he said.

Since the CSB has branches elsewhere in Europe and the world, its problems malaise is not confined to Switzerland but around the world.   Gladly the Swiss National Bank promised a liquidity support up to $54 billion

This post may bear marks of nega and being alarmist.  But is this the global collapse that pundits are predicting? Could this be the start of worldwide recession.  ?  Have we braced enough for this.?

Has our country institued countermeasures. ?  But surely not yet since we are so far away yet  

One of the aspects that we should be concerned about this is the foreign remittances by OFW.  With these bank malaise, banks may tighten lending and if closed cause domino effect on the industries they are supporting..   And this may mean reduced inward remittances   Lesser consumer spending locally

Bad for the local economy.  Should we not be concerned?  

Election watchdogs and other agencies should not have allowed candidates with previous cases or with arms cache

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Everyone is now agog over the political killings at an island province.  The violence could have been averted had the eection watchdogs disallowed the candidacy of the one being accused of being the mastermind.   The power accumulated could not have been brought to fore only since last election.  

This post believe so much in the statesmanship of someone who bore similar surname who headed the DOF before  The legacy has been marred. Sorry  

Top govt honchos blame bank officials for making the wrong calls

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White House Fed to blame for SVB closure

Elsewhere responsibility and even in this article on the shoulders of bank officials for making the wroong callls ie investing short term deposits in long term bonds  But who wants the company you are leading to fail to leave a bad legacy?  Or have enemies for making depositors lose their money?  None I guess

But SVB was in a tight squeeze, it could not have decided otherwise:

1.  It could not make loans to start ups who were awash with cash;

2.  It had no choice except to go long term to get higher returns to cover their costs and high liquidity level

The rest of responsibility lay outside  (Fed)

1   For loosening reins on money supply since debacle of 2008;

2.  For increasing interest rate lately to rein in money supply and inflation..  

SVB just could not take the strain from loose money to tight money supply high interest rate environmnet

Even investment in equitiies was a a nono  The stock prices were crashing.  

We just hope that even with CSB difficulties, the contagion does not spread to Europe and/or Asia

Bank stocks being pummeled world wide - could be the start of global recession, sell off, crisis"?

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Credit Suisse Bank woes

Reuters - support from Swiss National Bank to CSB

Three banks closed in USA:   Silvergate, Silicon Valley, and Signature (3S) All ready their closure sent jitters across the globe and contagion might be spreading   Excuse for sounding pessimistic but this is just being realistic.

The CSB (Credit Suisse Bank) dived 30% after its largest  stockholder said it was no longer supporting the bank   The second largest bank saw exodus of deposits of as much as $120 b fled its balance sheet.

While it had no liquidity issues yet, the Swiss Central Bank said it would come to the rescue. The bank is in this situation because of some scandals and bad decisions 

It is not unusual for banks to experience liquidity issues once there is a run (a mass withdrawal) because the fractional reserve system and of lending is not fully backed by 100% liquidty -  it is fractional, hence there will be shortage of funds

They say that when big banks in US and Europe sneeze, the rest of the world goes into convulsion   It is hoped that Asian banks, Philippines are in isolation rooms and would not be affected  ($300 billion asset size failure is not just a sneeze after all!)

Too much local autonomy and power a bad thing now?

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The recent trend has been for the local execs to wield more power and authority under the local code which allowed them to do so.

It is common to see the return of local powerful chiefs who are all mighty  You see them competing with locall businesses or terrorizing them Or worse as in the case of a representative in an island province allegedly  behind the hit of a governor.   Or so it seems

The ordinances and resolution in favor of new businesses requires zillions CIA

God bless them

How can a bank awash with liquidity fail?

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This is what precisely happened to Siliicon Valley Bank in the US -  the second largest bank to fail.  (The first is Lehman Brothers.   SVB has assets of $300B + 

The bank is awash from liquidity of start ups who got initial fresh funding from Venture Capitaists, and or are starting to bet positive cash flows from their ventures   

However since there were no borrowers yet, SVB was forced to invest in long term bonds (or some equities but which were wrecked by interest rate hikes)   Since the bond prices are inversely related to interest rates, their market value declined   They lost over $1B last year due to negative yields.   Their stock prices dropped, triggering a run.

Will morer be coming?

CIA at a infrastructure department

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This post met a multi billionaire, a lady a contractor at our infrastructure dept.  She is so wealthy that together with several others bought an island for a billion, has several billions of contract still outstanding.  The jewelry she was wearing when we met her was probaby in tens of millions.

Her secret?  CIA.  She is the lone contractor in the region who can still afford the CIA scheme of DE (It is risky what if the  contract does not push through?)

So who said that under DU30, there was no corruption and that he hated corruption.   It never stopped   And to think that Build3 is inflationary and is hurting us now

P750 minimum wage can fuel further inflation

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Inquirer - Petition for P750 minimum wage

We all need more money in the midst of inflation   But for the petition P750..00 minimum wage being petitioned several questions must be raised:

1.  Where will companies get this?   Simply add this to their cost of goods of sold and further jack up prices. ?  Consumers will end up getting less for the high wages?

2.  Can companies afford this increase in costs in the midst of inflation and recession?   The govt is increasing interest rates so that companies will not borrow, thus causing them to close and lay off employees   Cutting off jobs is a cruel way to solve inflation?

3.  More PHP in circulation will fuel more inflation    More php currency fuels inflation.   

This is going to be hard    We save on our expenses raise our food   WE have to go on survivalist mode

All ready slum areas are in areas like USA, Europe   We are thankful we still have jobs   Let us not push our fiscal resources to the limit.

Victim blaming

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This post did not quite understand this.  However when this post posted an article about his near misses, 2 in 2 days, a reader commented that something must be done for engaging in risky riding behavior despite having high vis.

This post took exception to this saying that he was careful and wants to avoid accidents.  It is painful to be hurt in accident.  No one wants to get hurt and will engage in a behavior that will hurt him. 

So that is an example of victim blaming - being a magnet for vehicles to buzz you by.   I hope it does not happen to the basher that really that there are motor vehicles who hate cyclists and will harm them.  (I hope this is not paronia.

Follow resbak follow

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I have seen a disturbing trend at a social media wherein bloggers/vloggers have found a way to promote their site and disregard building content.  It would be a hack to monetize their sites to the detriment of the platform where all you could see are follow contra  follow

And many flaunt their success.

No wonder the platform ends your session if all you do is follow.   

That is the end of the soc media if they run of contents and all that people see are posts on follow

Turkey's pancake collapse and construction methods made the earthquake so deadly causing more than 40,000 dead

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The Turkey pancake collapse is due to the current method of construction.    The bottom floor does not have enough column and wall support leaving the bottom floor weak.  It is called soft story The whole defect can only be corrected after a huge multi billion dollar $467 billions repair.    Millions of building need such retrofit.  Can not be enforced due to corruption (not limited to PHL)

Our building officials need to be strict to save the lives of people

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NPA attacks and kills soldiers engaged in search and rescue operations

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What legacy, has the communist leader left - that of murder and piracy Camalig Albay

https://www.youtube.com/watch?v=6K6fQb83sww

P160 million for Indigenous people - blackmail, pera pera lang

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Bribes, pera for getting the IP to say yes.  But not every body is happy.

Very big disturbance compensation

https://www.youtube.com/watch?v=F9274Sj7pMo

Financial crisis in middle of 2023

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Biggest bank CEO predicts banking collapse in 2023.   

1.   Fed will increase interest to 5%  (its 4.75%)

2.   Fed will stop the increase the terminal rate.    Dimon thinks that the rate will not stop inflation.

3.   People have been dipping into their $1.7 trillion  savings.   It may soon run out in middle in 2023

      When this happens, the economy crashes.  

4.   Fed again increases the rate to 7%

The malaise brought about by covid, high oil prices, Ukraine war, Taiwan vs China.  

The listed bank capital of $2.2 trillion may just be negative $100.00 billion.   

Prediction of banking collapse in 2023

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Forthcoming banking collapse.  Are we prepared?  What must we do?

Grant of inflationary allowance of P50,000 to employees of a Legislative Body

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Everybody is now envious.   They say sana all.

Zubiri raises the inflationary allowance to P50k

Congratulations Senate Pres.     However this sets a precedent to which everybody may not be prepared to handle and/or implement.  The august body can do this maybe they have a large budget and large liquidity

If others in the govt follow suit, how much is needed?  Billions or trillions?  Where do they get the money

The labor groups are too quick that the private sector must follow suit.   How does this happen if all are hurt by inflation.  ie that many businesses are in precarious position too?   All of us suffering.

Also more money in circulation does not mean that the ayuda will help ease inflation but fuel this more as more PHP will be in circulation.

How do you treat an economic ailment?    Purge the patient, limit input, or give more inputs:    IV fluid

Vitamins.      Remember IMF/WB imposed belt tightening -   revenue generation and frugality programs to guide us on the way to recovery.  But modern approach has been like an MD treating patients in the ER.  Resuscitate.   But what if everybody is in this together.  If liquidity crisis is worldwide, and if the debt crisis too much liquidity was behind all of this?

Where does the world get all the money?   Who will save the banking system?  Even the venerable banks are suffering (CSB JP Morgan?

Too many scams alegedly involving govt regulations, officials

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This post is appalled by so many late cases of anomalies, scams where the names and regulations of govt were allegedly used as ruse

1.   The vegetable hoarding sky high prices allegedly done in cahoots with the DA officials   This is an embarrassment to the OP since he is the DA secretary.  The data that onion demand went up in December is highly improvable, and thus made as an excuse to import more onions.   The high prices harmed the consumers, and the importation harmed the farmers.

2.   Payment in advance by a DA office involved in custody of jail inmates to a contractor.

3.   Scam for position in govt allegedly by a USec allegedly well connected to Malacanang Pay outs involve millions,

4.   CIA for govt contracts.   Payola to top highway officials.  

In the face of many difficulties and challenges, these Modus must be stopped   Who is in charge

Repost - enforcing pedestrian lane law

It is more fun criticizing < /> t is more fun criticizing

The pedestrian lane law

This post was made several years ago re Sec 42 of RA 4136 (or the LTO law)  This refers to the right of way of pedestrians in designated walk way or pedestrian lane.   My experience on this law is (just be careful)

     1.   The vehicles especially MC do not slow down a bit on pedestrian lane.   They think they have

           the right of way if they are on the highway;

    2.  The pedestrian lane I am talking about is near an intersection where there is a traffic light.  Even

         when the signal is stop, the vehicles will not slow down nor stop;

   3.  It does not matter if they see you have white hair.   

   4.   A toda even uses the pedestrian lane for its terminal, and their units are in conflict with passage of pedestrians

How sad that laws in our country are disregarded and disrespected.   Short of having anarchy.   In a country where is a constitution, so many laws being passed, a 200,000 strong police force with force multipliers from Barangay.  So many laws so huge bureaucracy.  But do we have order?

The mayor of this town was killed at the same highway topic of this post, when a vehicle ran over him.  It that can happen to our mayor, what about ordinary citizen.?    What are the PUSO officers doing.??

Excerpts, repost of the article 

 video of woman crossing a pedestrian lane in Bulacan being  hit by two speeding motorcycles caught my interest.  Indeed, many motorists, MC and other MV disobey disregard the pedestrian lane.   They forget that they too sometimes become pedestrians.  In our town, right in front of the municipal building, motorists do not stop at pedestrian crossing lane.   An elderly was hit by a speeding tricycle near a bakery pedestrian lane.   The victim was able to get up, was brought to hospital where he was declared out of danger but died later during the day

Are sharrows safe?

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Sharrows.

There is a recent controversy regarding bike lanes in Ayala Makati to be converted into sharrows - ie shared space for mv and cyclists alike.     I think it is unsafe but where the greater good, ie resolving traffic jams is the greater objective why not?

My honest opinion about bike lane is that in Phil or elsewhere in the world, bike lanes have not come of age yet.  In most of the places in the Philippines, it is a fad if not a sham.  

So the advice to fellow cyclists is "kanya kanya".  Ingat lang lagi.  

Does raising interest rate for banks help control inflation?

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A noted economist criticized the recent BSP move raising the interest rate to a record 6% same as the inflation target for 2023.   In so far as mopping up the money supply is concerned may be yes.  But the rest of the population is all ready suffering from decreased purchasing power and so with companies employers.  A high interest rate would likely be hindrance to increasing productivity to handle the supply side

Of course there is no silver bullet to this problem   The problem was caused by indiscretion and collective efforts by previous administration to engage in wanton public infrastructure expenditures, and finance expansion of police and military expenditures.  We are reaping the after effects.  

Economics 101 inflation, interest rate, recession

The immediate effect would be raising credit card rates or installment credit or even home mortgages.  Pag ibig loans rate may be floated.    And means more monthly.   

For companies borrowing rates will be higher.  Cost of operation will be higher and may negate objective of lowering costs /prices

The raising of interest rate has the added disadvantage of   causing unemployment and recession

Respect for law even just the pedestrian lane

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The pedestrian lane law

This post was made several years ago re Sec 42 of RA 4136 (or the LTO law)  This refers to the right of way of pedestrians in designated walk way or pedestrian lane.   My experience on this law is (just be careful)

     1.   The vehicles especially MC do not slow down a bit on pedestrian lane.   They think they have

           the right of way if they are on the highway;

    2.  The pedestrian lane I am talking about is near an intersection where there is a traffic light.  Even

         when the signal is stop, the vehicles will not slow down nor stop;

   3.  It does not matter if they see you have white hair.   

How sad that laws in our country are disregarded and disrespected.   Short of having anarchy.   In a country where is a constitution, so many laws being passed, a 200,000 strong police force with force multipliers from Barangay.  So many laws so huge bureaucracy.  But do we have order?

The mayor of this town was killed at the same highway topic of this post, when a vehicle ran over him.  It that can happen to our mayor, what about ordinary citizen.?    What are the PUSO officers doing.??

Excerpts, repost of the article 

 video of woman crossing a pedestrian lane in Bulacan being  hit by two speeding motorcycles caught my interest.  Indeed, many motorists, MC and other MV disobey disregard the pedestrian lane.   They forget that they too sometimes become pedestrians.  In our town, right in front of the municipal building, motorists do not stop at pedestrian crossing lane.   An elderly was hit by a speeding tricycle near a bakery pedestrian lane.   The victim was able to get up, was brought to hospital where he was declared out of danger but died later during the day

WHO identifies the pedestrian, ,the bikers and even the  most vulnerable entities to traffic accidents.  50% of deaths occur among those vulnerable entities    From WHO Road Traffic Injuries report  (The video says in the Philipppines this is 9/10!)

What can be done?

1.  Driver education (like this one)  The trouble is one can easily get drivers license here at LTO even without taking the exams;   Republic Act 4136 enjoins motorists to yield to pedestrians when approaching pedestrian lanes.  (The traffic code of the Philippines )   These laws are important for road safety.

From LawPhil

      Excerpt of the Law   Section 42.C

Section 42. Right of way.

(a) When two vehicles approach or enter an intersection at approximately the same time, the driver of the vehicle on the left shall yield the right of way to the vehicle on the right, except as otherwise hereinafter provided. The driver of any vehicle traveling at an unlawful speed shall forfeit any right of way which he might otherwise have hereunder.

(b) The driver of a vehicle approaching but not having entered an intersection, shall yield the right of way to a vehicle within such intersection or turning therein to the left across the line of travel of such first-mentioned vehicle, provided the driver of the vehicle turning left has given a plainly visible signal of intention to turn as required in this Act.

(c) The driver of any vehicle upon a highway within a business or residential district shall yield the right of way to a pedestrian crossing such highway within a crosswalk, except at intersections where the movement of traffic is being regulated by a peace officer or by traffic signal. Every pedestrian crossing a highway within a business or residential district, at any point other than a crosswalk shall yield the right of way to vehicles upon the highway.

(d) The driver of a vehicle upon a highway shall bring to a full stop such vehicle before traversing any "through highway" or railroad crossing: Provided, That when it is apparent that no hazard exists, the vehicle may be slowed down to five miles per hour instead of bringing it to a full stop.

2.  Those who have MC or other vehicles are kings of the road -  mayabang and will regard other entities on the road as piece of meat,  a future road kill.

3.   Traffic enforcement   -  If the traffic enforcers stop the vehicles at pedestrian lane, issue tickets, and or send those who violate the traffic law should be sent on seminars  The trouble is in the said law, while there are penalties, (and which are very light and addressed to the timeline of the passage of the law the 1960s) there are no penalties for the violation of section 42 c of the said law.  No wonder the traffic enforcers are helpless to enforce a tooth less spineless law.  No wonder majority of motorists ignore the pedestrian lane crossing since they are unenforceable anyway, and so too pedestrians, (anyway the motor vehicles will  just ram them at the pedestrian lane) So buwis buhay na lang  anywhere it is convenient)

    What can be done?

Co owner scheme a scam by a fuel station company chaired by a Personality

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                                                         The promises make it dangerous

                                                      Being a co owner makes it difficult to divest unless

                                                         there is a promoter or an investtment agreement

                                                              Fantastic numbers

                                                                    Evidencia

Several years back a former employee who has achieved success in real estate was making a pitch for this group as he was looking for fuel station sites  I was tempted to cross his path publicly as securities law were publicly being violated   And guaranteed returns....  This is no longer true.  10% per month returns for a product whose up and down prices spell disaster to operators especially in period of  decreasing prices.

Certainly risks are ever present in all businesses; but guaranteeing returns is fraud and one should ever make this promise

Hope this former employee is not embroiled in this difficulty.  We should temper confidence and leadership with business reality and legality   

May we point out that the reaction of the mother of this ceebrity who was a former governor and lawmaker makes it difficult for us to judge the wisdom of the mother.   Certainly we look up to her as a lega mind rather than as an actress  With evidences stacked up against his son    What do we expect from a personality who spent most of her time acting

interview with Boy Abunda at Fast Talk

Counter inflationary measures for every one

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How to navigate inflation

Comeuppance of two Mannys in broadcast industry

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The first Manny who acquired TV 5 from a former PLDT mogul has been reportedly bleeding ever since he acquired it.  The second Manny who acquired the free TV frequency of a TV giant it seems, as it is now also facing difficulty   Although he acquired expenseive talent for his new network, it seems that only 5 months into the game, he is scrapping their program

MV launches All tv

TV 5 a decade of losses and disappointment

You can be good in many things, but not in everything.   Perhaps, only the Lopezes and the Duavits are good in broadcasting   

Balancing interests of producers and consumers

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This is a delicate balance that must be maintained by regulators.  -  to favor producers or consumers.    The answer would be ideal -  both

Producers want higher price for their produce say rice.   Say farmgate price for palay of P20.00 BBM wants at P20.00 price ceiling for rice.  Impossiblel.  It takes 2x as much palay to produce rice.   Without additional production cost, that translates into P40.00 selling price.  

Stages in the monetary system

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very generation needs a revolution - an entrepreneurial revolution

These were the steps enumerated:  (Swinging from quantity and quality)

1.  The country has a solid monetary system in gold and silver

2.  The country takes on more expenditure

3.   The country funds a massive military

4.   The military is used and expenditures  expands  (Not true for US it sells armaments to the word)

5.  The country debases the currency with deficit spending

6.  The population senses the worthlessness of the currency

7   People shift to gold and silver;  a great transfer of wealth from those hoding on to fiat currency to those holding gold  

Our country is in 5, beginning with Duterte.  However, it is hoped that we are not printing more money..  But borrowing more

But in 2022, our base currency increasing from mere P1.8 trillion to P2.0 trillion 

https://tradingeconomics.com/philippines/money-supply-m0  P200 billion increase

Philippine Gold Reserves -  down to 157.00 tonnes from 197.00 Do we have enough gold

Philippines gold reserves

Its $64.7 million x 157.00 tonnes = $ 10,157.9 billion x 54  =  P548,526.66 billion  gold reserves went down by 40 tons x $64.7  =  $2,588 billion x 54 = P139,752 billion

Roughly 547,526  /2,000,000 = 27% of total base currency.  This does not include loans to bank which is P9.3 trillion

So total currency is $11 trillion (P9.3 + 2)     Gold reserve vs total currency is 2.5% how thin.   When the currency system collapses....

Cause of inflation - more money supply, deficit spending not greedy producers or traders

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We often have attributed inflation (increase in prices) to atrocious activities of traders and businessmen.   Businessmen are always aware of their long term viability and must always keep an eye on their competitors so they  can not just increase prices

Blame it on more money supply:    ayuda, stimulus package, more loans, more money being printed  

Did the killing of one DH incriminate the entire nation and put our govt agencies in charge of OFW in disrepute.?

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One crime in Kuwait should not shake the  entire nation and conclude that Kuwait is anti Filipino DH Jullebee Ranara

It is one of the faults on right thinking   

Fatal inductive reasoning   Let us step back and reflect.   And dont be hasty to put employment of many dh and relationship with Kuwait at risk.

Let us not be carried by emotion and illogical reasoning  

We have to temper the way our networks report events to be more dispassionate

Whose side are we on re WPS - China or US?

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The recent encounters between fishermen and constant incursion by China on our perceived territory and the recent visit of US Secretary of Defense foreshadows an oncoming squeeze play where Philippines will be caught in the middle   Clearly it is a batte between China and US towards their imperialistic ambitions

All ready China has  thrown diplomatic barbs on the said visit, ie that US must not interfere

But Phl is helpless vs China   US clearly in not all together altruistic in the EDCA and or military assitance it will provide

What side are we on?

US Secretary of Defense Lloyd Austin

More on money supply and history of civilization - currency debasement and inflation

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This post is going beyond the scope of the page - entrepreneurship   But it is wise to watch this video and learn from this.  Paraphrasing Churchill, we say that going deep into history makes us fully understand and much more so the future   We gain more insight into the currency management, money and credit and how they affect local business.   Even the military, and strong local and central govts.

The Roman empire

This Maloney compares the Roman empire and the current US situation.  There are parallels and we must be aware of the perils we are facing so that we can avoid the mistakes of the  past civiization that has collapsed  What must we do as individuals and entrepreneurs to avoid the doom and steer clear of the challenges posed by the debased monetary policy

1.  Rome started with stable monetary policy, stable currency that was backed by pure gold

2. But the Punic wars (war with Hannibal) and massive military structure all over the empire and massive infrastructure  caused the central govt (the Republic) caused to engage in deficit spending

3.  This led to the debasement of the currency, like removal of edges of the coin, melting them and minting new coins or simply inflating the value of the coins

4.  To appease the masses, the top brass of Rome, the emperors led in Circus and Bread programs.   Circus - the  regular spectacle at the coliseum featuring gladiators and the Bread - a welfare program where about 20% of the population get wheat ration daily.   Where did Rome get the money for these

5.  This lead to strong govt  to collect taxes, made the central govt corrupt - due to cronyism.  To curry favors from the emperor and the senate   

6   Led to the strong influence of the military over the govt

These led to disorder chaos and eventual falll of the Roman empire  It was not the war with Vandals that  brought that Rome, the monetary system did and imploded the empire

Similarity with the US

1.  The US started on a similar footing with Rome with stable currency/money in the beginning

 The US Constitution prescribed only Gold and silver as the  legal tender in the settlement of debt

  and other obigations

    

  

• Clause 1 Proscribed Powers

• No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

Because of this the  US dollar became merely a certificate of deposit of gold or silver   The US dollar or silver can be redeemed through the US dollar

2.  US has to engage in deficit spending due to its involvement in two World Wars

3.  In 1944, just as the world war II was coming to an end, there was this Bretton Woods agreement that led to abandoning of the gold standard (perhaps to speed up war recovery through printing of loca currency and deficit spending by countries) and instead making the dollar the  world currency pegged 

(reserve) pegged at $35 dollars per ounce.  This led to the establishment of the IMF and IBRD

Bretton Woods agreement

So how then the value of currency determined - by comparing the value of currency against a basket of currrency that keeps fluctuating on a daily basis

4  Due to the deficit and massive spending due to Vietnam war Nixon on August 15, 19711 declared at least temporarily that redemption convertibility of US dollar to gold was to be no longer allowed.  And strict price control  for 90 days.  It is to be noted that inflation or price of goods going up is not the product of manipulation by traders who are just out to make a living but because of wrong monetary policy and is merely a result of debasement of currency brought about by lack of a gold standard, and/or rise in money supply.  Nixon is not only famous for Watergate scandal and or Vietnam war, but for the disruption/debasement of the US monetary system

Nixon ends convertibility of dollar, impose price controls

5  The same effect of strong central govt bureaucracy, and close military govt collusion   There is too much lobbying going at Washington (we do not know about corruption) Former two termer Pres Dwight Eishenhower, a former 5 star general and supreme commander of Allied Forces in Europe during WW 2 wars of growing military industrial complex in the US

Strong central govt, large bureaucracy has stifled business growth and operation some simply gave up, moved elsewhere  We saw migration of business from California which has very bureaucratic business policy to Texas  Or move of many companies to offshoring (as in China or Bangladesh, Vietnam or other low labor cost, low regulation countries

The law of maximum (price ceiling) do not work, especially of the govt has been medding in the economy The rise in price is not due to goods hoarding and price manipuation, but due merely to mismanaged debased economies   

6.  Bread and circus  - US has become a welfare state 

     1  Food stamps, subsidy, Pandemic ayuda

     2  Sports spectacle -  NBA, Baseball, football, reality shows

     Iit is instant gratification in US where booze and drugs are common  We see many streets in US where the pitiful drug addicts are seen aimlessly roaming the street even in Philadelphia  the birthplace of the US 

   QE (quantitative easing) stimulus package are  another term for injecting more currency  into the system,  Inflation is a function of having more currency in ciruculalton

   The US is not experiencing hyperinflation because it is world wide currency as per Bretton Woods  The world soaks up the bulk of nes printed money.   But wait till people see its debased value.   The Australia, UK, Canada proposed setting up of trade pact (and its currency) and that of BRICS signal danger to US economy and currency  All ready KSA and China are proposing alternativie to Petro dollars as payment of oil  Russia prefers to be paid in rubles thus propping up its currency.  

Philippines

1  Too much debt coupled with debasement of currency (printing of more money)

2  Very strong military  Huge expenditure on the military (led by Pres Duterte)

3  Beginning of welfare state leading to number 1

4.  Very strong govt  It is very hard to get an appointment even with a loca govt chief   And can make things very difficult for you to get a permit   A development permit approved by M and VM Sanggunian can cost you 7 numbers 

5.  All ready we see signs of Bread and Circus:     the street dancing, LGU participation and spending on festivals and fiesta, CTTP, the many ayuda program  during the Pandemic.  All ready the meteoric rise in foreign and local borrowings

So what can be done:

1.  Fix the monetary system (return) to more stable measureable value standard (which was killed by Bretton Woods agreement  and Nixon edict of 1971.

    Cryptocurrency is supposed to fix this but it is a currency not money, because it is not store of value Its vaule is speculative and many have collapsed.  Crypto answers the cirteria of fungibility and that of being free from govt intervention

2  Centrally managed economy or monetary system govt intervention too much meddling in business as pricing and supply ends in disaster.  We should let free economic system return.   Even abolish centra banks  They commit mistakes and sometimes throw the economy in disarray   They are supposed to be setting money supply and interest in sycnch with actual reality of the economy

   The govt must provide the environment for business to prosper.   

   Lessen reign of strong bureacracy on business

3. Make love not war.  Stop the current wars and military build up the arms race

4.  End welfare state and or providing bread and circus

We have to do something now   Mismanaged currency leading to inflation has caused civil unrest and even revolution and even rise of dictatorship as was the case of Hitler  Inflation stea the wealth of the middle class (the value having been taken away)

 

What really is inflation? How inflation affects govt and civilization

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Every generation needs a revolution - an entrepreneurial revolution

This series should be understood from where the author is coming from.  He is promoting gold and silver as the real and only money.

1   Episode 1.    Money vs Currency

     It all began in Egypt where currency started.   But it was not yet money because gold which they used then lacked one characteristic:    being divisible

    1.   Both money and currency share same characteristics:

         Portable (you can have in your wallet unlike in trading wherein you bring large commoditiies with             you

        Divisible     you can divide it into units for ease of counting

        Fungible      it is of similar value as the next currency

        Durable        cant be destroyed by moth or elements

        But money has one distinct characteristic that of being store of value   God and silver has distinction of storing value through the years.    It is valuable then 5,000 years ago and valuable now

    2.  Fiat currency  since 1945, after Bretton Woods agreement, govt preferred fiat currnecy, ie currency that are just paper money created by mere faith (fiat in govt) but does not backed up by real

value.  

        Money before in US, are depository receipt for gold and could be exchanged for gold coins.

        Nixon declared in 1970s henceforth, USA will no longer allow redemption of gold by US

        dollar holders

   3.  Money is not preferred because supply of precious metals and govt cant go in to deficit spending

        Currency is unlimited because centra banks can print more money or can increase money supply

        through some other means like:

   4   Increase in money in circulation, ayuda, subsidy, Quantitative Easing.   They all mean the same-

        increasing currency in circulation

   5.  All fiat currency all ended up in zero.  Bad news for all holding on to paper money

   6  Inflation is not a result of some strange mechanism or strange economic phenomenon.   It simply means that there is more more currency in circulation and thisi takes away the stored value in your

currency.  If you decrease the currency supply there is deflation.   If you decrease the value in the currency which happens when govt does it without your consent, Maloney terms is as theft

  7.  Inflation is not being felt much in USA because it is being exported world wide through trade and

       international employment.  But when nation sees through that the US dollar is worthless, all the

       dollars will go back to US and cause hyperinflation

  8.  In a decade most world currencieis;  US Russia, China have gone up by as much as 18x

2.   Episode 4 - Inflation the biggest scam in history by Mike Maloney

      See example of how currency is created as in US

    1  US treasury issues bonds - IOU  and sells this bond throug

div>

    2. Federal Reserve writes a check, using only accounting entries.  

        It is an IOU (but an unfounded)  - currency is created  They are merely exchanging IOUS

        Currency is created like magic (but the check is unfunded)  It is really an entry of numbers

   3.  Federal Reserve sends the check to various govt  agencies to pay for wages,, for war, and other

        govt activities

  4   The workers and other payees deposit the money in banks

  5.  More currency is created by banks lending through fractional lending  Say 10% reserve the bank

        can lend and create 10X the initial deposit.   This lending multiplies the currency further

        90% of all currency is created in the bank lending

       Take note that the currency is created from zero mere exchange of  IOU

 6.   More currency creates inflation

 7    The income tax law was created (constitution was amended ) to support the bonds  The income tax is to pay the interest on the bond.   We have to pay tax to support the currency system.  

 8.  The Federal Reserve is a private entity that pays its stockholder 6% dividend

 9.  The the debt limit law is a contradiction.   There is always a debt for every $ borrowed.   

       Thus for a $ of principal, there is another debt (2x).  If we pay the principal, the currency is 

       is destroyed.  The whole system collapses.

 10.  The whole system requires more debt to support the currency.   The whole thing continues

       the interest

      The US system only supports silver deposit

     Mike accuses the US banks the Federal Reserve of fraud, Ponzi scheme, legalized theft.  of stealing      value from the citizens.   

Modernizing the agricultural sector - why cant we?

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This post was amazed by a video on Saudi Arabia modernizing its agriculture.   Their agri contributes about $18.00 billion to their GDP.  Who woud think that this could happen to a country largely covered by desert?

May be Saudi leaders saw that they could not be too dependent on oil exports and coulld not  dependent on agri imports  

It employed several techniques much known to our leaders in achieving such self sufficiency and surplus

     1.   Water

           1.  Tapping aquifers

           2.  Desalination plants

     2.  Helping farmers

          1.  Interest free loans

          2   Technical assistance

    3.  Massive investments in agriculture and technologies    (about $20 billion)

Saudi Agriculture

Why cant we achieve the same level of sufficiency and modernization.  We have some of the best schools in agriculture:    UPLB and CLSU  (2/3 of CLSU faculty are doctorate)   Our Sec of Agriculture is no less than the President.   We have plenty of rains and water in the Philippines.   We do not need desalination plants like Saudi

Why are we having shortages in onions, garlic, and lately in eggs   and oh yes sugar and rice.  This is an embarrassment (All tallks lang during the campaign to modernize agriculture? More passion needed

I met Dr. Tito Cantado who owns a company that produces Noni Juice and he bewailed the state of agriculture world wide (as he served as consultant of FAO.   The focus on subsistence farming 

and traditional farming are roadblocks to agricultural productivity   Corporate farming, leases to agricultural lands under land reform (as what DOLEfil  is doing at Gensan

Let us wake up men.