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Thursday, November 27, 2008

45 Banasi Farmers March to Malacanang to Preserve their Rights to the Land



45 Farmers from the former 124 hectare-Fajardo Estate in Sitio Banasi, Pawili, Bula, Camarines Sur are marching to Malacanang to ask the President to reverse the decision of Executive Secretary Ermita to exempt the land from CARP coverage and order the cancellation of the title awarded to the farmers on the ground that the property is a pasture land. (More than 100 hectares were actually planted to sugarcane, rice, and corn when the field investigation was conducted by DAR and Land Bank. )

DAR awarded the title on March 1998, after more than five years of documentation and processing which started in 1993. The delay was caused by the landowners' resistance. Even when the farmers already had the title, it still took another three months before they could take physical possession of the land and cultivate it. The landowners posted armed security guards at the gate to prevent the farmers and DAR from entering the property. DAR had to seek the assistance of the PNP Provincial Command to be able to install the farmers, which was unsuccessful on the first attempt, but successful on the second attempt.

After installation, the landowners did not stop from their efforts to retain the property. Several cases were filed against the farmers and DAR officials. (I was the provincial agrarian reform officer then, and the landowners filed cases against me before the Ombudsman, Civil Service, DAR and Office of the President, and the Regional Trial Court). The administrative case took five years to resolve (1998-2003, and I was initially found guilty and dismissed from service - but I wasn't connected with the government by then, since I resigned in 2000. My motion for reconsideration was, however, granted.) The civil case took 7 years to resolve (1998-2005). I won the case with finality when the Court of Appeals dismissed the landowners' appeal. The Ombudsman and Civil Service cases were dismissed for lack of merit. Ejectment case was filed against the farmers.

But the worst development came last April when the Office of the President ruled in favor of the landowners in their petition for exemption. That's ten years from the time the land was awarded to the farmers. The affected farmers were not even impleaded in the case which was filed only against the DAR. Thus, they did not even have the chance to defend their position. It would be a grave injustice to the farmers if they would be driven out of the land already awarded to them.

We hope that just like in the case of the Sumilao farmers of Bukidnon, this will have a positive resolution.

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Wednesday, November 19, 2008

WHERE ARE THEY NOW?



For more accurate documentation, we should include the following names in the list of DPS Class 67 members, just as we have included others who did not actually graduate in DPS in 1967. They are:

A. (?) Azucena
Virginia Lamadrid (full-fledged DPS Class 67 member)
Nene Pabico
Susan Po

Other names appearing in these pictures are already included in the Roster but you may have forgotten their faces (just as I did), so I identified them here. The "D" in one of the names is Domingo Vedad or is it Vidad?

WHO ARE THEY?

There are other names in the Roster whom I really do not recognize. Maybe they were your classmates in elementary. Among them are:

Dionisio Edora
Roberto Reyes (He's not the running priest I suppose)
Rolando Ruivivar
Marvin Serra
Rene Zantua



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Sunday, November 16, 2008

Bert's Day Celebration at the Red Crabs in Makati















Bert treated us to a hearty lunch yesterday, November 15 at the Red Crabs at the second level of Greenbelt 3 in Makati. Present were the celebrant's lovely wife, Marie, slightly thinner than usual (Bert fetched her from the US because instead of having a grand vacation, she seemed to be so stressed there, she got sick, o baka talagang di matagalang malayo sa kanyang mahal. Sweet!)

A pleasant surprise was the presence of the future Entrepreneur of the Year Awardee, ang lulubog-lilitaw, Fely Jacobs (watch out for his coconut sugar, “spicy” coco jam with pili, Fely's VCO, and pili nut candies). Also there were Baby B.T., Alot, and me.

Missed were Ate Marynat (who had a speaking engagement, naks! and teaching sked), Ebo (who's brother was also celebrating his birthday and they went out-of-town), Tess who was in Malolos, Lina (who later texted Alot that she thought the meeting was at 4 pm, oh well, nothing new!), Ed (who must be very busy he did not reply to Bert's and my text messages about the get-together), Rudy and Ineng who are abroad, and Rori who has lately been silent. We do hope Rori will soon be re-connected.

We really enjoyed the food and drinks (dyahe ako, mukhang naparami iyong San Mig) and each others’ company. We therefore, planned to hold a follow-up to this, a post Christmas celebration (between Christmas and New Year) of the Manila group and those who can make it from Daet. How about it, Maning? This time, we will not hold it in a restaurant but in some private place (how about Rudy and Ineng’s farm?) and we’ll be bringing our own specialties. It will be a pot luck galore with Alot’s laing (and kakanin?), Fely Jacob’s ginataang tilapia wrapped in Prospero’s pechay, Toti’s bicol express, Bert and Marie’s pata tim, Baby’s adobo (specially cooked by her maid). Wonder what Tess, Ate Marynat, Lina, Ed, Rori, Ebo, and Rudy and Ineng’s specialties are. Wow! Hope this will become a reality. It sure would be a fun event.










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Saturday, November 15, 2008

The Financial Crisis and What 2009 Would Bring

By Aurelio Montinola III, BPI President


This is another article on the financial crisis shared to us by Ed.

The following was forwarded to me, and I assume that it is genuine. It may
be useful to readers in terms of planning their family and personal
finances for the coming year. Montinola expects two major difficulties:
first, as Chinese exports to America are affected, Philippine exports,
mainly oriented towards China, will be affected; second, layoffs of
Filipinos overseas will start having an impact on remittances and
investments.


Fellow Unibankers,


Attached please find a piece that I was supposed to write for an outside
publication - unfortunately, I cannot submit it as the ending is
perpetually changing.


What I thought to be a gathering storm to hit in the first quarter of 2009
has hit our beaches yesterday - the Philippine Stock Exchange had its
highest (12. 27 %) drop in history a single day, and the Peso Dollar
exchange rate is creeping back from around P 41: $ 1 to almost P 50 : $1.
Like other markets in the region, the PSEI has dropped 50% ytd, and people
are getting nervous.


It has now become a Fundamentals versus Emotion issue - Philippine economic
fundamentals relative to the world and even Asia are good, and the banking
system is stable, but Bloomberg 24×7 Television, local media reports, and
cocktail party talk make people fear the worst, and then expect the worst.


We know however from experience that Filipinos are resilient and have
survived the economic crises of the foreign debt moratorium in the 1980s
and the Asian Crisis in the 1990s.


BPI remains well capitalized, strong, and prudent - and both our customers
and the market analysts appreciate this. 2008 will show lower earnings than
our banner year in 2007, and we must now worry about what 2009 will bring.


As in the past, this negative cycle will eventually pass, but in the
meantime, we will have to prepare for the typhoon.


Let us all work together to take care of our customers, and in the process,
keep BPI strong and our employees safe and secure in their jobs.


All the best,
Gigi Montinola

FINANCIAL TSUNAMI 2008


On Sept 15 2008, the unthinkable happened. Lehman Brothers, a Triple A
credit rated, 4th largest, and 158 year old US investment bank, filed for
bankruptcy. Merrill Lynch was rescued and sold to Bank of America, and one
day later, AIG, the world's largest insurer, announced its effective
nationalization. This set off a chain of notorious "firsts" - a $ 700
billion bailout of the US banking system that almost did not pass, a
country (Iceland) almost going bankrupt, and the largest UK banks in
trouble.


By the IMF meeting on Oct 13, two additional unthinkables were unfolding.
Global stock markets had fallen 20% in a week, the entire global banking
system had almost collapsed, and it took the collective resolve of 27
European governments and the US to institute forceful emergency
circuitbreaker measures to temporarily calm the world and prevent a
catastrophic breakdown of financial markets worldwide. However, in the most
free market oriented countries of the developed world, the US and the UK
had effectively partially nationalized the largest banks without a public
outcry.


How did this happen, and what is the effect on the Philippines, and the
Pinoy citizen?


Act 1 - 2007 Housing Collapse


Home ownership ($ 20 trillion) and equities ownership ($ 20 trillion) are
central to the American middle class dream of becoming wealthy. Borrowing
money is equally ingrained - the US household debt today is larger than
what the US can produce through its GDP (Gross Domestic Product). America
became the world's largest consumer of cheap imported goods, and China
became the world's largest producer.


Through a confluence of events, a deadly cocktail was being concocted.


First was increased home ownership demand in a boom time. Next was easy
credit (1% US Fed Funds rate), and commercial banks relaxing credit
standards (zero down payment) to lend to subprime borrowers (with minimal
income) due to the belief that home prices would forever rise and therefore
this would protect the loan from default. Third were investment banks
securitizing or packaging a pool of these loans ("mortgage backed
securities" ) backed up by credit agencies rating the top slices as Triple
A credits. Finally, there were commercial banks and hedge funds with
sophisticated risk models who greedily bought into these instruments as a
means of increasing the yields on their books.


Initially, home prices soared 20% as the bubble grew with triple leverage
(housing loan, investment bank securitization, and hedge funds buying).
What was not apparent was that due to lax US regulations, investment banks
had leverage (debt to equity ) ratios of 35 to 1, and unregulated Hedge
funds had a 30:1 debt to equity ratio. Going up (2002 to 2007), everyone
made money.


Suddenly, in 2007, some subprime borrowers defaulted, homes were
foreclosed, and home prices fell. Countryside Financial, a US institution,
almost failed, while Northern Rock, a UK institution, failed due to bad
loans and falling house prices. The housing bubble had burst, and attention
shifted to major commercial and investment banks with exposure to the
housing sector.


Act 2 - 2008 Financial Markets Meltdown


First to go were the investment banks and AIG.


By regulatory fiat after the Great Depression, investment banks were
separated from commercial banks. By anti regulatory bias in the past
decade, Alan Greenspan, the US free market "maestro" of financial policy,
and the Federal Reserve Bank took away a 12:1 debt to equity regulatory
ceiling, and allowed investment banks to use "sophisticated" risk models to
justify 35:1 debt to equity levels and help sell billions of dollars of
CDOs ("collateralized debt obligations" ) that eventually peaked at $ 55
trillion, which is the size of the world's GDP! Worse, AIG sold $ 400
billion CDSs ("Credit Default Swaps") insuring against the default of
housing related securities.


The result should have been obvious. Normal leverage is 2:1 for a
manufacturing company, 3:1 for a trading company, and 12:1 for a commercial
bank. At 35:1, an investment bank happily made a 35% return on its capital
if its position income only rose 1%; however, if the position dropped 10%,
it would lose 350% of its position, and severely erode its capital.


Banks operate on liquidity (free flow of funds), solvency (amount of
capital to pay for obligations) , and Trust (market confidence in normally
operating institutions) .


Once the market saw the falling home prices deteriorating into potentially
illiquid asset prices, counterparties started holding back and stopped
dealing with suspect investment banks. Bear Stearns was rescued by JP
Morgan at fire sale prices. Lehman had $ 19 billion in cash the day it went
bankrupt; not enough counterparties could be found to deal with them.
Merill Lynch was rescued by Bank of America, and Morgan Stanley by
Mitsubishi UFJ. Even the proud and mighty Goldman Sachs announced it would
become a commercial bank with lower leverage.


Next to go were the global stock markets, which acted more in unison even
if the events were initially US based., In the Great Depression, 90% of the
stock market value was lost from 1929 - 1932. Today, $ 9 trillion and 40%
has been lost since the 2007 peak, and RBS, the largest UK bank, lost 40%
in a day! Bloomberg became the most watched 24×7 television show in the
world, and fear and panic begun to spread. Most felt "poorer".


Third to go were the commercial banks.


Regulators, analysts, and banks themselves started becoming suspicious that
other commercial banks held more "toxic" (illiquid or low priced) assets
that they admitted, and that potential solvency issues lurked if asset
positions in a suspect bank wiped out capital. Recent "Fair Value "
accounting practices amplified reporting earnings volatility, as once any
item (housing prices) dropped, the industry was compelled to "Mark to
Market" these items to the new low level. If Lehman could go, so could a
commercial bank.


Since 2007, banks have reported $ 633 billion in losses, but have raised
only $ 418 billion in new capital. If things got worse, who would they
raise additional capital from?


In simple terms, Trust, as expressed in interbank (banks lending to each
other) lending availability and price, is the Oxygen of the financial
system. When it slows to a crawl, the whole system is prone to massive
cardiac arrest. Most businesses and consumers operate on a certain assumed
debt level, and once this breaks down, prices rise astronomically if
funding disappears.


Suddenly, from easily accessible global financial markets fuelled by cheap
and available money worldwide, an "Ice Age" of banking started. Banks with
high loan to deposit ratios requiring them to borrow from the previously
free capital markets were hit badly. Neither a US $ 700 billion troubled
asset purchase program ("TARP"), or piecemeal European home country deposit
guarantees initially helped.


Washington Mutual was bought by JP Morgan, and Wachovia by Wells Fargo in
the US. The European solution was government based, as the UK, Dutch, and
French governments offered massive government capital to save and
strengthen household names like RBS and ING.


Effectively, 27 European governments voted together for 3 measures -
partially nationalizing large "significant" banks, partially guaranteeing
retail deposits, and guaranteeing interbank lending. The US followed by
offering funding and partial nationalization to 9 banks, and direct lending
to US corporations through the commercial paper market. The IMF put a brave
front announcing the measures, but many wondered why the IMF was not more
active in the process.


Act 3 - 2008 Countries in Crisis


Even countries started running into trouble - as of press date, Korea,
Pakistan, and Argentina were in various forms of funding problems, and the
latter two were rumored to have to go to the IMF. Iceland became the first
Western country in 40 years to seek IMF help.


Act 4 - 2009 Real Economy Recession


Clearly, the next wave would be a real economy US and European recession,
which would then overflow to the emerging market countries.


In the US, massive deleveraging has started, and unemployment has risen.
The consumer spends 75% of a $ 14 trillion economy, and financial sector
debt is 115 % of the GDP. Working capital bank lines are cut, while people
strive to pay back credit card debt. Businesses are closing, and consumer
related industries will suffer the most.


In Europe, the housing collapse in Spain and Ireland has spread to the
financial services layoffs in the UK to overall demand cut everywhere.


A year ago, Asia hoped to "decouple" from the US; today , this is fantasy.
Once the world's largest buyer (the US) stopped buying, the world's largest
producer (China) would have growth cutbacks, with corresponding effects on
the rest of Asia. GDP in the US and Europe could fall to zero or negative,
but in Asia it would be lower growth, but still positive.


The Philippines - A Gathering Storm


Fortunately, the Philippines is small, far away, and of less marketing
interest to sophisticated financiers. Also, its banking and insurance
industries are more heavily regulated. In addition, the painful 1997 Asian
crisis has left Filipino businessmen and bankers more cautious and more
resilient than their Western (former) idols.


Given this, the Philippines dodged the Housing Subprime bullet, and was
only minimally affected by the US investment bank and UK commercial bank
crisis.


Philippine local currency banking operates normally, as Sept yoy lending
growth remains close to 20%, while the deposit market remains fairly
liquid.


We will go through dollar funding strain just like all other emerging
market countries, but hopefully this storm will pass.


Banking is all about Growth and Earnings in good years, and about
Liquidity, Solvency, and Trust in bad years. While growth and earnings will
be significantly lower in 2008 and 2009, hopefully they will still be
positive. Liquidity and Solvency should be manageable for as long as
Filipinos continue to Trust the banking system to function normally.


However, we will be hit hard in 2009 - the first wave will probably be
trade related, as the US cuts back on imports from the Philippines and
China (which imports from the Philippines) .


The second wave could be more fearful - a significant drop in OFW
remittances as some lose their jobs or need more for their overseas needs.
Today, we contend that we are more insulated due to global OFW
diversification and higher level jobs, but in a global recession, we will
not be spared.


What to Do


Just as we prepare for a typhoon, we have to prepare for potentially rainy
days in 2009.


For businesses, your balance sheet will become critical. You must reduce
your debt to acceptable levels, and you must think through your business
model in a low growth economy. Fro example, can a 20% drop in revenue cover
your overhead? If not, some serious cost cutting is needed.


For consumers, it will be time to reduce unnecessary expenses (electricity
consumption, gasoline, impulse purchases) and to start saving even a small
portion of your monthly income. Capital preservation is critical, so think
through your KYC ("Know Your Counterparty" ), and your asset allocation. If
you can, keep 25% in cash or bank placements, and 75% in fixed income
instruments until you are brave enough to reenter the stock market.


If you want to spend anything, either ask yourself twice or postpone the
decision for a day - you will be surprised how many items will feel less
necessary or desirable the day after.


However, we Filipinos are resilient, and we will survive this crisis as we
survived the bank moratorium in the 80s and the Asian Crisis in the 90s.


Good luck to us all!


AURELIO R. MONTINOLA, III
President
Bankers Association of the Philippines
President
Bank of the Philippine Islands
October 27, 2008

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Wednesday, November 12, 2008

Happy Bert's Day

This comes a day earlier. Advance Happy Birthday Bert!




My apologies to those who are appearing in the picture without their permission.
My apologies too, to those who would have wanted to appear but do not. It's because I did not find any picture of you holding a bottle, a glass or a cup. That's the theme of the e-card, a toast to bert, our celebrant.

You see, this is a wholesome blog. Unlike the popular graffiti written in the walls of the urinals during our high school and college days which says, "the future of this country depends on what you are holding right now".... or something like that.



Joc-Joc lang. Happy Bert's Day!


Pahabol. No relation to the beer day.

Ang mahihirap, di makalabas ng ospital, naghahanap ng pambayad.
Si Joc-joc di makalabas ng ospital, naghahanap pa ng sakit.

sa huwebes na ang komedya
malamang hindi kakanta
kasi baka maging tradhedya
di papayag si glorietta.

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Saturday, November 8, 2008

Manny Pacquiao's Take

Another contribution from Ed. See how varied the subjects of his postings are: hindi lang pang-economics at politics, pang-Sports pa!

Manny Pacquiao’s Earnings Since June, 2001


$ 40,000 — Versus Lehlo Ledwaba (South Africa), June 21, 2001, Las Vegas, Nevada

$ 120,000 — Versus Agapito Sanchez (Dominican Republic), Nov. 11, 2001, San Francisco, California

P10 million — Versus Fabbrakob Rakkiatgym (Thailand), Oct. 26, 2002, Davao

P1 million — Versus Serikzhan Yeshmangbetov (Kazakhstan), March 15, 2003, Taguig

$ 70,000 — Versus Jorge Julio (Colombia), June 8, 2002, Memphis, Tennessee

$ 500,000 — Versus Marco Antonio Barrera (Mexico), Nov. 15, 2003, San Antonio, Texas

$ 750,000 — Versus Juan Manuel Marquez (Mexico), May 8, 2004 Las Vegas

P3 million — Versus Fahsan 3K Battery (Thailand), Dec. 11, 2004, Manila

$ 1.75 million — Versus Erik Morales (Mexico), March 19, 2005, Las Vegas

$ 750,000 — Versus Hector Velazquez (Mexico), Sept. 10, 2005, Los Angeles, California

$ 2 million — Versus Erik Morales, January 21, 2006, Las Vegas

$ 1 million — Versus Oscar Larios (Mexico), July 2, 2006, Quezon City

$ 2.25 million — Versus Erik Morales, Nov. 18, 2006, Las Vegas

$ 2 million — Versus Jorge Solis (Mexico), April 14, 2007, San Antonio

$ 3 million — Versus Marco Antonio Barrera, Oct. 6, 2007, Las Vegas

$ 3 million — Versus Juan Manuel Marquez, March 15, 2008, Las Vegas

$ 3 million — Versus David Diaz (US), June 28, 2008, Las Vegas

When Manny Pacquiao fights the legendary Oscar De La Hoya on December 6 in Las Vegas, the boxing icon will have surpassed a threshold that lives only in the dreams of nearly every Filipino: He becomes the first Filipino athlete to earn more than a billion pesos from his sport.

Other than perhaps the country's taipans and their heirs, no Filipino could possibly earn that much. Even more astonishing, Pacquiao earned it in so short a time – less than eight years.

From a paltry $ 40,000 purse in June 2001 when he made his American debut to the $ 3 million he earned in dismantling David Diaz, Pacquiao has amassed over $ 20,000,000 ($ 950 million at P45 to a dollar) in ring earnings.

Then add the $ 15 million that he is almost guaranteed to earn from the De La Hoya fight and his earnings will surpass the billion-peso threshold.

But hold on, this mind-boggling amount does not include his earnings from his commercial endorsements nearly all of them signed and sealed in strict confidence.

Among his biggest clients are Nike and San Miguel Corporation. He has also endorsed Motolite, No Fear, Alaxan, Philippine Airlines, Smart and Extreme Magic Sing, among others.

Figures earned from the television broadcast of his fights and other TV shows are also not included.

From these extras, add perhaps another P500 million. Needless to say, Pacquiao's income easily surpasses those of other Filipino professionals such as Efren 'Bata' Reyes, golfers Frankie MiƱoza, and Jennifer Rosales and top basketball players, most of whom haven't probably gotten past the P50 million mark.

Pacquiao's bank account is expected to enjoy another wild ride once the fight against De La Hoya is over.

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Happy Birthday Marybeth


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Friday, November 7, 2008

"Mount and Do", hard drink, anyone?

This is just for laughs contributed by Ed.

Pfizer Corp. announced today that Viagra will soon be available in liquid form, and will be marketed by Pepsi Cola as a power beverage suitable for use as a mixer. It will now be possible for a man to literally pour himself a stiff one. Obviously we can no longer call this a soft drink, and it gives new meaning to the names of 'cocktails', 'highballs' and just a good old-fashioned 'stiff drink'. & lt; /B> Pepsi will market the new concoction by the name of: MOUNT & DO.


Thought for the day: There is more money being spent on breast implants and Viagra today than on Alzheimer's research. This means that by 2040, there should be a large elderly population with perky boobs and huge erections and absolutely no recollection of what to do with them.

If you don't send this to five old friends right away there will be five fewer people laughing in the world.






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Sor Victorina de la Providencia, Mother Superior of Daet Parochial School

HS Solo Graduation Pictures

DPS Class67 HS Graduates, 40 Years After

This Day in History

Today's Birthday