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J Purugganan
The Global Financial System in Crisis PDF Print E-mail
by Walden Bello 
 
Speech at the Seminar on "Dismantling Obstacles to Advancing Development Agenda and Accountability," People's Development Forum, Bahay ng Alumni, University of the Philippines, 25 March 2008.

I have been asked to address the issue of the international financial architecture that provides the context for aid flows. 

My response is what architecture?  In fact, we now stand on the brink of what former US Federal Reserve Chairman Alan Greenspan last week characterized as possibly the worst economic crisis since the Second World War because of the lack of architecture or structure to govern global capital flows.  The so-called subprime mortgage crisis that has resulted so far in losses of some $400 billion and threatens a chain reaction of collapsing financial institutions globally is the end product of a process of deregulation of financial markets that began during the Reagan-Thatcher era.  This is the latest of some 100 financial crises in the last 30 years, according to the count of the Brookings Institution.
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FOP 13 A Mother's Long Walk for Justice PDF Print E-mail

by Judy Pasimio, 17 December 2007

“Pasalubong ha?” said Alvin John, 4 years old, to his mother, Marylou. Pasalubong is a gift one usually brings home from a trip.

This was Marylou’s latest conversation with her only son, when she called home with the help of Saligan, the law group assisting her. “Namingaw na mi. (I miss home.) I want to go home now,” said teary-eyed Marylou.

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FOP 12 JPEPA Ratification: Threat Economics PDF Print E-mail

by Reneo Ofreneo and Nepomuceno Malaluan, 20 November 2007. 

This article was first published in Business World Yellow Pad Column as “Threat Economics”.

In their paper titled “JPEPA: Why the Need to Ratify”, economists Josef Yap, Erlinda Medalla and Rafaelita Aldaba outlined the arguments in support of the ratification of the Japan-Philippines Economic Partnership Agreement (JPEPA). In brief, the arguments include the following claims: a positive impact on gross domestic product (GDP), generation of jobs, and poverty reduction. Such impact is expected to result from greater access to the Japanese market in terms of trade and movement of natural persons and from declining prices, rising incomes, and increased Japanese foreign direct investment (FDI). Fail to ratify, and we lose all these opportunities.

 

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FOP 11 Philippines: ’SOPs’ and the Grease Money Administration PDF Print E-mail

by Aya Fabros, 22 October 2007

The past couple of weeks, we’ve been bombarded with news of one government scandal after another — from the ZTE-NBN deal and golf meeting offers to the impeachment vote bribes, to the Malacañang brown paper pabaons. These unfolding series brings together a cast from various government units, as it bares exchanges among powerful players including appointed and elected officials. It’s not just the scale of corruption and the amount of bribes and kickbacks that make the cases shocking and explosive. It’s also the way that the cases are insidiously interconnected, rather than separate, isolated incidents. We bear witness to a trail of kickbacks and bribes, one deal spawning, requiring, demanding yet another, underscoring the critical engine that actually drives this government: grease money.

 

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FOP 10 An acceptable presence: the new US basing structure in the Philippines PDF Print E-mail

by Herbert Docena

This article was published in three parts by the Philippine Daily Inquirer from 15-17 October 2007.

 

The Philippines' decision 16 years ago to close down a US military base made history and marked a significant victory for anti-base campaigners. But backdoor deals have delivered the largest ever US military presence. Philippines illustrates the latest strategy of US imperialism to create agile, flexible forces to maintain dominance. 

Sixteen years ago, the Philippine Senate made the historic vote to shut down what American analysts once described as probably the most important basing complex in the world -- the US military bases in Subic and Clark, along with other smaller support and communications facilities in the country. 

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