currency: how cheap is rizal

it was the inquirer‘s ramon n. villegas in Coming up-the redesigned Philippine currency who said:

From the ’70s to the ’90s, the lower denominations of paper bills which featured the revolutionary founders of the nation—Rizal, Bonifacio, Jacinto, Mabini—were eliminated. Their demotion to coins is symbolic of the diminution of their radical ideas by the country’s elite.

yes, jose rizal is on one-peso coins, emilio aguinaldo on five-peso coins, and andres bonifacio and apolinario mabini on ten-peso coins.   si emilio jacinto nawala na lang.   it’s like american colonial times pa rin, sa totoo lang, when nationalist aspirations were discouraged, repressed, disparaged.

this disturbs me more than the the new currency designs’ inaccuracies re the parrot the map the whale the scientific-name fonts and other trivia.   lalo na after reading this letter to the editor:

Currency designs reflect values of ruling class

… Let us not forget Lapulapu who resisted the Spanish invasion in 1521. His image is on our one-centavo coins, now virtually demonetized in value and sense. If it’s any consolation, Lapulapu is remembered today as a pricey fish. But then, maliputo is more expensive and has replaced Lapulapu as the fish recognized on the new currency bills.

We agree: the “peso bills … also qualify our aspirations as a nation, our values as a people.” However, the “aspirations” and “values” printed on our money may not be reflective of our people’s.

Sergio Osmeña’s claim to fame in the P50 notes is that he was with US Gen. Douglas MacArthur in the US forces’ Leyte landing in 1944. This occasion is deceitfully dubbed as the start of the “liberation of the Philippines” from Japanese forces. In 1942, US forces, trapped in Bataan and Corregidor, surrendered to the Japanese. Actual resistance thereafter was led by Filipino forces, some of whom were fighting American occupation in the Philippines before the war erupted.

Manuel Quezon (of the P20 notes) was originally barred by the Commonwealth constitution from running for reelection, but he lobbied US Congress to amend this provision. Had this happened today, Quezon would have been the subject of people power.

During the presidency of Manuel Roxas (P100 notes), the controversial Bell Trade Act, which granted free trade between the Philippines and the United States, was signed. Also ratified was the Treaty of General Relations. While recognizing Philippine independence, it ensured American control by granting them use of 23 military bases in the country, and gave special property rights and investment privileges to US citizens.

Roxas’ administration was tainted with corruption scandals.

The P200 currency is of course a “vanity” bill. Issued during the regime of Gloria Macapagal-Arroyo, it features her father and her inauguration as president. Even Ferdinand Marcos did not dare to place his face on peso bills.

Generally, the personalities featured in the currency notes come from the same class—the bourgeoisie.

Workers and peasants played a big role in Philippine history. They formed the bulk of the fighting Filipinos in the anti-Spanish and anti-American wars, as well as in the anti-Japanese war. They play a major role in our development as a nation as well. Peasants produce our food, and indigenous farmers are stewards of our forests. Workers, through their labor, raise the value of capital goods produced in our country.

Even though short of cash, they should at least be honored by the value of their worth. Thus, it is more accurate to say that present currency note designs reflect the ruling class’ values and what it aims to promote to further its reign.

—JULIE L. PO, Linangan ng Kulturang Pilipino,jlp704@yahoo.com

i don’t agree lang that “the personalities featured in the currency notes come from the same class–the bourgeoisie.”   manuel quezon, sergio osmena, manuel roxas, diosdado macapagal may have started out poor or middle class but all ended up rich and powerful in their time and their descendants are fully of the elite, the ruling class, whose values and influence are part of, or every reason, why we remain a poor undeveloped basket-case of a country.

new year wish 2011

clinton’s campaign strategist carville was right, “it’s the economy, stupid” that won clinton the presidency in 1992, trumping bush senior’s foreign policy high from the “successful” gulf war.

here at home it would seem that the president and his men know it too, that it’s the economy that truly and urgently needs working on.

“We are conscious of the fact that we are in a debt hole. We can only begin to climb out if we strictly implement austerity measures and cut down on unnecessary spending,” said Malacañang aide Paquito Ochoa.

but is there a plan? asks business world‘s amelia h.c. ylagan:

The national budget in 1986 was P250 billion and 70% of that went to servicing the US$26-billion debt that Cory’s predecessor, Ferdinand Marcos, grew from the $465-million 1965 level, in his 20-year reign. The 50 million Filipinos (in Cory’s time) had to live on the remaining 30% of budget. And then there were the many military coups d’état from the misguided military who wanted to take advantage of the weakness of the country at that time. Cory could not have worked a miracle in six years, many now allow in judgment of her. Some may also say that in comparison, her successor, President Fidel Ramos, probably benefitted from the six-year cycle of painful adjustment and realignment before him, and he successfully augmented what would have been economic deficits with significant one-time proceeds of the privatization of some big government-owned and -controlled corporations.

Survival and growth might be more difficult in Noynoy’s presidency. There are 92.2 million Filipinos (84% more than 1986 population), owing about P47,000 per head for about P4.3-trillion debt (US$ 95 billion approx.) The Asian Development Bank (ADB) warns of extreme debt stress as the country holds the highest debt-to-GDP ratio at 56.5%, the highest among Asian countries. This key measure shows how a country can manage its obligations from its annual economic output, with a declining ratio viewed favorable as this means the country would allot a smaller amount to pay off its debt. But based on the ADB’s projections, the Philippines’ debt-to-gross domestic product (GDP) ratio may rise by 15% by 2015 in a scenario of higher primary deficit to GDP; by 5.1% amid lower nominal GDP growth rate; by 3% on higher nominal interest rates on public debt; and by 12.7% on a combination of the three negative scenarios.

So, is there a plan to address these scenarios of where we, as a country might be going, how we are going to get there, and when we will get there.

grabe, we are deeply in debt to the tune of Php 4.3 trillion, that’s $ 95 billion.   ylagan rightly asks if there’s a plan, what’s the plan, considering that the president vetoed the debt cap provision inserted by senator joker arroyo in the P1.645-trillion 2011 national budget, which would have limited government’s borrowing to 55 % of gross domestic product.

Malacanang has defended President Benigno “Noynoy” Aquino III’s decision to veto the debt cap in the 2011 General Appropriations Act.

Presidential spokesperson Edwin Lacierda said this is a good time to borrow given the favorable market conditions like the strong peso and the appetite for peso bonds.

so that’s the plan?   since creditors are willing to lend, we will just borrow and borrow, ganoon, bahala na si batman.   but, as senator joker points out:

The US is, in many ways, our model. There is a debt ceiling in the US President’s power to borrow money, but the US Congress would invariably increase the ceiling whenever it is justified by necessity,” he said.

“For the cause of fiscal prudence and transparency, why can’t we adopt the same?” he asked.x

why not indeed?   i wonder if it has anything to do with what former senator orly mercado said, when he was the new president erap’s secretary of national defense, that when you’re in the driver’s seat na pala, the view, the perspective, changes and campaign promises prove unrealistic.   or something to that effect.

could it be the same for president aquino?   but who exactly is holding him hostage to the old rotten system, making real CHANGE impossible?   what exactly are these forces beyond his control?   i wish he’d tell us so we can all grow up and face the unpleasant consequences of our past actions and/or inactions.

and then, again, the president could just be in over his head?   sana hindi.   and that’s my happy new year wish for us all ;))

kamoteng kahoy & cancer

conventional medicine continues to dismiss laetrile therapy as quackery but my sister swears by it.   in her latest blogpost Cassava: The Local Laetrile she tells her stories of how even terminal cancer patients who can’t afford laetrile have been helped by the vitB17-rich kamoteng kahoy.   chewed raw in small quantities for the juice, or mashed and used as poultice, this lowly root relieves pain and even closes oozing ulcers.

christmas 2010

if memory serves, not since the erap impeachment trial of 2000 has the holiday season been as politically charged as this one.   the acquittal of hubert webb et al continues to be front page news, with former nbi directors exchanging barbs and brickbats.   the dissing of the truth commission is still a sore point among the anti-gma.   the release of senator antonio trillanes et al and of ex-general carlos garcia on the right, and of the morong 43 (38?) on the left, have raised temperatures anew among ideologues, hard and soft, die-hards and half-bakeds.   and what about the conyo catfight on twitter between carlos celdran and james cordova over COMMUNISM, the big bad word, no less, what fun!   waiting with not bated breath for the tibaks to not weigh in, why not nga ba, ever (joma, are you there)?  

on the lighter babaw side the absence of twink macaraig from the brew for two consecutive episodes even if she’s been seen anchoring the news until yesterday has raised eyebrows, wazzup wazzup?   was it esposo’s philstar column berating her for “recklessly speculating” about the consequences for alfaro etc., or was it her remarks on the brew re tv patrol being too showbizzy , or whoa could it be that something she said about krissyleaky?   reminds me of an fb status that asked whether a news anchor loses some credibility when she also dishes out personal opinions on a sosyal venue like the brew.   or something like that.   sayang, di ko na mahanap, valid question it is.   but wait, carlosceldran just twitted that twink will be back next week, abangan, baka naman nagshopping nga lang.   meanwhile, truce muna.   merry christmas muna to one and all ;))