02 June 2004

Expect More of These

Headline of BusinessWorld today

Now that elections are over and with the continuous rising oil prices, rising price of commodities are an almost sure outcome. Read this story from BusinessWorld Online.

The 2.2% Philippine economy expansion noted in the 1st quarter by Bloomberg and other news agaencies is temporary and would NOT hold for long. Problems like the huge budget deficit, increasing debts, and wanton government spending will eventually produce its dire results in the coming months.

Of course, there are still some bad news that pro-government newspapers here don't give headline treatment like this one, which states that "Oil prices leapt to a new 21-year high of $42 a barrel in US trading yesterday as markets reacted to the growing signs of instability in Saudi Arabia, the world's biggest exporter," and this one, which alarmingly reports that "some 9,000 undocumented Filipino workers who failed to take advantage of an amnesty program are now facing deportation from South Korea."

Rising prices and rising unemployment? The future looks bleak. Do we have a leader yet? No. They're still busy counting in Congress.

We have to get our act together. Now. NOW!

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