News 11/25

This is another one of those once-in-a-blue-moon updates I get to do in this blog. Probably nothing substantial, just an attempt to get me worked up into doing this again after a long hiatus.

So the issue involving the two Koreas have now subsided.  The South has already enacted on the attack, by means of halting shipments to the North – including cements and medicines – and is believed to be looking for other potential penalties for what has transpired Tuesday afternoon.  For a while, the whole world feared this would turn into another Korean war but the different world leaders were quick to respond, albeit only verbally.  Still effects were felt on the markets as global markets closed sharply lower on the day it happened.  While not completely gone, some releases from the US yesterday already took the markets’ attention away from Korea and to what seemingly are glimmers of hope for recovery. 

As the only ally of North Korea, China today addressed the issue when Premier Wen Jiabao denounced any provocative military action on the Korean peninsula, though did not point fingers on either of the two countries.   


Over here in the Philippines, GDP growth for Q3 was slightly lower than expected, standing at 6.5% when somewhere between 6.7% and 7.7% was expected.  However, that still brings average for the 9 months to 7.5%, much higher than 5-6% target for the whole year. The Q3 GDP figure is much lower than the reported growth for Q2 and Q1.  Services, industry and manufacturing continued to strengthen but it was El Nino-induced drought that caused contraction in the agricultural sector. 

Meanwhile, tomorrow is the day new Peso bills containing Noynoy’s signature come out while next month is the projected launch of new bills with improved security features.  Both old and new monies will coexist but the BSP (Banko Sentral ng Pilipinas) is giving the old version 4 years to demonetize. 

Next month, preparations for the budget for 2012 are also poised to begin that would give the administration and the budget office sufficient time to consult with the relevant groups and open it for scrutiny by Congress, in order to avoid reenacted budgets just like what happened in Arroyo’s administration.  Two budget calls are said to be issued – one in order to set a schedule for the preparation.  Budget calls are documents that set out guideline and procedures for budget proposals.


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