The effect of 9/11 on the US was costlier than previously anticipated. According to our D.C.-based Eye-spy, corporate America suffered around $30.7 billion in lost revenues over the past two years because of arbitrary denials or unexpected delays in visas for foreign business travelers. Out of 734 companies surveyed, 60 percent have been hurt because of increased costs or lost sales because of these visa delays and denials. The US implemented time consuming security checks and procedures in July 2002 that required background checks of anyone, including potential foreign business clients, working in areas whose technologies are considered sensitive for national security such as chemicals, aerospace or advanced computers. About 14,000 visa applicants were reviewed under that program in 2003, with most delays experienced by business travelers from China, Russia and India. These countries are generally not considered a potential source of terrorists. The second most affected were Malaysia, Indonesia and South Korea. A senior officer of the National Foreign Trade Council, which represents many large US companies, said that they have expressed their growing "frustration over the broken business visa system" to Congress and government officials for nearly two years but to no avail. The $30.7 billion estimate was reached by estimating the impact of the delays across the economy. The report comes close to the completion of the Bush administration’s review of visa restrictions. This will streamline procedures to address the growing frustration from various sectors. Until then, brace yourself for the now-familiar "Visa denied" chop.
Banking industry watchers are scoffing at the meteoric rise of this female government bank officer. According to our banking Ear-spies, this woman had no experience at all in the corporate world prior to her stint in the bank. She gained entry into the banking world when she caught the fancy of a professor in a management school where she was taking a master’s degree. The professor, who happened to be president of the bank, became Pygmalion to her Galatea. She was then hired to one of the top positions in the bank. In three short years, she was promoted to an even higher post before the president turned into politics. This female officer is known for facilitating questionable loans and likes receiving gifts from clients such as trips abroad and valuable jewelry in clear violation of the code of ethics for government employees. She also amassed huge Southern Tagalog real estate properties that are registered under other people’s names. Lately, she’s said to be extending special favors to a client with whom she has been playing sweet music. By the way, this woman is a graduate of the physical sciences - and she seems to be making full use of her "physical" assets to rise up in the corporate ladder. As the saying goes, "The higher they climb, the harder they fall." Or more apt, "The higher the monkey climbs, the more its butt shows."
| Obsession, not by Calvin Klein |
Who is this very candid Cabinet member who can get the President in trouble with her loose lips. This was related to us by an Ear-spy who attended the recent thanksgiving celebration of a newly-proclaimed senator at one of the country’s biggest sports arenas. The Ear-spy, who was unwittingly seated in front of two Cabinet members, overheard one of them knowingly explaining to a member of their entourage, "GMA was so obsessed in winning this election, etc, etc., etc..." Hint: This official was accompanied by her lawyer husband and her married name will remind most people of a Manila Rajah who was once based in a palisaded fort. For her welfare and development, our advice to this self-proclaimed "presidential favorite" is: The only Obsession she should be discussing in public is Calvin Klein’s scent.
| Spy Tidbiz: Diplomatic License That Must Be Revoked |
This infamous presidential adviser is at it again meddling into diplomatic matters. He likes to fancy himself as God’s gift to Philippine diplomacy but in reality he is just banking on a long-overdrawn good reputation from his paternal side. His "dropping the ball" during the Flor Contemplacion case was his landmark claim to infamy. He has already drawn up a list of recommendees – made up of his gofers, cronies, friends, and worse, potential milking cows for himself - for plum ambassadorial posts which he would like to present to the President as soon as she’s proclaimed. The DFA’s morale will go on a tailspin if GMA allows this to happen. This is hardly the right way to start a new Administration because it sends a clear signal that we’re back to the good old days of political patronage. And to think this character was already making a deal with presidential candidate Raul Roco when he was on top of the surveys.
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