As outgoing Securities and Exchange Commission chairman Perfecto Yasay Jr. explains the ramifications of the Philippine Stock Exchange imbroglio, in the aftermath of the emotional outbursts that came after his controversial SEC stop-trading order, the more one begins to appreciate the logic of his position. Yes, one comes to realize that Yasay might have been right after all in issuing his shocking order.
With Jun Yasay's explanations aired over mass media, observers begin to realize that the flight of the foreign fund managers was not caused by the stop-trading order. Their flight began long before Yasay made his dramatic announcement, because of factors associated with economic stability, government credibility, investment environment, and other reasons connected with governance.
Of course, the Philippine Stock Exchange itself is largely to blame for the tottering capital market. The PSE's Old Boys Club, and the insider trading that has been going on for the past many years, things that are well-known to the foreign fund managers, have contributed immensely to the mess that has put the Philippine bourse in such a bad light.
What is noteworthy about Yasay's statement is his desire to protect the investing public. Right now, the PSE's Old Boys Club still dominates the bourse, and there are no indications it wishes to protect the investors. In fact, the perception is that the Old Boys Club is out to protect itself and to fatten its members' pockets. The public is thus advised to heed Jun Yasay's warning to be cautious in playing the stock market -- until the PSE reforms itself.
There is one harsh reality that the government's policymakers should take note of. So many major foreign investors now tend to look to countries other than the Philippines, in the ASEAN region, to build their job-creating and foreign exchange-earning factories Soon, they might even pull out of the Philippines' export processing zones, and move to other ASEAN locations where the economic environment is more conducive to productivity and profitability.
In most instances, the reasons for the investors' flight are due to the backward tax holiday and capital good duty-free importation incentives that prevail in the Philippines. Apparently, we are not keeping pace with the attractive offerings of neighbors like Singapore, Malaysia, Thailand, South Korea and even China. With 60 to 70 percent of our much-needed foreign exchange earnings derived from semiconductor and electronics exports, can the Philippines afford not to remain competitive in the investment-incentive arena?
Are the thinkers in the Estrada administration focusing on this serious problem? And have they thought of ways to cope with this problem? The general perception is that the Erap people are more concerned with attaining their own selfish personal agenda than looking after the resuscitation of the national economy.
How do doctors save lives? How do they perform the seemingly routine but tough, challenging burden of easing great physical pain and illnesses? Is it like ER and Chicago Hope, but in a less dramatic scale?
"Sort of, but the drama is usually very minor," answered Dr. Vergel Quiogue, a 44-year-old heart doctor, who recently carried out a delicate PCTA (this stands for percutaneous coronary transluminal angioplasty) on a journalist. PCTA is actually the quick, though costly, solution to a clogged artery which does not yet require a heart bypass. The whole procedure took less than two hours, and the journalist is now back at work -- hale and hearty, albeit with a spring-like device through a small portion of his left artery.
Before he agreed to undergo the PCTA process, the journalist was presented with two alternatives. The first was to medicate the heart choke, a lifetime medication that would require no strenuous activity. The second was the PCTA, a two-hour procedure with certain inherent risks. Plus, of course, the cost of about P300,000, but with the promise that life would return to normal, minus the baggage of uselessness and medication. "Do you want to be reduced to an idle life of drugs and medicines? Or do you want to take the risk so you can get on with your normal like?" the journalist was asked. He opted for the second option.
The doctors led by Dr. Quiogue first identified the clogged artery by plugging a fine, thin wire called catether, from a major vein at the upper right thigh, through the heart. From the same entry point, the fine, thin wire guided a small balloon that popped open the choked artery to its normal size. A spring-like device of very fine steel called stent was then placed under the balloon to bring the artery to its normal size. Four screens recorded the whole processes-- and it was over and done with in less than two hours.
The stent is now part of the journalist's heart. But apparently, it was worth the effort and the cost. He can jog in the morning, carry heavy cargo and work like a horse. Thanks to the Almighty, and, of course, Drs. Quiogue, Renato Villanueva, Rafael Poblete, Dr. Vicente and Dr. Villela. What about the risks inherent in such medical work? According to the journalist, the risks can be taken care of by prayers.
PULSEBEAT: Copies of my book, Walking Through the Pathways of Life, are now available in all National Bookstores in Metro Manila. The book is also available in several Powerbooks outlets . . . Fairy Tales Do Come True, a musical production, will be staged on March 23, at 7:30 p.m. at the Meralco Theater, by the Philippine Institute for the Deaf. The production is envisioned to raise funds for the scholarship program for deserving and bright students at the PID. Tickets will be available at the Meralco Theater gate . . . Masses were said yesterday, March 15, for the late journalist Tara Singh at the Sto. Domingo Church, Good Shepherd Church in Fairview, Sacred Heart of Jesus in Kamuning, Barasoain Church in Malolos, Pope Pius X Catholic Center, and St. Denise Church in Diamond Bar, California, USA. On March 18, Tara's relatives will gather for prayers at the Grubbs' residence in Diamond Bar.
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