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  1. #1
    Tsikot Member Rank 3 jpdm's Avatar
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    Default Financial Crisis: The Philippine Version

    The financial crisis that hit the US brought alot of negative effects in Europe especially Iceland, one of the worst hit.

    In the Philippines, PGMA keeps on assuring Pinoys that we can weather this financial storm because our macroeconomic fundamentals are strong.

    But What happen to the PSE recently sends chills to alot of investors and economists in the country...

    plus, the weak performance of BDO due to its exposure to Lehman...

    Are we really ready (our financial system) to withstand this contagion and survive as what PGMA is saying?

    Business Mirror
    October 28, 2008

    [SIZE=3]PSE Uses "Circuit Breaker" for First Time as Index Dips by over 10%
    [/SIZE]
    written by Honey Madrilejos-Reyes and Mia Gonzales

    IT was a bloody Monday for the local stock market after the main Philippine Stock Exchange index (PSEi) shed off 239.66 points, or 12.2683 percent, to 1,713.83, the lowest close since September 20, 2004, wherein the benchmark index plunged to 1,702.21. Less than an hour before trading ended, or exactly at 11:23 a.m., the stock exchange automatically imposed a 15-minute trading halt following a 10-percent decline in the main index. Trading resumed at 11:38 a.m.
    Monday somewhat marked a history for the PSE because it was the first time a trading halt was implemented to arrest the falling main index.



    “The market swayed heavily down due to heavy foreign selling. This stems from the mandate to raise cash abroad and thereby liquidate global assets. With the heaviness still persisting, it may buckle further as fears usually cause markets to break support.




    But PSE president Francis Lim remains optimistic of the sound macroeconomic fundamentals of the country.


    “Our banking system is also healthy and the corporates are doing well. It’s just an effect of the contagion due to the financial crisis,” he said in an interview.



    “The problem with panic selling is that investors are selling out of pure emotion, rather than based on fundamentals. Almost every market crash is a result of panic selling. Many stock exchanges utilize circuit breakers or trading halts to limit panic selling, to allow investors time to absorb information on why the selling is taking place, and to help restore normalcy to the market,” he explained.



    Meanwhile, Malacañang on Monday sought to ease concerns over the suspension of trading and reiterated that the country is properly geared to weather a global financial crisis.



    “It’s being addressed by our economic managers. The central bank is there. But we have to recognize the fact that these are local trends....But let’s not lose sight of the fact that our economic fundamentals are strong.”
    Asked whether the incident at the PSE belied government statements that the Philippines is better prepared than others to face a a global financial crisis, Dureza said: “There is present volatility, not only in the Philippines. That’s more serious abroad and we are just responding to an international event.”

    Dureza said the government has always said the global credit crunch would likely affect the Philippines, though it would not be as hard-hit as others.

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  2. #2
    Wheelin and Dealin' tidus1203's Avatar
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    Default Re: Financial Crisis: The Philippine Version

    The REAL ECONOMY will survive. Stock markets are just money flows, falling stock prices does not mean the SM of the world will just suddenly not do business anymore or the Jolibee's of the world will suddenly not do business.

  3. #3
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    Default Re: Financial Crisis: The Philippine Version

    Yup this is definitely disturbing.

    Just a few weeks back, press releases from Malacanang assured us that we are ready.

    And yet, our PSE is suffering despite the seemingly good macro economic fundamentals of our country according to our economic managers..

  4. #4
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    Default Re: Financial Crisis: The Philippine Version

    ang tingin ko lang talaga dito sa mga financial crisis (whether asian or global or subprime o recession) terms na 'to was an invention by investors kung gusto nila mangdamay sa sad fate nila ngaun.

    the common person will get affected, I agree. but in another light, you just have to go back to basics. pure hard work and perserverance, cut austerity and other taken for granted conveniences. lowering pride can also help, I believe.

  5. #5
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    Default Re: Financial Crisis: The Philippine Version

    Quote Originally Posted by True Faith View Post
    Yup this is definitely disturbing.

    Just a few weeks back, press releases from Malacanang assured us that we are ready.

    And yet, our PSE is suffering despite the seemingly good macro economic fundamentals of our country according to our economic managers..
    like i said earlier, this is perhaps another scheme by "pyramiding influenced" foreign investors that nobody is immune to this crisis. they feed on the hype, that's what they always do. and to make it realistic, they bluff pull-out their investments regardless if a country has no or has good economic fundamentals. they are feeding on the panic signals.

    if we are really in trouble, we are going to see local banks going down.

    it's all just bluff. i say let them pull-out their money. ang tanong ngaun hanggang sa'n sila makakatagal knowing that their money is just earning bank like interests in govt. bonds and other low-risk investments. yan ang fix nila eh make money make more money. takot lang nila patulugin pera nila in more than a month or so. para na din nila tinanim sa ilalim ng lupa ang pera pi-nullout nila.

    as common citizens, we should not be swayed and affected by this kung hindi naman tayo affected directly, as in today na or at present na. and even if we're affected, what's to lose sanay naman tayo sa hirap or we are used to working for money. unlike them, they just want to make money work for them. malas lang nila, money is lazy nowadays

  6. #6
    CVT
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    Hoosier'ed Hotspur CVT's Avatar
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    Default Re: Financial Crisis: The Philippine Version


    Yup,- investors are pulling out.... Consolidation......

    6909



  7. #7
    Tsikot Member Rank 3 jpdm's Avatar
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    Default Re: Financial Crisis: The Philippine Version

    Well, our BSP is now admitting that we are not immune.....

    Another minus for PGMA and his economic team....

    Manila Times
    October 29, 2008

    Global Financial Contagion Hits RP, says BSP
    by Maricel Burgonio, reporter

    THE Bangko Sentral ng Pilipinas (BSP) on Tuesday said the US financial crisis has spread to the country and other emerging markets, citing the slump of the peso and the local stock market.

    “The recent movements in the financial markets reflect that the financial turmoil has indeed moved further away from its epicenter in [the] US and Europe and may be casting a wider net of contagion,” BSP Governor Amando Tetangco Jr. told reporters.
    Tetangco said the Bangko Sentral is monitoring developments in the financial markets to temper any negative impact on the real economy.

  8. #8
    Wheelin and Dealin' tidus1203's Avatar
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    Default Re: Financial Crisis: The Philippine Version

    Bakit sino bang immune? Even remote Iceland got hit. Even China is getting hit by all of this. No one is immune so stop feeling na hindi tayo tatamaan tapos pag tinamaan blame it on the government.

  9. #9
    Social Dementia Monseratto's Avatar
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    Default Re: Financial Crisis: The Philippine Version

    This is why it's called a GLOBAL Financial Crises. Everyone will sooner or later feel the pinch. When Wall Street sneezes, everyone catches a cold...

  10. #10
    Tsikot Member Rank 3 jpdm's Avatar
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    Default Re: Financial Crisis: The Philippine Version

    Quote Originally Posted by tidus1203 View Post
    Bakit sino bang immune? Even remote Iceland got hit. Even China is getting hit by all of this. No one is immune so stop feeling na hindi tayo tatamaan tapos pag tinamaan blame it on the government.

    --well, who said that we are immune?

    ---who said we are definitely ready?

    ---who are those people who bought a full page ad in the Philippine Daily Inquirer that we can easily weather the crisis (read: an island of calm etc...stable immune) ....

    --galing din naman sa gobyerno...

    Anyway, you are right, we have to brace ourselves for this contagion....


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