ABSCBN News reports that the Philippine Stock Exchange closed 12.3 percent lower today.
Socio-economic Planning Secretary Ralph Recto was upbeat during an interview with ABSCBN's Twink Macaraeg this afternoon, predicting that in a few years there would be "many millionaires" --referring to those who might be brave enough to get into equities today. Possibly trying to calm palpable fear and uncertainty as the Philippine bourse headed south and is now worth half what it was last year, Secretary Recto pointed to large blue chip firms that were buying up their own shares, saying this indicated those companies' faith in their own fundamentals. But Prof. Cayetano Paderanga of the University of the Philippines warned that they are expecting major reductions in remittances from Overseas Filipino Workers (OFWs). The global financial meltdown shows no signs of "hitting bottom" however as regional, European and American stocks continued a dizzying slide in the face of Wall Street's troubles, which began a month ago.
The much vaunted economic wizardry of the overstaying President Gloria Macapagal Arroyo (who presides over Asia's most corrupt government, according to various global corruption watchdogs), will be tested as never before, even as a fresh impeachment case has been filed against her in the Lower House by Joey de Venecia III, and endorsed by former House Speaker Jose de Venecia (his father).