Category Archives: Economy

Economy, International

Walmart Store Closures Could Put An End To Filipino Balikbayan Boxes

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imageLOS ANGELES, California (The Adobo Chronicles) –  Walmart, the popular consumer goods warehouse,  will close 269 stores worldwide, including 154 in the United States, as part of what the company is calling “portfolio management,” it was announced Friday.

The global retail giant, known for being a one-stop-shop for buying just about anything at discounted prices, said financial performance and “strategic alignment with long-term plans” went into consideration in the decision which shocked many Filipino Americans.

Walmart is the go-to source for thousands of Filipinos in America for items to put in their balikbayan boxes to send back home to their families.

Balikbayan boxes are used by FilAms when sending gifts to their families back home. Contents of the boxes are tax-free.

Among the popular items packed into the boxes include cases of canned goods like SPAM, Vienna sausage and corned beef; multiple packs of athletic socks, 24-packs of toilet tissue, bath soap, toothpaste, instant coffee; and designer t-shirts and running shoes — all available for deep discounts at Walmart.

It is therefore quite understandable that Filipino Americans are extremely upset at today’s Walmart announcement.

It could potentially put an end to the balikbayan box business in America and will certainly cause irreparable frustration for millions of Filipinos who regularly receive gifts from their relatives in America.

Fortunately, there is the COSTCO alternative for FilAms wishing to purchase discounted bulk items to send via the balikbayan box.

Economy, Government, Politics

President Aquino: I Lied When I Said Philippines Is No Longer ‘The Sick Man Of Asia’

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imageMANILA, Philippines (The Adobo Chronicles) – Throughout his almost six years in office, President NoyNoy Aquino has been touting the economic accomplishments of his administration and has constantly proclaimed that the Philippines is no longer “The Sick Man of Asia.” Rather, he says, it is  “The New Darling of Asia.”

Today, Aquino admitted that he had lied to the Filipino people.

Aquino’s admission came in the wake of intense criticism regarding his veto of a new law that would increase social security pensions to Filipinos by P2,000.  The current maximum monthly retirement benefits for those who have worked for at least 20 years is P2,400 (in US Dollar equivalent, that’s about $51).

Aquino said the proposed increase would result in a negative income for the Social Security System (SSS), adding that the passage of the bill would force the agency to use the Investment Reserve Fund (IRF) to fund the pension increase. He said this would result in the IRF reaching zero by 2029.

“I apologize for misleading my bosses (the Filipinos).  My intention was merely to make my administration look good, especially in the eyes of foreign investors.  I hope you can all forgive me,” Aquino said.

To show to the people that he is heartfelt with his apology, he promised to waive his P8,000 monthly pension for life as a former president.  Aquino’s 6-year-term ends in June after his successor is elected in the presidential elections this May.

Economy, Human Interest

Unidentified Man Buys $27M Worth Of Power Ball Tickets, Is Guaranteed To Win Tonight

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(Photo: Getty Images)
(Photo: Getty Images)

NEW ORLEANS, Louisiana (The Adobo Chronicles) – It is the biggest jackpot in U.S. lottery history — $1.5 Billion and counting.  And someone, for sure, is going to win it tonight!

An unidentified man who lives in New Orleans, Lousiana, spent the last 48 hours making the rounds of convenience and other stores selling Power Ball lottery tickets, purchasing a total of $27 Million worth of tickets.  At $2 a piece, that’s at least 14 Million tickets.

The man, inspired by mathematical analyses of possible number combinations to hit one of 13,983,816 ways to win the jackpot, said that he is investing all of his money in tonight’s drawing. He has also mortaged all his property.

Assuming the final Power Ball jackpot is $1.5 Billion, and he pays up to 50% of his winnings in taxes, he would still net $750 Million, making his $27 Million investment all worth it.

That is, of course, also assuming that no one else picks the winning combination in tonight’s drawing.

So, don’t give up. You still have one in 14 Million chances to win the Power Ball. Or two in 14 Million chances, if you buy two tickets.  And so on…