Category Archives: Economy

Economy, Government, International, Travel

FILIPINOS HOARD PESOS IN ANTICIPATION OF ESTABLISHMENT OF THE ASEAN ECONOMIC COMMUNITY (AEC)

November 20, 2015 Pol Pinoy Leave a comment

PhilippinePeso KUALA LUMPUR, Malaysia (The Adobo Chronicles) – Leaders of Southeast Asia will formally sign a charter on Sunday to announce the creation of the ASEAN Economic Community (AEC), which would be similar to the European Union (EU).

The new entity will become formal on December 31 and will include member countries from the Philippines, Malaysia, Indonesia, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam.

The declaration will be made at the 27th ASEAN Summit this weekend in Kuala Lumpur.

The idea of AEC is patterned after EU where member countries have a single common currency (the Euro) and entry visas (Schengen visas) to one country are valid for travel in the rest of the EU member countries.

News like this travels fast in the Philippines and already, it has fueled speculation that the Philippine peso will ultimately be designated as the common currency for AEC.

This has prompted many Filipinos to hoard their pesos in the hope that it will escalate in value once it becomes the AEC’s common currency.

The Central Bank of the Philippines is reporting what appears to be a diminishing circulation of the Philippine peso. Retailers have also noticed a sudden decline in purchases of goods and services, presumably because Filipinos are holding on to their currency.

This is despite the announcement from ASEAN and the Philippine Department of Foreign Affairs that having a single common currency is not part of the plan of the new AEC. At least, not yet.

But, Filipinos always want to err on the safe side.

Filipinos already enjoy a visa-free status to most of the ASEAN countries.

Beauty, Economy, International, Social Media

KRIS AQUINO COMPLAINS OF SUNBURN FROM HOSTING DUTIES AT APEC MEETING

November 19, 2015 Pol Pinoy Leave a comment

Kris Aquino's Instagram post of herself — Kris Aquino’s Instagram post of herself

MANILA, Philippines (The Adobo Chronicles) – Television talk show host and presidential sister Kris Aquino used her social media account today to complain about her hosting duties during the just-ended Asia Pacific Economic Cooperation (APEC) summit meeting in Manila.

Aquino and her three other sisters were assigned to host the spouses of the world leaders attending the summit in a noontime tour of Manila’s historical sites, including Intramuros, the walled city. Such duty is usually performed by the APEC host country’s First Lady, but the Philippine president is a bachelor so the task fell into the hands of his sisters.

Posting a photo of herself with just a towel wrapped around her upper torso, Aquino revealed her sunburn resulting from exposure to the scorching tropical Manila sun.

In her post, she likened her sunburn condition to the plight of thousands of Filipino commuters who had to walk many miles under the sun for many days because of the closure of avenues and streets to vehicular traffic (including public transport buses and jeepneys) during the APEC summit. “Quits na tayo,” she told the commuters, a colloquial Filipino phrase that translates into “We’re even, fair and square.”

Aquino told The Adobo Chronicles that she learned a very important lesson as a result of her APEC hosting duties — to always remember to apply sunscreen with at least SPF 50.

Business, Economy, Government, International

APEC RENAMES ITSELF TO APAEC

November 19, 2015 Pol Pinoy Leave a comment

World leaders attending the APEC summit in Manila

Local and foreign airlines, including private aircraft and chartered planes, lost an estimated $2 billion in revenues following the cancelation of over 1,000 flights at the Ninoy Aquino International Airport (NAIA) for the Asia-Pacific Economic Cooperation (APEC) summit from Nov. 16 to 20. An airline industry expert said the most affected were the budget airlines.

As the APEC meeting comes to a close, experts are trying to fully assess its impact on the Philippine economy, beyond what was already reported about workers losing about a week’s worth of compensation, students missing several days of learning in class, and the widespread effect of road closures on the masses of people. It cost the Philippine government some $10 Billion to put up the show and host the meeting.

Realizing what they had done to the Philippine economy, APEC leaders have unanimously approved a resolution renaming APEC to APAEC:

Asia Pacific Anti-Economic Cooperation.