Category Archives: Economy

SENATOR PROPOSES FOUR-CHILD POLICY FOR THE PHILIPPINES

Binay
Binay

MANILA, Philippines (The Adobo Chronicles) – The recent announcement by China that it would soon abandon its controversial one-child policy in favor of allowing all couples to have two children has caught the attention of a Philippine senator.

China’s controversial one-child policy was introduced nationally in 1979 to slow the population growth rate, and is estimated to have prevented about 400 million births.

Though there were exceptions to the policy, most couples who violated it faced punishment, from fines and the loss of employment to forced abortions.

It said the decision was made because of China’s rapidly ageing population and to help support the economy.

In the Philippines, Senator Nancy Binay, daughter of the country’s vice president, is sponsoring a new bill that would put in place a mandatory four-child policy in the country.  No more, no less.

Binay says her proposal constitutes a middle ground between the country’s overpopulation and the need to boost economic productivity.

“While overpopulation is the root of poverty in our country, we also recognize that we need the manpower to fuel the economy, especially at a time when many international corporations are outsourcing their labor requirements,” Binay said.

The Philippines is fast becoming the center of  business process outsourcing (BPO) because Filipinos are hard-working and speak English very well compared to their counterparts in the rest of Asia.

“Four is the magic number,” says Binay, “because it limits families from having too many children  whom they can hardly feed or send to school.  On the other hand, families who could afford to have more than one or two kids, will be encouraged to have more as their contribution to strengthening and stabilizing our labor force.”

The Philippine Senate will soon be conducting public hearings to determine the appropriate punishment or penalties for families who have less than four children, or, more than four.

APEC ECONOMIC MEETING IN MANILA WILL HURT PHILIPPINE ECONOMY

imageMANILA, Philippines (The Adobo Chronicles) – Ten member economies of the Asia-Pacific Economic Cooperation (APEC) will be in attendance at the APEC Economic Leaders’ Meeting (AELM) in Manila on November 18 to 19.

At least 1,800 domestic and international flights will be affected by the closure of the Ninoy Aquino International Airport (NAIA) runway as part of preparations for the arrival and departure of APEC leaders in Manila, including US President Barack Obama, for the summit.

NAIA terminals will be used exclusively for the heads of state attending the APEC meeting.

No other airport in the world closes its runways or terminals during international meetings.  Only in the Philippines.

As a result of the airport closure, the Philippines’ own Economic Development Authority and Department of Tourism have said that the country will lose millions of dollars because of cancellations of business meetings and tourism trips to the Philippines.

Airlines and hotels have reported that customers have cancelled their reservations as a result of the APEC meeting.  Other local businesses stand to lose potential revenue as well.

Additionally, the government will be suspending school classes as well as work in both the private and public sectors for four days during the meeting. Metro Manila will come to a standstill, with lots of productivity lost.

Economic experts find it ironic that an international economic meeting will wreak havoc on the economy of a host country.

DONALD TRUMP DEFENDS CASINO CAPITALISM

imageLAS VEGAS, Nevada (The Adobo Chronicles) – At Tuesday’s CNN Democratic debate, the issue of casino capitalism was front and center when moderator Anderson Cooper asked Senator Bernie Sanders if he considered himself a socialist.

During the debate, Sanders defended democratic socialism and declared he was not a capitalist.

“Do I consider myself part of the casino capitalist process by which so few have so much and so many have so little, by which Wall Street’s greed and recklessness wrecked this economy?” Sanders said. “No, I don’t.”

Hillary Clinton responded by saying the country needs to “save capitalism from itself.”

Reacting to that exchange, Republican presidential candidate and frontrunner Donald Trump used his Twitter page to defend casino capitalism.

“In contrast to the Democrats, I am in favor of casino capitalism, and I’m good at it. Hey, I own several casinos,” the real estate mogul said.

That’s Trump’s economic plan. In less than 140 characters!