Category Archives: Government

Economy, Government, International, Travel

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

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PhilippinePesoKUALA 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.

 

Business, Economy, Government, International

APEC RENAMES ITSELF TO APAEC

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World leaders attending the APEC summit in Manila
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.

Food, Government, Law Enforcement, Travel

NEW EXTORTION SCHEME AT MANILA’S NAIA: LAGLAG LUMPIA

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Filipino lumpia

MANILA, Philippines (The Adobo Chronicles ) – Customs and Border Protection agriculture specialists assigned to the Los Angeles International Airport recently seized 450 prohibited pork meat tamales discovered inside the luggage of a passenger arriving from Mexico.

Foreign meat products which can carry serious animal diseases are subject to Customs inspection, can be seized and destroyed, and passengers carrying them could be fined for misdeclaration. The tamales were destroyed and the traveler was fined $1,000.

Across the Pacific Ocean, the Los Angeles incident gave  schemers at Manila’s Ninoy Aquino International Airport (NAIA) a new idea for extorting money from unsuspecting passengers.

The new scheme involves the ‘planting’ of pork lumpia (Filipino egg roll) in the luggage of passengers who are then  asked to pay money to avoid being detained for intense questioning. It is a takeoff from the much-publicized laglag bala (bullet planting) which has caused a big stir at NAIA.

The newer, tamer extortion scheme has been given a name : laglag lumpia.