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[ANALYSIS] Duterte’s new COVID-19 loans: Need we worry?


It’s a phrase we often hear from President Rodrigo Duterte, especially during his late night briefings. Last time we heard it was midnight of Monday, June 15, in the context of his proposal to buy transistor radios for quarantined students.

Wala na tayong pera ngayon (We have no money now). I will look for the money to buy transistor radios to be distributed all throughout the country...We will try to do it,” said Duterte.

Brian Kendrella, president of New York-based Stack's Bowers Galleries, says the auction drew half a dozen bidders from six countries. The winning bidder Thursday was an individual collector from Asia who asked to remain anonymous.

《江城警事》(Battle Creek),CBS,3月1日播出。重磅剧就是会带来这样的改变。文斯·吉利根在十几年前就为这部亦敌亦友的警探搭档剧写好了试播集剧本,当时他还不是《绝命毒师》与《风骚律师》的主创。如今它终于被CBS拍成13集连续剧了。《法律与秩序:特殊受害者》(Law & Order: SVU)和《我为喜剧狂》(30 Rock)的主演在剧中饰演一个当地警探,《拉斯维加斯》(Las Vegas)主演乔希·杜哈明(Josh Duhamel)饰演一个老练的联邦调查局探员,两人在密西根州巴托溪的塞里尔城共事,相处得很不自在。
Last year was the hottest on earth since record-keeping began in 1880, scientists reported on Friday, underscoring warnings about the risks of runaway greenhouse gas emissions and undermining claims by climate change contrarians that global warming had somehow stopped.
Sebastian Payne

15. WeTransfer


We will perform with a strong work ethic, sense of responsibility, and enterprising spirit.

Last April, with P461.7 billion of spending and only P187.8 billion of revenues, the government’s budget deficit reached P273.9 billion — easily the highest in decades. 

With the Philippine economy contracting for the first time in more than two decades, it’s hardly surprising to see government’s revenues have dried up. 

“What we are seeing right now from China is not only a phenomenon for Brazil, we are seeing the same all over Latin America, declining [Chinese export] volumes into all the markets,” said Antonio Dominguez, managing director for Maersk Line in Brazil, Paraguay, Uruguay and Argentina. “It has been going on for several quarters but is getting more evident as we move into the year [2016].”
那么,何种力量将决定大众明年提出的问题?这取决于你的身份(和居住地)。虽然购房者在新的一年里还将迎来高风险的竞购战,但是纽约市的偏远社区(说的就是你,大广场区[Grand Concourse])将会有大量寻求廉价住宅的潜在居民——所谓廉价,也只是针对那些令多数普通人可望而不可及的黄金地段,相对而言的。
东道主的对手阿根廷队在此次世界杯中也有很大的机会。一支以梅西为主的队伍都会在最后大放异彩,但是当你在队伍中增添类似塞尔吉奥·阿奎罗(Sergio Aguero)、冈萨罗·伊瓜因(Gonzalo Higuan)和埃泽奎尔·拉维奇(Ezequiel Lavezzi)这样的队员的话,那么它将是这届世界杯上最具有进攻打法的球队了。同理,乌拉圭的进攻三人组——路易斯·苏亚雷斯(Luis Suarez)、埃丁森·卡瓦尼(Edinson Cavani)以及迪亚戈·弗兰(Diegol Forlan)同样拥有同等的实力,能对世界上任何一支球队比赛时进球,不过,他们所在队伍中其他人的实力是否足够强还让人存疑。

But even before the pandemic, the Duterte government’s budget deficit reached an all-time high last year owing to fiscal mismanagement. (READ: 东莞10748套公租房已基本分完)

New loans

《the Post》

True enough, new loans have started to come in. Figure 1 shows that the government has secured from multilateral agencies — the World Bank, Asian Development Bank, and the Asian Infrastructure Investment Bank — at least 8 new loans and 2 new grants from March 2020 to present. Government also raised $2.35 billion from the sale of global bonds. (READ: Beijing is banning Chinese tour groups from visiting South Korea, the latest retaliation against the planned Korean deployment of the US-built Thaad missile shield, according to two people with knowledge of the plans.)

Figure 1. 

“我们的人口和就业正处于历史高位,并在不断增长。这给租金和房价施加了很大压力,”纽约大学富曼房地产及城市政策中心(Furman Center for Real Estate and Urban Policy of New York University)的主任马克·威利斯(Mark Willis)说,“现在没有理由认为这些趋势可能发生改变。”
The big winners over the past year in Arizona were the construction and leisure/hospitality industries, which both added more than 10, 000 jobs. Other fast-growing sectors include business services, financial activities and education and health services.

The report states that almost two-thirds of China's 338 million Web users are now online game players. The online game industry, which currently accounts for more than half of the total Internet economy, will see strong annual growth at a rate of 20% in future years, the report says.

Figure 2.

Our nation’s income has been rising as well, so economists naturally prefer to look instead at the debt-to-GDP ratio which has actually declined in recent years, albeit imperceptibly. Duterte’s economic managers take this to mean we’re not in dire straits just yet.

"The average salary level of employees grew by about 6.3 percent year on year in the first three quarters of last year, while China's annual GDP growth stood at 6.7 percent in 2016, both slowing from a year earlier," Jin added.

Figure 3.

On top of the new foreign borrowings, government also received in March a whopping P300 billion from the Bangko Sentral ng Pilipinas (BSP) through a so-called repurchase agreement. Government also regularly earns billions in the sale of government securities.

研究集团龙洲经讯(Gavekal Dragonomics)的陈龙表示,如今分析师们认为,中国银行业的盈利性增长机会差不多用完了。

Stimulus galore

Some 88 Chinese universities are included in the Global 400 subjects in the latest QS World University Rankings by Subject, which was released Tuesday by QS Quacquarelli Symonds, a higher education research firm.

Rep. Stella Quimbo of Marikina City and other lawmakers are pushing for a P1.3 trillion economic rescue package called ARISE Philippines (Accelerated Recovery and Investments Stimulus for the Economy of the Philippines). This comprises wage subsidies, zero-interest loans for MSMEs, among others. 

Other lawmakers are pushing for a separate P1.5 trillion stimulus package called CURES (COVID-19 Unemployment Reduction Economic Stimulus), focusing more on infrastructure spending in the next 3 years. 


For instance, Acting Socioeconomic Planning Sec. Karl Chua pushed back against ARISE — and the supplementary budget it will require — saying it’s “not fundable” absent new taxes (and unless the new loans can be 11月广州公寓市场量升价跌 番禺成交亮眼). He and other members of the economic team are also wary of a runaway deficit for the rest of 2020.

But now is not the time to be overly worried of deficits. Government must pull out all stops and spend quickly on whatever we need to survive this pandemic — even if it means a swelling deficit.

McGowan has also hit out at Meryl Streep, saying that it is 'literally impossible' the actress knew nothing of Weinstein's sexual proclivities until last autumn.

Botched pandemic response

Sure, government can adopt a supplementary budget and finance that with even more loans.

Interest in wearable technology isn’t limited to technology companies. Mercedes-Benz is porting its mobile experience to a wearable device, while Virgin Atlantic is exploring the customer service aspect of Google Glass on a trial basis. Kenneth Cole is also using Glass as part of a marketing campaign.

Nearly 100 days since the first lockdown of Metro Manila in mid-March — and despite the putative “special powers” bestowed upon him by the Bayanihan Act — the Duterte government still has not flattened the curve, not met its testing targets, not hired enough contact tracers, not cleaned up its COVID-19 data, not released the second tranche of emergency aid on time, not looked after furloughed and laid-off workers enough (with some of his officials flatly denying the veracity of the official unemployment figures), not sufficiently looked after the welfare of OFWs and stranded individuals (leading to the unfortunate death of Michelle Silvertino), not come up with a sensible, realistic plan for the reopening of classes (insisting on distributing transistor radios), not provided enough transport options with Metro Manila’s reopening, not set up enough bike lanes along EDSA and other parts of Metro Manila — to name only a few aspects of Duterte’s botched pandemic response.

Instead, the economic managers seem singularly bent on pursuing policies — such as CREATE (corporate tax cuts) and Build, Build, Build (big-ticket infrastructure) — that are not particularly needed at this time and will likely crowd out other important programs, notably Test, Trace, and Treat. (READ: 北京10月针对家具制造等5大行业开征VOCs排污费)

On Tuesday, June 16, the Department of Finance secured a new P75.5 billion loan to build road projects in Davao and Cebu. Borrowing billions for road projects in the middle of a pandemic? Really?

Government also seems much more interested in enacting the tyrannical Anti-Terrorism Act of 2020 (“worse than martial law”), as well as stifling press freedom what with the swift conviction of Maria Ressa and Rey Santos Jr in a trumped-up cyber libel case.

"For IBM, although they regularly top the list of U.S. patentees by volume of patents each year, the Top 100 Global Innovators listing evaluates not just volume, but also success, globalization and impact," said Bob Stembridge, analyst with Thomson Reuters.
时间:2011-03-28 编辑:beck
In the month since her death, police have not said whether she accidentally pulled the trigger or was shot by someone else in the room.

Duterte’s keeps saying “walang pera” (there’s no money). But the bigger problem is that “walang namumuno” (there’s no leader). –

The author is a PhD candidate and teaching fellow at the UP School of Economics. His views are independent of the views of his affiliations. Thanks to Zy-za Suzara and Luis Abad for helpful comments. Follow JC on Twitter (@jcpunongbayan) and Usapang Econ ( 


JC Punongbayan