This story shows how desperate Gloria Arroyo and her drumbeaters are:
Malacañang boys cheered too soon
By TJ Burgonio, Daxim Lucas
Philippine Daily Inquirer
Malacañang officials were cheering a Bloomberg report Saturday that supposedly cited the Philippines and China as the most resilient in Asia in 2008 and which “would do well in 2009.”
“It’s encouraging to note that we have been cited in Bloomberg today as one of the two resilient economies in Asia, along with China. Amidst global financial downturn, we continue to post a strong currency and fiscal position,” Press Secretary Jesus Dureza said Saturday in a statement.
But a check with Bloomberg News yesterday yielded no such story on the Philippines—in any news or feature item—as a “resilient” economy along with China.
In fact, almost all references to the country over the past two days over Bloomberg were made in a negative light, especially concerning the Philippines’ weakening fiscal position.
Report not found
One such story quoted DBS Group fixed-income strategist Jens Lauschke, saying that the rallies in the bonds of Taiwan, China, Hong Kong, Singapore and the Philippines have “essentially run their course.”
Asked specifically about the Philippines, he said: “The fiscal backdrop is bond-unfriendly.”
Another Bloomberg story quoted Royal Bank of Scotland interest-rate strategist Chia Woon Khien saying that he saw “risk in India, Indonesia, the Philippines and Thailand.”
“These are the four main countries we are looking out for,” he said.
A third story made only passing reference to the country, quoting Rachana Mehta of Singapore-based KE Capital saying at the very last paragraph that she favored bonds in India, South Korea and the Philippines.
Reached via telephone, Bloomberg’s Manila bureau chief Francisco Alcuaz Jr. declined to comment on the Palace statement and the text message that was circulated ahead of it. He asked the Inquirer, instead, to check with the official making the statement where he got the story from.
When contacted for verification, Secretary Dureza said his information about the Bloomberg report came from former Secretary Mike Defensor, who reportedly watched Bloomberg news on TV in Hong Kong on Dec. 30, 2008.
Dureza said he had instructed his staff to verify the report. As of last night, the report could not be verified.
Wait, there’s more!: Buy her a gift this Valentines! or send her flowers!