The Government Service Insurance System‘s earlier assurances that its investments are not endangered in the midst of the global financial crisis have come under a dark cloud of doubt.

Inquirer.net reports today that the GSIS

may have incurred more losses due to the sharp decline in stock prices around the world in recent weeks, an examination of its portfolio of stock holdings revealed.

The “global property securities” held by the GSIS also showed marked drops in their values in the weeks following the GSIS declared profits from its overseas investments.

On Blog Action Day regarding poverty, forbes.com released its list of the top 40 richest Filipinos, headed by mall mogul Henry Sy with a net worth of $3.1 billion.

Lucio Tan is second in the list with $1.5 billion. Jaime Zobel de Ayala, last year’s richest, dropped to third place with $1.2 billion.

The total net worth of the Philippines 20 richest people is $12.670 billion or a whooping P594 billion!

The sobering news is a new United Nations report also came out the next day, pointing to a very problematic occurrence — income inequality is worsening worldwide, including the Philippines.

Poor Filipinos have always been caricatured so badly, with some of the well-off and well-to-do deceiving themselves that the “masang Pilipino” are individually and collectively ignorant, pathetic, gullible, indolent and unproductive. They forever link the “masa” to Joseph Estrada, in an apparent bid to discredit them as no different from their idol who has been found to be a fraud and a plunderer.

Nanay Mameng (photo by John Javellana)

Sixteen senators — including four presidential and vice presidential aspirants in 2010 — voted last night to ratify the Japan-Philippines Economic Partnership Agreement (JPEPA).

Bayan and the No Deal! Movement said that the 2010 aspirants who voted for JPEPA were “definitely found lacking in nationalist credentials” and vowed to take block the treaty’s implementation via street protests and by asking the Supreme Court to trash it.

Had the British comedians poked fun instead on President Arroyo, nobody would have cared or — I suspect — Filipinos themselves would have given them ringing applause.

But the “Harry and Paul” show dissed our decent, hardworking domestic helpers. The BBC must apologize to all Filipinos, especially the thousands who the Brits have recruited as domestic helpers and caregivers.

UPDATE: Correction! Correction! Ms. Jessica Zafra sent an email to clarify that she did not write this letter. Kevin Allman is the real author.

My apologies to Ms. Zafra, Mr. Allman and everyone.

To Madame Jessica Zafra: Bravo (for this good find)!

Allman‘s Zafra’s reaction to the US economic meltdown will put to shame each and every spammer from Nigeria, they who send us endless pleas for assistance in exchange for gazillions of dollars.

Thanks to Ms. Zafra for the heads up.

Ian Bell of The Herald declared: Capitalism has proven Karl Marx right again.

With news continuously dominated by stock crashes and US government efforts to rescue AIG, we have yet to hear progressives view the US economic meltdown. Progressives are the leftists, national-democrats, socialists and even communists who have a stridently critical view of the world capitalist system and who aspire to replace it.

Parasitic capital took advantage of advances in information and communications technology not just to facilitate its global production networks but also to fashion complex financial instruments for creating profits outside of any actual productive activity.

Dr. Carol P. Araullo, chair of the progressive multisectoral alliance Bayan, has this to say about the issue of renewed US military presence in the country, an issue which rightly comes out as the world marks the 7th anniversary of 9/11:

It all sounds clean and aboveboard: the US oozes with altruism for a long-time ally and the Philippines is the lucky beneficiary of this no-strings-attached, we’re-just-doing-our-bit-for-world-peace mission of the lone Superpower and Global Policeman. However, in the light of historical and current world events such as the US-instigated wars in Iraq and Afghanistan, it is much too good to be true.