To GMA’s (dis)credit

Fitch and S&P are threatening to downgrade their ratings on Philippine debt papers purportedly due to political uncertainties and the failed implementation of the expanded VAT.

In so many words, the two rating agencies of this debt-ridden world are saying that Mrs. Gloria Macapagal Arroyo has lost their confidence. True-blue seguristas, Fitch and S&P are practically saying that they could no longer trust GMA in ensuring that every cent and dollar of the humongous Philippine foreign debts could still be paid pronto.

This development is a big headache for GMA and the political and economic Establishment.

The people who have made a stand for GMA’s resignation or removal from the presidency have likewise articulated a position for meaningful reforms including debt relief, debt cap and other measures that would cut down on the current exceedingly high payments on these debts that are mostly fraudulently-obtained, onerous-in-terms and graft-ridden in implementation.

The Glorigate only splashed fuel on the already red-hot coals of discontent over low social spending and the oppressive impositions. The situation has compelled the public to look both at the moral fitness of the current leader and the policies she has likewise pursued, including the public spending on debt.

The real danger that Fitch and S&P has seen is not merely GMA’s imminent downfall but perhaps the prospect of a fresh, new government that could include in its reform program a stop on mindless and gargantuan debt payments.

4 Comments

  1. Joma

    You and your passé ideology!
    hypocrites!
    dati ayaw nyo sa pork barrel pero ngayong nasa kongreso na kayo nilalamon din nyo ang pera ng taong bayan.
    patay na ang komunismo.
    wala ngang bumabasa ng blog mo eh! ina-advertise mo, bulok naman.
    communism sux!
    joma sux!
    you suck!
    nakakasuka ang pagmumukha ng lisa maza na yan.
    nakakasuka kayong mga tau-tauhan ni joma.

    pasalamat ka sa kin dahil inaxes ko ang blog mo.
    but sorry… i wont waste time reading your posts… kitsch!

    nakakasuka… komunista!
    ipokrito….
    pork barrel ng pilipino… ibalik nyo!

  2. Tonyo

    Ang mga anti-komunista talaga ay sukdulang walang masabi kundi ganyan.

    Paulit-ulit lang kayo at wala kayong madulot na mabuti sa diskusyon ng mga isyu at pagbabago ng bayan natin.

  3. Le CHE

    everyman for himself!!!, its the most natural thing in the world to do. Don’t force evolution through revolution.

    The remaining communist are just self-indulge individuals pretending that they are selfless.

    Nobody gives a damn about your brand of idealism, its so fucking hard to achieve.

    at least theres a flexibility in capitalism.Just try to focus on the little things that you can do therefore you can at least have a real contribution to society, something that is tangible.

    Bunch of fucks, go to work have a job. If everybody is out there competing, we will be close to the real value of the fucking commodity.

    The rules of capitalism is fair. Survival of the fittest.

    If you make a lot of money you can give the rest to charity. Everything is in balance. Read hegel, Marx misinterpreted him…… Self indulge bitches.

  4. Anonymous

    everyman for himself!!!, its the most natural thing in the world to do. Don’t force evolution through revolution.

    The remaining communist are just self-indulge individuals pretending that they are selfless.

    Nobody gives a damn about your brand of idealism, its so fucking hard to achieve.

    at least theres a flexibility in capitalism.Just try to focus on the little things that you can do therefore you can at least have a real contribution to society, something that is tangible.

    Bunch of fucks, go to work have a job. If everybody is out there competing, we will be close to the real value of the fucking commodity.

    The rules of capitalism is fair. Survival of the fittest.

    If you make a lot of money you can give the rest to charity. Everything is in balance. Read hegel, Marx misinterpreted him…… Self indulge bitches.

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