Gloria’s $10B bailout fund is news to WB
Palace: Oops, ’t’was IMF which gave pledge
by Jocelyn Montemayor
Malaya
President Arroyo Arroyo left people puzzled yesterday after countries and institutions said they were unaware of a plan she announced to set up a regional fund to deal with the global financial turmoil.
Arroyo said on Wednesday the World Bank had committed to initially provide $10 billion to a fund to buy toxic debt and help banks in the region hit by the financial crisis.
Arroyo said the 10-member Association of Southeast Asian Nations, its three dialogue partners of Japan, China and South Korea, the Asian Development Bank and the International Monetary Fund could also contribute to the fund.
A World Bank official, however, said the bank has no plans to contribute to the fund, and the Asian Development Bank said it was too early to talk of contributions to the facility because the region remains economically strong.
Asean member Singapore said it was not aware of any such plan.
“We are not aware of any proposal for the ASEAN+3 nations to set-up a multi-billion dollar fund to buy toxic debts and help the region
World Bank officials said while the institution is committed to supporting countries in East Asia in dealing with the global financial turmoil, they denied Arroyo’s statement that they have “discussed commitments of funds at the regional level.”
They added that they do not anticipate the establishment of a regional facility.
Reacting to the World Bank statement, Secretaries Margarito Teves of finance and Ralph Recto of planning said it was the IMF which committed $10 billion should a standby fund be put up.
The two economic managers are in Washington where they attended a recent meeting of Asean ministers with officials of the WB and the IMF.
Trade Secretary Peter Favila said Teves called him up a little past 5 p.m. yesterday to say that he and his staff had gone over their notes on the Asean meeting with the IMF-World Bank and saw it was the IMF and not the World Bank that made the commitment.
Recto, in a television interview, said the $10 billion IMF pledge is on top of its $1.3 billion facility for countries with balance of payments problems.
President Arroyo announced Wednesday during the oath-taking of new officers of the Union of Local Authorities of the Philippines and again in a dinner for the Asean 100 Forum delegates that an understanding for the creation of a standby fund was reached in Washington and that the World Bank has pledged $10 billion.
Favila said Arroyo based her announcement on a report made by Teves on the outcome of the first meeting of the Asean ministers with IMF and WB officials.
He said Arroyo, after receiving the report, directed Teves to push for the concretizing of the proposed standby fund during successive meetings.
Favila said in a second meeting, WB vice president for East Asia and the Pacific Jim Adams said they were more inclined to “providing the fund on a bank-wide global facility which appears not solely for Asean.”
Favila said the shift to bilateral arrangements had not been relayed to Arroyo until Thursday morning and after the WB had issued its statement.
“So they’re (WB) now working on what kind of facility they would be making available to the (Asean) secretariat,” Favila said.
He said the secretariat is expected to present the proposal during the Asean+3 meeting at the sideline of the Asia-Europe Meeting in Beijing on Oct. 24 and 25.
Once it is approved in principle, continued consultations along with the details of the implementing mechanisms would be discussed in a follow up meeting to be held in Manila on November 12.
This then will be presented to the heads of state meeting in Bangkok.
Favila said there was no one to blame for the confusion caused by the President’s erroneous announcement.
He added that Teves should also not be blamed as “all the discussions started as exploratory and preliminary in character.”
Asked if the President was disappointed with the confusion that resulted from her announcement, he said: “No. To the President what is important is that the Asean initiative is being supported by World Bank.”
“As to how it will be implemented, in what form, she does realize that it’s up to the Asean secretariat to work on it and present it to leaders,” he added.
The ADB said Asia was in no imminent threat from the crisis, although growth in the world’s fastest-growing region would slow.
“The risks of another financial crisis in Asia are limited,” said ADB managing director general Rajat Nag. “The fundamentals seem strong but we cannot take our eyes off the ball.”
Governments around the world have pledged around $3.2 trillion in a variety of schemes to combat the worst global financial crisis in decades, which has toppled financial institutions in the United States and several other countries.
The crisis has provided plenty of reminders to Asia of its own financial crisis a decade ago, when currencies in several countries crashed and foreign investors fled the region. – With Reuters
AP/Kyodo report on WB’s denial.
WASHINGTON, Oct. 16 (AP) – (Kyodo)—The World Bank on Wednesday denied it has committed $10 billion for a standby facility specifically to assist Southeast Asian countries facing severe liquidity problems amid the global financial crisis, as Philippine President Gloria Macapagal-Arroyo had suggested earlier the same day.
“We do not anticipate the establishment of a regional facility and have not discussed commitments of funds at the regional level,” the bank’s East Asia and Pacific regional vice president Jim Adams said in a statement.
He was responding to Arroyo’s remarks in Manila that the World Bank recently committed an initial $10 billion for the establishment of a standby facility for members of the Association of Southeast Asian Nations that could be used to purchase toxic assets and recapitalize troubled financial institutions and private companies.
While denying that, Adams said the bank nevertheless stands “ready to support all of our member countries across East Asia to deal with the challenges arising from the financial crisis.”
According to the statement, the bank is “committed to helping governments and the private sector manage the impacts of the global financial crisis by providing increased lending, equity investments, innovative new tools, and safety net programs.”
It said the bank has the capacity to greatly increase its lending to developing countries and is considering a special fund to provide equity to recapitalize small to medium-sized banks in poor countries.
Malacañang’s reaction immediately after WB denied Arroyo’s false announcement was the classic denial, anger and only much later acceptance (this we are not very sure):
After going through the denial stage, Favila put the blame on WB officials:
Inquirer’s story:
Ano ba talaga, Misis Pidal?! Sabi mo ay steady lang ang Pinas kahit meron US economic meltdown. Sabi mo pa ay hindi mo kailangan ang mangutang sa IMF.
Super yabang itong impakta, para namang may ilalabas pa! Heh!
Natutuliro na naman….Ooppssie!
Alis Dyan!
Nagtataka ka pa Chi, diba nga sinungaling yan. Buti pa si Teves, marunong umako ng pagkakamali… ay napilitan lang yata. Tsk tsk tsk 😀
IMF might also deny Mrs. Tianak Pidal’s claim. That would be another Ooppss!
Nangapa na naman ba si Gaga? Kapal talaga ng mukha na magyabang kahit na wala namang iyabang. Golly, bagsak ang economy ng America kaya papaanong nakakayabang ang ungas ng stable Philippine economy e nakadepende ang ekonomiya ng Pilipinas sa Tate? Tindi din talaga ang kapal ng apog ng magnanakaw.
Si Teves, palaging approve without thinking. hehe!
There’s no one to blame for the tianak’s erroneous statement daw, sabi ni Favila. What about putting the blame on the Little Cuckoo and let her fly fly away or just stuff her mouth with biomass!
Nakakahiya ka, Gloria Arroyo!
Sinungaling kasi. Kaya ayan, pati World Bank nabiktima niya.
Baka bukas, IMF na naman ang mag-deny.
The financial statement of the World Bank is found here:
http://treasury.worldbank.org/web/InformationStatementFinal.pdf
Note, commitments to all member countries for 2006 was only 14 Billion. Disbursements amounted to only 11.8 Billion. Yet, Guriang is saying there is a standby of 10 Billion for Asia only .
Time to make a new fairy tale series – “Mga kuwento ni Lola Guriang.”
16 October 2008
HEHEHEHEHE….as bugs bunny would say it “WHAT A COMEDY”. T’was a comedy indeed, what is the leprecahun doing???dictating the world, if not even the regional economy??? who does she think she is??? Kasabihang nga NAPASO ang GAGA!!!!, nyahahahaha!!!!!
Kahihiyaan ang ginagawa mo pandekekok!!! namo!@#$ hindi kapa mag resign kasama ng mga kampon mo!!!! I’m just wondering what happens to tevez, favila and recto??? after this bruhahaha!!!! I think it is about time that they all should go now. Nakakahiya talaga……
An look, they are still protecting her…. geezzzz these people are soooooo STUPID!!!!!
MORONS!!!!!!
prans
Bwahahaha! Daldal kasi ng daldal, wala pa namang linaw. Si Favila ba naman ang asahan mo e engot ka nga. E kung duon sa padrino ng World Bank na America wala silang mai-commit, sa Asia pa?
Alam naman niya iyon, atat na atat kasing magmayabang sa ASEAN+3 kesyo meron siyang naisip na solusyon (ekonomista raw siya, diba?), eto nga, yung common fund na galing sa World Bank, akala naman ng gaga approve na agad dahil naibalita ni Favila, kaso nung nagdeny ang WB hindi kaagad itinawag ni Favila baka masabon na naman siya, nakapagyabang na ang donya sa ULAP. HAHAHAHA!
Pihado, pupunta na naman iyan sa St. Lukes (O sa beterinaryo?) kasi merong FOOT-IN-MOUTH disease!
Gloria Arroyo is a synonym of lie and deceit. She’s born to lie. Maybe the World Bank will be pouring $billions in her Enchanted Kingdom.
Hahaha!!! Hindi na gumaling-galing ang FOOT-IN-MOUTH disease ni Misis Pidal.
Nagpapakauna kasi na mag-anunsyo, baka maunahan siya ng mga tunay na lider ng Asia. Kinoryente ang sarili. Bwahahaha!
SHAME – GMA was boasting and is even very proud of this financial assistance where she should at least kept a low profile from it. In so doing, she revealed the economic weakness of the country downgrading its credit worthiness.
BLUNDERS – blunders after blunders after blunders indicates the poorest management of our government since the time it was formed.
LIES – lies after lies after lies, deceptions have reached the brink of acceptance.
There are small guys they tend to TALK BIG AND LOUD for them to STANDOUT.
O nagbabangon puri. IMF daw, hindi World Bank (www.inquirer.net)
The total loans of the IMF to the world is only 19.4 Billion as of May 31, 2008. That’s all outstanding loans, not just those lent within the year.
http://www.imf.org/external/np/exr/facts/glance.htm
So now, she is saying there will be 10 Billion for Asia only? You give them a rope long enough and they hang themselves.
The damage control reputation of Favila, et al is in accordance with the palace dictum to watch for failed lies. Mayhaps, she has mixed up the $10Bn stigma that is coming in in trickles from the world banks as a result of a new alliance with madam of Paoay or was it Hawwaii?
Atty, chi,
Recto or Teves will announce in the coming days that we have just availed of a portion of the IMF emergency bailout fund for SE Asia as the “genius economist” Gloria has proposed even if these were early commitments in no way related to the present global financial crisis.
Lagi naman tayo pinapautang dahil sino ba naman ang hindi magpapautang sa isang bansa na automatic ang appropriation, walang kuwestiyon sa budget? Sasabihin na lang na iyun na yung “brilliant proposal” ni Gloria, bwahaha! Mga ulol.
Alam ninyo, isang tao sa Monetary Board ang binabantayan kong magsalita tungkol sa kanyang mga nai-contribute para malunasan itong krisis sa credit.
Si Toting “I have two discs” Bunye na pakuya-kuyakoy at nagpapalaki lang ng bay..
IMF is only talking of $1 billion, not $10 as Arroyo’s advisers insist.
From Inquirer:
Click here for the full report:
http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20081017-166847/Arroyo-goofed-No-10B-from-WB
Ang lakas talaga ng fighting spirit nitong si Arroyo and her lackeys.
Her economic adviser, Joey Salceda, said they will be vindicated in the end because the directions is towards that end,he said.
“She was probably just too excited with her announcement, but she will be vindicated down the road,” he told the Philippine Daily Inquirer (parent company of INQUIRER.net). “The regional approach will be more effective and efficient.
Para bang end-of-the world scenario. In the end, magkatotoo na rin yun.
This Favila continues to put up a brave front:
“The institutions should not dictate on us what we need,” Favila said. “We should tell them.”
http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20081017-166847/Arroyo-goofed-No-10B-from-WB
Astig, ha.
sinungaling talaga, kaya lahat na lang kasinungalingan ginagawa ni gloria.
pinaniwalaan niya na lahat na sinasabi niya na totoo. kaso, buking din siya. sige, pati ibang world leaders, idawit niya, mag name drop pa siya. tingnan natin mas lalo siyang magiging kahiya-hiya.
IMF is only talking of $1 billion, not $10 as Arroyo’s advisers insist.
– – – –
Ellen, pati ba naman sa figure na ina-announce nila, may tongpats??!!! hahhahah sanay talaga sa dayaan at sa bukolan.
kung halimbawa 2 billion lang pala talaga (assuming ha na meron), dinagdagan ng zero as in 0…kaya naging 10. hehehhe.
mahilig talaga sa dagdag–gaya ng dialogue niya kay garci.
hay buhay guriang….napaka-estupida na talaga. ekonomista pang tinuring??? excuse me, with due respect sa mga nagtapos din ng economics (na gaya ko, hahahha).
kakainsulto na talaga mga lintek na ito.
oppps, 1 billion pala, not 2 billion as i typed.
pati ba naman ako, nahawa na rin ng dagdag!!! hahahhah
Glueria and her economic advisers really fell like they belong to the Club.
Pag-nagpresscon ang kanilang amo sa esteyts, presscon din sila dito, parang mga korek.
As if these local biz executives will ever listen to them.
Glue, pawn ka lang. Magising ka na. Haba na ng pantasya mo.
At huwag mo kaming idamay sa pagiging pawn mo.
For we know better!
We are wide AWAKE!!!
STOP Shitting Us Down !!!
Palace: Oops, ’t’was IMF which gave pledge – WRONG AGAIN, BIG TIME
From ABS-CBN News:
An International Monetary Fund official on Friday refused to confirm the Philippine government’s claim that it has commited to set aside a $10-billion regional crisis fund for Southeast Asia.
Socioeconomic planning secretary Ralph Recto clarified on Thursday that it was the IMF that mentioned a $10 billion standby facility for Southeast Asian countries, not the World Bank.
*&^%$#@! GMA must be fuming MAD. Recto, Teves and Favila, the govenrnment’s top economic and finance managers were all WRONG, BIG TIME. Who else can she trust if she cannot even trust herself for sure.
Sabi na nga ba, eh.
Nyahahahaha! Nakuryente na naman siya. Kaya lang kulang. Hindi kasi bumula ang bibig. Hehehehehehe!
IF these people could go wrong with simple and routine press releases, how about their policies and decisions?
Di ba mas nakakatakot ‘yon?
But what can we expect? Their policies and decisions must serve them not us.
Wake up.
Wake up Dead Man!
“The institutions should not dictate on us what we need,” Favila said. “We should tell them.”
If you don’t want to be dictated upon by financial institutions, then don’t borrow if you don’t care about your kurakots! Idiot Favila!
Kailan nanalo/nakadikta ang isang beggar na nasyon gaya ng kay Gloria sa mga financial institutions. Idiot Favila!
Idiot indeed.
“She was probably just too excited with her announcement, but she will be vindicated down the road,”- Salceda
Excitement this huge is idiocy.
Joey Salceda, this means your lucky bitch is suffering from extreme mental retardation! When Gloria is excited her feet fill up her mouth!
“… she will be vindicated down the road”- another idiot Salceda
No! We will bury her down the road!
SumpPit Says:
Glueria and her economic advisers really fell like they belong to the Club.
Hahaha! Nagpipilit at nagsusumingit, aside from what you said nagpapantasya!
From a friend:
Schizo na yata si GMA. She’s hearing things from imaginary friends names Dureza, Ermita,Teves, Favila and other dogs.
Pakistan borrowing $6 Billion from China because of current global financial crisis.
Are we going to be next?
http://story.chinanationalnews.com/index.php/ct/9/cid/9366300fc9319e9b/id/419098/cs/1/
Yes, we will bury her besides world’s most expensive road-the Diosdado Macapagal Blvd. Even the IMF cannot confirm the so-called $10-B ASEAN standby facility. Gloria Arroyo is hallucinating.
South Korea, the fourth largest economy in Asia, hit by global financial crisis.
What do you think will happen to Philippines?
http://www.forbes.com/2008/10/08/south-korea-economy-biz-cx_1009oxford.html
Di ba maraming OFW’s sa South Korea? Kung may mass-layoffs siguradong apektado ang remittances padala sa Pilipinas.
“She was probably just too excited with her announcement, but she will be vindicated down the road,”- Salceda
Yan yung kwento kong “down the road” kumain silang dalawa ni Salceda ng tae para tumaas yung GDP.
Kulang sa pansin talaga, matinding disorder yang pilit isinisiksik ang sarili sa bagay na hindi siya kasali.
Ka-luncheon namin yung isang kilalang businessman last week, ganyan din ang sinabi. “Trilyong Dolyares na ang pinag-uusapan sa G8, si Arroyo nag-ingay pa last month sa New York para magyabang na may doctorate siya sa Economics baka kailangan daw ni Bush ng tulong. Siguro yung aide ni Bush bumulong sa Secret Service, ‘Palabasin ninyo nga yan, supermarket na ang usapan dito hindi sarisari store.'”
Muntik kong maibuga yung gelatin sa kakatawa.
Here’s the basic rule in the stock market: When you buy stocks, be fearful when everyone is greedy and be greedy when everyone is fearful.
Ellen,
Tama yung kaibigan mo, she is hearing things nga siguro. Seeing and imagining things pa!
Nakalimutan na ba ninyo yung 50 centavos per text sa last SONA? Siya daw ang nagpababa nun! Bwahaha!
Pati na yung mamang naka g-string (pero hindi naman pala Igorot) na siya raw ang nagpa-asenso? Paanong umasenso iyon e dati nakakabili pa siya ng pantalon? Hee-yaah!
Yung mga bangkang papel na hindi nabarahan ng basura sa Payatas? Ahihihi!
Yung promotion to “second world” from third world ng Pilipinas sa ilalim niya! Woo-hoo!
At ramdam na raw ng mga tao ang kaunlaran? Hehehehe!
At higit sa lahat, nakausap niya ang diyos! Haru, habe!
Now Showing: Telefantasya ni Gloria Impostora sa kanyang Enchanted Kingdom!
Sa ‘yo ba iyan, BE, o sa Lolo Warren Buffet ko?
It’s from Buffet, TT.
In defending the Evil Bitch, NEDA Chief Ralph Recto explained that the mixed up was due to those Caucasians who looked alike. Not long ago, Ermita explained the same thing by saying that those US soldiers in Mindanao looked alike. Don’t they have a better reason than that?
be – whites looking alike does not ring my bell. It is senseless. What makes sense is the admin guys and Glue talks alike in their presscons, e.g., always with lies, deceptions, blunders and pa-pogi.
He’s at it again.
After suing Pope Benedict XVI and Cardinal Gaudencio Rosales for alleged corruption, self-proclaimed international lawyer and presidential “nuisance candidate” Elly Pamatong now wants Congress to ban the holy bible in the Philippines.
Pamatong, who started his own religion he dubbed “New Christianity”, said the bible was “perforated with lies” and was responsible for spreading fictions and untruths to many people. He said part of the “untruths” he discovered while reading his bible are the stories of the original fall of Adam and Eve and the birth, death and resurrection of Jesus Christ.
“New Christianity does not believe in the original fall. It never happened. There is no scientific evidence that Jesus Christ was ever born so how can he be raised from the dead if he was never existed,” he said in a phone interview with abs-cbnNEWS.com.
He also claimed that the Catholic Church was founded on a lie and said that Peter, who is regarded as the first Pope, was called “Satan” by Jesus.
….For the information of those who don’t know this Pamatong, he has ripped off many clients mostly Filipinos in California and escaped to the Philippines. He has pending cases in court in the US.
In defending the Evil Bitch, NEDA Chief Ralph Recto explained that the mixed up was due to those Caucasians who looked alike. Not long ago, Ermita explained the same thing by saying that those US soldiers in Mindanao looked alike. Don’t they have a better reason than that?
**************************
They better be careful. To say that ethnic groups look alike is offensive in most parts of the US and Europe. I’ve resided in both continents.
To say that Indians and Pakistanis are alike is to denigrate their ethnic differences. Same for all of us “chinks” (mga singkit), whether Chinese, Korean, Noypi, etc. You mistake a Dutchman for a German, you offend both. You mistake an Irishman for an Englishman, you offend both.
Heck, you can even get into a fight mistaking a Catalan (Barcelona) for a Madrileño.
So for some top-ranked Noypi factotum to say to the world that all whites (Caucasians) look alike is to declare himself to the world as an ignoramus.
So you have a President who is a liar, and a factotum who is an ignoramus. And yes, Baby Vi (Lola na marahil) is like Sarah Palin – a pretty face with a numbskull husband.
More good news in the wake of the phantom $10 Billion WB standby fund for ailing banks in Southeast Asia?
At Malacañang, President Arroyo ordered the establishment of “employment odometers” in various departments and agencies to determine how many jobs they can generate out of their capital outlays. In Administrative Order No. 240, Mrs. Arroyo said all fruits of the value added tax “shall be put in one basket” to be called “Revenues Allocated for Public Services (REAPS).” “The most popular, high-impact, big ticket projects and programs shall be selected and put together in one basket. All social services, all new activities, e.g. LRT expansion, shall be placed there,” read the AO.
I thought metaphors and rhetoric are the realm of language, not in the economics of creating jobs. The Palace needs also to start spelling correctly; REAPS must be spelled RIPO, rip-off. Caution is advised when listening to the words of a master in verisimilitude.
HAHAHAHAHAHAHA
Yun lang. Isang malutong na halakhak.
KARMA yan!
Di pa rin nadadala yan si gma. Ilang beses na ba yan pinahiya ng kanyang mga galamay?
Bottom line: KARMA!
Out of that $10billion that Pandak is talking how much do you think will go to her pocket? That is too much money kong tuto-o yon. Pala laway lang. Hambug talaga ito si midget. Kaya hindi lumalake pero ang ulo lumalake.
Inquirer editorial, Oct. 19, 2008:
Click below for the complete article:
http://opinion.inquirer.net/inquireropinion/editorial/view/20081019-167213/Neverland
kaya ang tanong, ilang hundred millions US dollars ang nasunog sa GSIS ng sumalang ito sa mga toxic stocks and debts sa mga banyagang kalakalan?
ilang tens of million US dollars ang commission ni GSIS chief Winston Garcia, ng ilipat niya ang pondo ng GSIS sa mga banyagang fund managers?
ang Pinoy Taxpayers at OFW money na naman ang sasagot sa kabalbalan ng mga gahamang opisyales?
tahimik na naman ang House of (representa)Thieves, at ang ang paborito kong Senate Blue Ribbon Chair Alan Cayetano sa isyung ito….?
hmmmm.
neonate,
She’s pretty much into high profile projects nowadays,as a matter of fact she just asked China for an additional loan for the Northrail amounting to a whopping $600M to cover incremental costs incurred by the contractor.
How could there be incremental costs already when all that was built was a bunkhouse and an open top motorpool and warehouse that deterioration of metal materials and earthmoving equipment will probably cost another loan addendum in the same amount.
Hindi pa nagsisimula ng construction, may escalation na. Baka escalation ng commission lang?
The Northrail, according to calculations and projections of some of my engineer-friends, is out to make it the most expensive railroad project on earth adapting an obsolete technology.