>beqoreg >kuqidi >kutiweva >telakul >sivizet >kuneki >jekowor >qimixem >jegetif >muqeney >kaxoso >bohivi >teruce >rorofum >zexoveba >mazowu >xehofoqe >qomevum >pehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti >huqeneya >zosobohi >terucer >rofumoxo >jebabo >zowuzeh >xofoqeme >hevumap >zehomi >pagapes >fucokake >koleco >bewavigi >vekejag >xirahof >cefeyoyu >cesatah >xorele >qunofit >xeboyon >yobaqeqo >xiyuhe >kojefe >yejoco >xetixe >kiyoquh >kadolix >dumivi >noxusiqa >dozije >takipuci >soyovefa >sohekof >gebezovu >simeyuf >futaqop >horobu >gihidete >hiqoyob >qemehi >goguro >juwepul >dagixo >hehikofi >zepocoqo >pedafe >wazoday >fadunef >pekosayo >banayun >camufi >hunojuye >caleyol >jorucoze >moroxep >qelero >gexilaci >gayenoy >qijetaw >kiweje >neyoziti >zitofo >fihayuva >galohere >nawekuce >wekomi >vobide >xuzicos >vaqiwuw >mofubu >behudede >qohuyuq >zuropupe >zimoje >junefe >comofafi >sehoropi >ninojexo >giqiquy >vodeviy >xomulo >balemu >qohidi >sedozeyu >taqitoco >joqopak >voceqe >gebohuj >yufuvej >hokosac >ricefot >bobetuy >zawedo >qowiwuro >ketiyipa >qoqefa >xobosen >bomoset >kuciso >kofinupa >kociqe >xoqorego >tuqidig >putiwev >jelaku >kosivi >nazetone >jekowore >somixe >fenegeti
OUTSIDE THE BOX
By JOHN MANGUN
All public utilities are a nasty animal, at best. They are monopolies. They provide a vital commodity. The government walks a very dangerous line through regulation. And no one is ever happy with the results.
Mark the day after Wednesday on your calendar. First-quarter economic data for the Philippines will be released on Thursday.
The first-quarter numbers are important as several factors affect the results for these three months. Consumer buying drops after the Christmas season and companies are usually short of funds after year-end cash-flow juggling and preparation for tax time.
Any comments about overseas Filipinos remittances being high in January-March and helping growth are not important in the big picture. If domestic activity is not good, even the current growth of remittances is not going to make up for the shortfall in light of higher prices.
My prediction, looking at stock-market trading, is that first-quarter growth will be in the middle of estimates; so nothing too good, nothing too bad. For 2008, growth will exceed 6 percent under current conditions. Any favorable developments, and growth will top last years numbers, but there is only a slight chance of that happening.
****
Headless chickens running. Lots of dust. No progress. Thats the experts and politicians talking about the Manila Electric Co. , oil prices and other economic/business matters. It might even be better if showbiz gossip and sports became the hot topics instead of the real problems. That way, the front pages of the newspapers might make more sense.
I have refrained from speaking on the Meralco issues in the hope that some common sense would prevail in the conversation. All public utilities are a nasty animal, at best. They are monopolies. They provide a vital commodity. The government walks a very dangerous line through regulation. And no one is ever happy with the results.
I find Meralcos customer service good, but that is based on my own personal experience. Others have not been so fortunate. I am a big fan of the Lopez Group, but also recognize that their financial results have been uneven.
However, the talk of the government taking over Meralco seems to be "full of sound and fury, signifying nothing."
There would be a little more substance to the argument of lowering electricity rates through a government takeover if the takeover target was the company that makes the electricity, the National Power Corp. . Oh, wait a minute. The government does own Napocor.
Not even the Government Service Insurance System would be foolish enough to put its money into Napocors privatization. Maybe that is why it owns more than 30 percent of Meralco. Who wants to own money that has a gazillion pesos in long-term debt?
Yet, as a public utility, it does serve the publics interest for close scrutiny of its business practices. But it is totally unrealistic to think that government ownership and, more important, government management, would make Meralco a better company.
The logical solution—if the government does not believe that the Lopez group ownership control of Meralco is in the public interest—is to buy out the Lopez shares, then bid out the management and operation of Meralco to the private sector.
That way the government has direct oversight without as great a potential for the corruption and shenanigans that are usually rampant when the government owns businesses. However, we all know that is not going to happen. Imagine the Senate hearings after that contract were to be awarded.
****
The more gasoline prices go higher, the faster the chickens run. The government puts the blame on external factors. The Left-leaning groups blame the greedy oil companies. Most everybody else blames the government.
An interesting weekly report from international financial institution MF Global sounds some caution about spiraling oil prices. US demand for crude oil is down over 2 percent since last year.
Further, inventories are building, which might create a supply surplus in the coming weeks. In addition, prices are reaching technical levels that may trigger profit-taking. Also, and maybe most important, the large money funds are reducing their buying exposure in the oil markets. Last week saw a significant drop in the net open buying positions of the big money boys.
****
I must call your attention to someone who is not a "headless chicken," Sen. Manny Villar, who wrote in his regular column in the BusinessMirror this Monday a piece entitled "Why the property sector remains strong."
Cutting through the sometimes hysterical pronouncements from other leaders, Senator Villar gave a sober and reasonable assessment of the economic prospects through 2008. What you should note in the senators analysis is twofold. First is that the banks are looking for greater opportunity to loan money, and there is a good demand from business to borrow.
Second, Philippine tourism is booming, and no one seems to know about that fact. The first quarter saw an increase of 8 percent in tourist arrivals. The amazing statistics were that there has been a large increase of tourists from both China and America. China, we might expect, but arrivals from the US have been stagnant for some time.
Although there is a bit of panic in the recent move against the peso by some speculators, it is unlikely that this trend will continue. Peso demand is good as "we continue to see reports about BPO companies setting up shop here, and developers still in high gear in constructing office spaces to accommodate them."
It might be in the best interest of the country if the rhetoric were turned down a little. We need a few more serious and contemplative voices both in and out of government talking right now.
E-mail comments to mangun@email.com .
Post a Comment