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Opposition Sen. Francis “Chiz” Escudero is expected to finally make formal his presidential bid today, which announcement was originally planned to take place some two weeks ago, but with his camp now indicating this signaling as the eventual declaration of his team-up with partymate Sen. Loren Legarda, as frontrunners of the Nationalist People’s Coalition (NPC) in next year’s elections.

Amid requests by Escudero’s camp for media coverage on an “important political announcement” he will make today, there already are talks that the senator, the lone neophyte member of the upper chamber embarking on presidential race, is already withdrawing his bid for the highest position in the country.

But Escudero is said to be set to declare his presidential bid today at the Club Filipino in Green Hills, San Juan. Earlier, the announcement said that he will be making an “important announcement at the at the University of the Philippines’ Bahay ng Alumni.

“Sen. Chiz Escudero is ready to lead this nation out of the misery brought about by an immoral leadership that came to power by questionable means,” Brian Ong, president of the claimed one-million strong Youth for Chiz Movement, said yesterday. He will unveil a seven-point pro-people platform of change, Ong said.

Talk from NPC sources said Escudero is going to junk Sen, Loren Legarda as his running mate and is now scouting for a vice presidential candidate who is loyal to the NPC. The name mentioned was Tourism Secretary Ace Durano.

Talks on Escudero pulling out of the race came out as early as Monday and was further heightened when his camp made last-minute changes on the venue of the scheduled event.

“He is not dropping out and he will make his firm intention known to the public tomorrow,” Lito Banayo, political adviser of Sen Panfilo Lacson and now political strategist for Chiz as well as his campaign manager, said in TV interview.

Banayo reiterated previous explanations given by Escudero in postponing his annoucement. More…

Author: Angie M. Rosales and Gerry Baldo
Photo Credit: beazfroi

The Republic of the Philippines brings the second Asian sovereign in 24 hours and its third dollar bond this year.

The Republic of the Philippines priced a $1 billion dollar bond late Friday (Hong Kong time), at the end of a hectic 24 hours in the Asian bond markets, which saw the completion of three other benchmark-sized deals — a sovereign from Sri Lanka, the largest Asian high-yield in more than a year from Indonesia’s Adaro Energy, and another Korean offering from Korea Expressway.

The deluge of offerings had seemingly no impact on investor demand, however, with each of the deals being well subscribed.

The Philippines bond — the country’s third dollar-denominated deal this year — attracted over $5 billion of demand and more than 200 accounts, and around the time of the Asian close on Friday, the bookrunners — Deutsche Bank, HSBC and UBS — felt confident enough to confirm that the size would be $1 billion and to tighten the guidance. The deal was initially announced in the US afternoon on Thursday at a size of $750 million to $1 billion.

One reason for the strong interest, according to sources, was the 25-year maturity. In Asia there hasn’t been any dollar bonds with that kind of maturity for 18 months, which means investors with long-dated liabilities who tend to play this part of the curve were keen to make the most of the opportunity. The long end of the Asian curve in general has rallied lately and the volatility has come down; more specifically, there has been enough buying at the long end of the Philippines curve to suggest that there would be demand for another issue at that end. Indeed, the Philippines curve has been inverted at the long-end, making this a good opportunity for government to get long-dated funds at a reasonable cost.

One source noted that the debt market recovery is not stable enough that it can handle both longer dated issues and a greater number of deals, which partly explains the four issues at the end of last week. However, issuers are also aware that this favourable market sentiment will not last forever.

“This is not the final window this year, but we are coming up towards the final six to eight weeks of the year and the length of the windows are declining,” the source said, noting that issuers that are planning to go to the debt capital markets are likely to try to do so sooner rather than later. More…

Author: Anette Jönsson
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MANILA, Philippines – A flood of lawsuits – mostly from the opposition – is expected to overwhelm former President Joseph Estrada’s attempt to return to Malacañang in 2010, Palace officials said yesterday.

The legal challenges to Estrada’s running again for president are likely to come as soon as he files his certificate of candidacy with the Commission on Elections (Comelec) by end-November, Malacañang said.

Estrada on Wednesday told thousands of supporters at a rally in Tondo that he would definitely run for president in 2010 with Makati City Mayor Jejomar Binay as his running mate. The veteran actor said his new shot at the presidency would be “the last performance” of his life.

Cabinet Secretary Silvestre Bello III maintained that Estrada, who was pardoned by President Arroyo on Oct. 25 last year after being convicted of plunder by the Sandiganbayan, is no longer eligible to run under the Constitution. But Bello said it’s the Supreme Court which would ultimately decide on the matter.

“The condition contained in the pardon given by President Arroyo to the former president is of public knowledge as well as the issue of his eligibility for another run at the presidency,” Bello told a news briefing at the Palace.

“I’m sure the moment Erap files his certificate of candidacy, there will be a deluge of petitions especially coming from the opposition,” he said.

“We expect there will be a lot of people or organizations which will question his eligibility. On our part, we leave it to the people,” he said.

“People belonging to other parties will just be too happy and too eager to see to it that he will be disqualified,” he pointed out.

Monetary Board member Ignacio Bunye, who was acting executive secretary when the conditional pardon was issued, said the document contained a clause that said: “Whereas, Joseph Ejercito Estrada has publicly committed to no longer seek any elective position or office.”

“On Oct. 26, at 3:35 pm, former President Estrada affixed his signature on the conditional pardon with the following note: ‘received and accepted,’” Bunye said in a text message.

But Bello, who is an official of the ruling Lakas-Kampi-CMD, said he is confident that the chances of winning of party standard-bearer Defense Secretary Gilbert Teodoro would not be affected by Estrada’s move.

“We will win really on the strength of our candidate, not on the weakness of our opponent,” he said.

Deputy presidential spokesman Anthony Golez, for his part, said Mrs. Arroyo does not regret her decision to pardon Estrada.

“That (pardon) was given a lot of thought and was not a spur of the moment thing. It was done for reconciliation, goodwill and a good gesture coming from the President,” Golez said.

Mrs. Arroyo’s election lawyer Romulo Macalintal said Estrada’s declaration was a waste of time because the Comelec would eventually disqualify him.

“The Constitution is clear that all elected presidents are not eligible for any reelection. Erap’s bid for the presidency in 2010 is an act of reelection because he was once an elected president,” Macalintal stressed. More…

Author: Paolo Romero
Photo Credit:

SAN Simon, Pampanga — A female student died while four of her classmates at the Integrated High School in Barangay Concepcion here were in critical condition after eating “kwek-kwek” (coated quail eggs) Sunday.

Charity Joy Dungca died a day after she was admitted at the Jose B. Lingad Memorial Regional Hospital in the City of San Fernando. She died of food poisoning.

In critical condition were Maria Cristina Mariano, Flordeliza Mendoza, and Eunice Supan.

The students bought “kwek kwek” from a street vendor in front of their school. After eating the eggs, they felt numbness in their limbs, dizziness, fever, diarrhea and vomiting.

“Buti na lang naagapan ko ’yung anak ko, nalapatan ko agad ng nalalaman kong first aid. Pinainom ko siya ng Gatorade at tubig na may hydrite para hindi siya ma-dehydrate,” one of the victims’ parents said.

“Posible kasing bulok ang itlog na ibenenta, recycled ang mantikang ginamit o madumi ang sauce,” the parents said.

Mayor Rodrigo Canlas has ordered an immediate investigation into the incident. More…

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Author: Bernard Galang
Photo Credit: kmuico

MANILA, Philippines – Price controls may remain until 2010 and government is expected to have a firmer hand in rebuilding areas ravaged by “Ondoy” and “Pepeng” as Malacañang considers extending its declaration of a nationwide state of calamity for at least one year.

This was revealed by deputy presidential spokesman Anthony Golez who stressed that the plan is aimed at allowing the government and the public to immediately respond to weather disturbances that have become increasingly deadly and destructive in the last few years.

Budget Secretary Rolando Andaya Jr. stressed that purchase of equipment or hiring of services for relief and rehabilitation would still be subject to bidding but governed by “special conditions” to ensure swifter results. He did not elaborate.

In a news briefing, Golez said damage caused by both Ondoy and Pepeng reached P8.4 billion as of yesterday and the figure is expected to increase in the coming days as the full extent of the destruction unfolds.

“Normally, by law if I’m not mistaken, the state of calamity is effective I think one year from the time, one or two years, from the time it has been declared so that’s the time frame,” Golez said. More…

Author: Paolo Romero
Photo Credit: PIDC Toronto Y