Under new management: Ramos order brings shareholdings under state control

Article Abstract:

Philippine Pres Fidel Ramos disturbed business leaders and may have created legal problems with his Sep 24, 1995 order formally declaring the coconut levy's proceeds to be government funds to be used for improving the coconut industry. The levy, raised in the 1970s from coconut farmers, millers, and traders, benefitted allies and cronies of then-dictator Ferdinand Marcos, but it was also invested in several firms and, totalling 70 billion pesos, now owns controlling stakes in many, including United Coconut Planters Bank. The Philippine Supreme Court may oppose the move.

Economic policy, Fruit industry, Fruit trade, Ramos, Fidel Valdez

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Look closely: Manila's fiscal surplus isn't what it seems

Article Abstract:

The 1994 Philippine budget surplus that govt officials cite with pride rests on clever interpretation of some data and on one-time profits from selling state assets. Restructuring of the central bank contributed 7 billion of the 18 billion peso surplus, but rehabilitation costs for the bank, declared off-budget, reach about 25 billion pesos. The govt is underinvesting in infrastructure, and its tax collecting remains weak. The sale of Fort Bonifacio could keep the 1995 and 1996 budgets in the black, however.

Infrastructure (Economics), Budget, Budgeting, Budgets, Revenue

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