Philippine Stock Market - Brokers' Directory
Hey I don't even remember creating this page. I guess it will, however, be useful to some folk assuming the contact details are still correct. I shall update it one of these days.
Tuesday, June 29, 2004
Saturday, June 26, 2004
Friday, June 25, 2004
Thursday, June 24, 2004
Moral Dilemma
I just listened to snippets of the Minority Report delivered by Sen. Aquilino Pimentel. I believe most of the allegations he made, except for the doubts he cast upon the election survey results and exit polls. I do believe there was massive cheating. I do believe that the adminstration used government resources for GMA's benefit.
But think of it this way. If you were GMA, what would you do? Would you throw out all principles to ensure a win or would you irresponsibly allow FPJ (a no-brain as I previously coined) to win knowing that you have all the resources behind you to prevent such a win? There seemed to be unfortunate dichotomies: truth and integrity vs. the future of our nation; principle vs. responsibility to the nation; losing honestly vs. winning unscrupulously. The problem with good vs. evil choices in the real world is that it is not always clear which choice is which.
On another matter, why was there no public outpouring for the opposition knowing that some of the points raised were valid? There are various causes as I would guess: 1) the boy who cried wolf principle - when you read about scandals every other day, at some point you become indifferent; 2) messenger - now matter how true the message rings true, if the messenger is not a credible source, there will be doubt; 3) damned - if you are presented 'damned if you do and damned if you don't' choices, how can you expect decisive support?
And those my friends, are my two cents.
I just listened to snippets of the Minority Report delivered by Sen. Aquilino Pimentel. I believe most of the allegations he made, except for the doubts he cast upon the election survey results and exit polls. I do believe there was massive cheating. I do believe that the adminstration used government resources for GMA's benefit.
But think of it this way. If you were GMA, what would you do? Would you throw out all principles to ensure a win or would you irresponsibly allow FPJ (a no-brain as I previously coined) to win knowing that you have all the resources behind you to prevent such a win? There seemed to be unfortunate dichotomies: truth and integrity vs. the future of our nation; principle vs. responsibility to the nation; losing honestly vs. winning unscrupulously. The problem with good vs. evil choices in the real world is that it is not always clear which choice is which.
On another matter, why was there no public outpouring for the opposition knowing that some of the points raised were valid? There are various causes as I would guess: 1) the boy who cried wolf principle - when you read about scandals every other day, at some point you become indifferent; 2) messenger - now matter how true the message rings true, if the messenger is not a credible source, there will be doubt; 3) damned - if you are presented 'damned if you do and damned if you don't' choices, how can you expect decisive support?
And those my friends, are my two cents.
Monday, June 21, 2004
ApeChild Lore - The New Babes of Tennis
For those guys out there, who like me stopped watching women's tennis after Graf retired, Hingis became chronically injured, and Anna Kournikova developed into a better pin-up girl than a tennis player, here are two reasons to start watching again: Maria Sharapova and Daniela Hantuchova. Finally female players that look female again. ;-)
For those guys out there, who like me stopped watching women's tennis after Graf retired, Hingis became chronically injured, and Anna Kournikova developed into a better pin-up girl than a tennis player, here are two reasons to start watching again: Maria Sharapova and Daniela Hantuchova. Finally female players that look female again. ;-)
More Diana Krall
And so I've finally broken my multi-year record of buying only pirated CDs. The Greenhills version will do for almost everything. However, as a true fan, I bought four Diana Krall CDs yesterday. How's that for impulse buying? I must be making up for missing her concert when she came here.
I have been missing a number of good shows as of late, which is a disturbing trend. Incubus, Tuck & Patti, Linkin Park and that jazz show in Libis just the other day. If I miss another show, I'll scream.
This reminds me of a James Hetfield interview wherein he said that the Metallica (1991?) album was difficult for him because he really had to sing, whereas he used to just scream in pitch.
And so I've finally broken my multi-year record of buying only pirated CDs. The Greenhills version will do for almost everything. However, as a true fan, I bought four Diana Krall CDs yesterday. How's that for impulse buying? I must be making up for missing her concert when she came here.
I have been missing a number of good shows as of late, which is a disturbing trend. Incubus, Tuck & Patti, Linkin Park and that jazz show in Libis just the other day. If I miss another show, I'll scream.
This reminds me of a James Hetfield interview wherein he said that the Metallica (1991?) album was difficult for him because he really had to sing, whereas he used to just scream in pitch.
Wednesday, June 16, 2004
Religion
Scene: You have an itchy foot in a cast.
That's the essence of religion: having itches that you can't scratch
Scene: You have an itchy foot in a cast.
That's the essence of religion: having itches that you can't scratch
When I Look In Your Eyes
Diana Krall
When I look in your eyes, I see the wisdom of the world in your eyes
I see the sadness of a thousand goodbyes
When I look in your eyes
And it is no surprise, to see the softness of the moon in your eyes
The gentle sparkle of the stars in your eyes
When I look in your eyes
In your eyes, I see the deepness of the sea
I see the deepness of the love
The love I feel you feel for me
Autumn comes, summer dies
I see the passing of the years in your eyes
And when we part there will be no tears no goodbyes
I'll just look into your eyes
Those eyes, so wise
So warm, so real
How I love the world, your eyes reveal"
Diana Krall
When I look in your eyes, I see the wisdom of the world in your eyes
I see the sadness of a thousand goodbyes
When I look in your eyes
And it is no surprise, to see the softness of the moon in your eyes
The gentle sparkle of the stars in your eyes
When I look in your eyes
In your eyes, I see the deepness of the sea
I see the deepness of the love
The love I feel you feel for me
Autumn comes, summer dies
I see the passing of the years in your eyes
And when we part there will be no tears no goodbyes
I'll just look into your eyes
Those eyes, so wise
So warm, so real
How I love the world, your eyes reveal"
Tuesday, June 15, 2004
June 15, 2004
Tax on Text
I am against the proposed tax on texting. My reasons are simple really. The proposal was made on the premise of remedying the P200B+ annual budget deficit. This begs the question: why is there a deficit in the first place. In first place is the public debt. Servicing of principal and interest payments take up over 1/3 of the country's budget already. It has become both the cause and the effect in the deficit situation. In this regard, Camacho and company have done their jobs already, stretching the maturities and preventing any further comparisons between the country and Argentina. FPJ also said it best when he suggested suspending payments, and sent financial markets tumbling afterwards. On that I note, I argue that not much can be done about debt servicing at this point.
What else has caused the deficit? Tax effort, which is defined as total revenues as a percentage of GDP has plummeted from 17% in 1997 to 12.3% in 2003 according to Ben Diokno, a former budget secretary. There lies the problem. As my MBA teachers would insist, the solution must answer the stated problem. More bluntly, if tax effort is the problem, new tax legislation cannot be the answer.
But what has the government done in this regard? How much has it collected from Lucio Tan? Why are tax delinquents being given leeway? How many erring tax collectors have been jailed? These things, if not answered, will adversely affect future tax effort. As I will disagree with GMA's policy everytime, the answer is justice, not reconciliation. I think the diminishing tax returns are a function of trust. Collect taxes from evaders. Jail corrupt officials. These are the things that will raise revenues.
My third target would be government bureaucracy. The government is not behaving like a profit seeking private corporation. What happens when companies are cash strapped? They eliminate redundancies, reorganize structures, and remove non-performing individuals. There is an estimated 1.5M employees in the government. There is an estimate that more than 80% of the national budget is allocated for debt service, allotment of local government units, and the salaries of government employees. Surely some savings can be had by streamlining the government fat.
My fourth is a question: why text? Beer and cigarettes are taxed because they are 'sin' products? But why text? Because people are addicted to texting? Because Smart and Globe are raking billions of pesos in profits? These are arbitrary decisions and are unjust. Prepaid cards are already imposed VAT, so excise taxing would constitute double taxation. Profitability level should not be a basis for taxation. That would be tantamount to discouraging efficiency and business sense. On the other hand, Meralco, which I perceive as inefficient is getting away with abuses such as overcharging. And the nature of text messaging? It's a form of communication. It's a medium of commerce. These are in fact things to encourage.
My fifth point is another question: why not some other products? Granted that income taxes are hard to collect. Fine, let's shift to consumption taxes. Tax the Pajeros, the yachts and all those other luxury items. Tax has to be progressive after all, so it must be the rich that is most taxed. It's not hard to figure out that texting is not an elite preoccupation. There are about 22M texters out of the 70M+ population. I'd say that cuts across all sectors.
Lastly, do we even want the government to have more money? I once read that what auditors did not find, a recession will reveal. I believe there are too many leaks in the governments coffers. Put it through enough hardships and all those leaks will be exposed (hopefully). I certaintly am not willing to fund pork barrels, bribes to government employees and expense accounts of mistresses.
No to tax on text.
Tax on Text
I am against the proposed tax on texting. My reasons are simple really. The proposal was made on the premise of remedying the P200B+ annual budget deficit. This begs the question: why is there a deficit in the first place. In first place is the public debt. Servicing of principal and interest payments take up over 1/3 of the country's budget already. It has become both the cause and the effect in the deficit situation. In this regard, Camacho and company have done their jobs already, stretching the maturities and preventing any further comparisons between the country and Argentina. FPJ also said it best when he suggested suspending payments, and sent financial markets tumbling afterwards. On that I note, I argue that not much can be done about debt servicing at this point.
What else has caused the deficit? Tax effort, which is defined as total revenues as a percentage of GDP has plummeted from 17% in 1997 to 12.3% in 2003 according to Ben Diokno, a former budget secretary. There lies the problem. As my MBA teachers would insist, the solution must answer the stated problem. More bluntly, if tax effort is the problem, new tax legislation cannot be the answer.
But what has the government done in this regard? How much has it collected from Lucio Tan? Why are tax delinquents being given leeway? How many erring tax collectors have been jailed? These things, if not answered, will adversely affect future tax effort. As I will disagree with GMA's policy everytime, the answer is justice, not reconciliation. I think the diminishing tax returns are a function of trust. Collect taxes from evaders. Jail corrupt officials. These are the things that will raise revenues.
My third target would be government bureaucracy. The government is not behaving like a profit seeking private corporation. What happens when companies are cash strapped? They eliminate redundancies, reorganize structures, and remove non-performing individuals. There is an estimated 1.5M employees in the government. There is an estimate that more than 80% of the national budget is allocated for debt service, allotment of local government units, and the salaries of government employees. Surely some savings can be had by streamlining the government fat.
My fourth is a question: why text? Beer and cigarettes are taxed because they are 'sin' products? But why text? Because people are addicted to texting? Because Smart and Globe are raking billions of pesos in profits? These are arbitrary decisions and are unjust. Prepaid cards are already imposed VAT, so excise taxing would constitute double taxation. Profitability level should not be a basis for taxation. That would be tantamount to discouraging efficiency and business sense. On the other hand, Meralco, which I perceive as inefficient is getting away with abuses such as overcharging. And the nature of text messaging? It's a form of communication. It's a medium of commerce. These are in fact things to encourage.
My fifth point is another question: why not some other products? Granted that income taxes are hard to collect. Fine, let's shift to consumption taxes. Tax the Pajeros, the yachts and all those other luxury items. Tax has to be progressive after all, so it must be the rich that is most taxed. It's not hard to figure out that texting is not an elite preoccupation. There are about 22M texters out of the 70M+ population. I'd say that cuts across all sectors.
Lastly, do we even want the government to have more money? I once read that what auditors did not find, a recession will reveal. I believe there are too many leaks in the governments coffers. Put it through enough hardships and all those leaks will be exposed (hopefully). I certaintly am not willing to fund pork barrels, bribes to government employees and expense accounts of mistresses.
No to tax on text.
Sunday, June 13, 2004
Patricia Evangelista
I am such a fan of Patricia Evangelista. This is her award winning piece.
---------
BLONDE AND BLUE EYES
By Patricia Evangelista
When I was little, I wanted what many Filipino children all over the country wanted. I wanted to be blond, blue-eyed, and white. I thought -- if I just wished hard enough and was good enough, I'd wake up on Christmas morning with snow outside my window and freckles across my nose!
More than four centuries under western domination does that to you. I have sixteen cousins. In a couple of years, there will just be five of us left in the Philippines, the rest will have gone abroad in search of "greener pastures." It's not just an anomaly; it's a trend; the Filipino diaspora.
Today, about eight million Filipinos are scattered around the world. There are those who disapprove of Filipinos who choose to leave. I used to. Maybe this is a natural reaction of someone who was left behind, smiling for family pictures that get emptier with each succeeding year. Desertion, I called it. My country is a land that has perpetually fought for the freedom to be itself. Our heroes offered their lives in the struggle against the Spanish, the Japanese, the Americans. To pack up and deny that identity is tantamount to spitting on that sacrifice.
Or is it? I don't think so, not anymore. True, there is no denying this phenomenon, aided by the fact that what was once the other side of the world is now a twelve-hour plane ride away. But this is a borderless world, where no individual can claim to be purely from where he is now.
My mother is of Chinese descent, my father is a quarter Spanish, and I call myself a pure Filipino - a hybrid of sorts resulting from a combination of cultures. Each square mile anywhere in the world is made up of people of different ethnicities, with national identities and individual personalities. Because of this, each square mile is already a microcosm of the world. In as much as this blessed spot that is England is the world, so is my neighbourhood back home.
Seen this way, the Filipino diaspora, or any sort of dispersal of populations, is not as ominous as so many claim. It must be understood. I come from a Third World country, one that is still trying mightily to get back on its feet after many years of dictatorship. But we shall make it, given more time. Especially now, when we have thousands of eager young minds who graduate from college every year. They have skills. They need jobs. We cannot absorb them all.
A borderless world presents a bigger opportunity, yet one that is not so much abandonment but an extension of identity. Even as we take, we give back.
We are the 40,000 skilled nurses who support the UK's National Health Service. We are the quarter-of-a-million seafarers manning most of the world's commercial ships. We are your software engineers in Ireland, your construction workers in the Middle East, your doctors and caregivers in North America, and, your musical artists in London's West End.
Nationalism isn't bound by time or place. People from other nations migrate to create new nations, yet still remain essentially who they are. British society is itself an example of a multi-cultural nation, a melting pot of races, religions, arts and cultures. We are, indeed, in a borderless world!
Leaving sometimes isn't a matter of choice. It's coming back that is. The Hobbits of the shire travelled all over Middle-Earth, but they chose to come home, richer in every sense of the word. We call people like these balikbayans or the 'returnees' -- those who followed their dream, yet choose to return and share their mature talents and good fortune.
In a few years, I may take advantage of whatever opportunities come my way. But I will come home. A borderless world doesn't preclude the idea of a home. I'm a Filipino, and I'll always be one. It isn't about just geography; it isn't about boundaries. It's about giving back to the country that shaped me.
And that's going to be more important to me than seeing snow outside my windows on a bright Christmas morning.
Mabuhay and thank you.
I am such a fan of Patricia Evangelista. This is her award winning piece.
---------
BLONDE AND BLUE EYES
By Patricia Evangelista
When I was little, I wanted what many Filipino children all over the country wanted. I wanted to be blond, blue-eyed, and white. I thought -- if I just wished hard enough and was good enough, I'd wake up on Christmas morning with snow outside my window and freckles across my nose!
More than four centuries under western domination does that to you. I have sixteen cousins. In a couple of years, there will just be five of us left in the Philippines, the rest will have gone abroad in search of "greener pastures." It's not just an anomaly; it's a trend; the Filipino diaspora.
Today, about eight million Filipinos are scattered around the world. There are those who disapprove of Filipinos who choose to leave. I used to. Maybe this is a natural reaction of someone who was left behind, smiling for family pictures that get emptier with each succeeding year. Desertion, I called it. My country is a land that has perpetually fought for the freedom to be itself. Our heroes offered their lives in the struggle against the Spanish, the Japanese, the Americans. To pack up and deny that identity is tantamount to spitting on that sacrifice.
Or is it? I don't think so, not anymore. True, there is no denying this phenomenon, aided by the fact that what was once the other side of the world is now a twelve-hour plane ride away. But this is a borderless world, where no individual can claim to be purely from where he is now.
My mother is of Chinese descent, my father is a quarter Spanish, and I call myself a pure Filipino - a hybrid of sorts resulting from a combination of cultures. Each square mile anywhere in the world is made up of people of different ethnicities, with national identities and individual personalities. Because of this, each square mile is already a microcosm of the world. In as much as this blessed spot that is England is the world, so is my neighbourhood back home.
Seen this way, the Filipino diaspora, or any sort of dispersal of populations, is not as ominous as so many claim. It must be understood. I come from a Third World country, one that is still trying mightily to get back on its feet after many years of dictatorship. But we shall make it, given more time. Especially now, when we have thousands of eager young minds who graduate from college every year. They have skills. They need jobs. We cannot absorb them all.
A borderless world presents a bigger opportunity, yet one that is not so much abandonment but an extension of identity. Even as we take, we give back.
We are the 40,000 skilled nurses who support the UK's National Health Service. We are the quarter-of-a-million seafarers manning most of the world's commercial ships. We are your software engineers in Ireland, your construction workers in the Middle East, your doctors and caregivers in North America, and, your musical artists in London's West End.
Nationalism isn't bound by time or place. People from other nations migrate to create new nations, yet still remain essentially who they are. British society is itself an example of a multi-cultural nation, a melting pot of races, religions, arts and cultures. We are, indeed, in a borderless world!
Leaving sometimes isn't a matter of choice. It's coming back that is. The Hobbits of the shire travelled all over Middle-Earth, but they chose to come home, richer in every sense of the word. We call people like these balikbayans or the 'returnees' -- those who followed their dream, yet choose to return and share their mature talents and good fortune.
In a few years, I may take advantage of whatever opportunities come my way. But I will come home. A borderless world doesn't preclude the idea of a home. I'm a Filipino, and I'll always be one. It isn't about just geography; it isn't about boundaries. It's about giving back to the country that shaped me.
And that's going to be more important to me than seeing snow outside my windows on a bright Christmas morning.
Mabuhay and thank you.
Friday, June 04, 2004
EZ Trade (not!)
How do you explain not allowing a buy order because it's "unfunded"? Hello, orders are not supposed to be funded beforehand. We do that with phone cards and books from Amazon, but not with stocks. Ok, I admit, the credit risk can be scary if your client has no prior history and lives in another country. But is that the case? Hello!
I have always managed to pay. I live in the same country. I thought I knew these people. I have other stocks that could easily be collateral. This is a really stupid, stupid policy.
Are there other more customer friendly online brokers in the house?
How do you explain not allowing a buy order because it's "unfunded"? Hello, orders are not supposed to be funded beforehand. We do that with phone cards and books from Amazon, but not with stocks. Ok, I admit, the credit risk can be scary if your client has no prior history and lives in another country. But is that the case? Hello!
I have always managed to pay. I live in the same country. I thought I knew these people. I have other stocks that could easily be collateral. This is a really stupid, stupid policy.
Are there other more customer friendly online brokers in the house?
It's Time
I'm selling my PLDT as soon as my broker wakes up later this morning. I think it's time. Then again, I've been wrong before.
I'm selling my PLDT as soon as my broker wakes up later this morning. I think it's time. Then again, I've been wrong before.
Wednesday, June 02, 2004
Porn Star
In my fairly new hobby of reading other blogs, I came upon an intriguing one. I wrote the blog owner Nikki and we had the typical you-are-I-am small mail (as against small talk). And wouldn't you know it? I chanced upon a porn star. Wowwww...how often does that happen online? ;-) Make sure to visit her blog. She writes in an entertaining way and has English lessons interspersed in between her entries. This makes her like a sneaky English teacher I suppose.
In my fairly new hobby of reading other blogs, I came upon an intriguing one. I wrote the blog owner Nikki and we had the typical you-are-I-am small mail (as against small talk). And wouldn't you know it? I chanced upon a porn star. Wowwww...how often does that happen online? ;-) Make sure to visit her blog. She writes in an entertaining way and has English lessons interspersed in between her entries. This makes her like a sneaky English teacher I suppose.
Tuesday, June 01, 2004
June 1, 2004
A Keynesian Moment
Here's a thought. What if the difference between the country's GNP and GDP growth rates becomes consistently notable, such as around 2%-3% because of our expertise in exporting people as against products and services. Given that the Philippines has one of the lowest savings rate in Asia, it should also have one of the highest marginal propensity to consume, and therefore one of the highest expenditure multiplier. Perhaps that could guarantee that the country will never slip into a recession. That's because the money infused has diverse sources and will go right into the heart of the economy. Let's contrast this with the entry of hot money. Portfolio investments come from a couple of foreign fund managers. Their entry could propel the stock market into unseen heights, but we've also seen what their exit can do. This is why the Philippines survived the Asian Financial Crisis and the Tech Bubble: there wasn't much hot money to talk about in the first place. I reckon that the quality of foreign currency seeping into the economy via foreign-based nationals is of higher quality because of the arguments above. Remittances sent here can't be pulled out because there are better investment avenues abroad unless our own people decide to invest abroad. Even if that theoritically happens, it can't happen overnight, unlike the pullout of a major multinational company or a selloff by a foreign fund manager. Hmmm, textbooks define interest rate risk, currency risk, political risk and the like. But what do you call that risk when you have an economy that has too much money concentrated in the financial system or in one sector leaving it vulnerable to shocks? Economic structure risk? hmmm...
If I've been long and laboring, it's because I just woke up. To state again, my thesis here is that if the consistent difference between the GNP and the GDP growth is significant enough, the country will never fall into a recession. Of course, like all rules there could be exceptions. I mean, if we have another actor as president, that could throw off all the economic theories I've ever heard of. But enough of that. Do not feed negative thoughts with more energy.
It's funny but I was napping a while ago. I had a dream that an analyst on TV declared that "the market died yesterday." He went on to point out several stocks that have already begun their descent. With that thought in mind, I forced (yes forced) myself awake thinking that I have to sell my PLDT. Considering that I was in deep sleep, I found that to be a remarkable resolve on the part of my subconscious. The first thing I checked was the time: 12:30 PM. Dang. I just missed the market. Just now I checked what happened to the index. It rose seven points. Whew. PLDT closed at P1075. Whew again. What would the act be called if I managed to sell? Sell on Dream (as against sell on news)? hehehe. That's enough for today.
A Keynesian Moment
Here's a thought. What if the difference between the country's GNP and GDP growth rates becomes consistently notable, such as around 2%-3% because of our expertise in exporting people as against products and services. Given that the Philippines has one of the lowest savings rate in Asia, it should also have one of the highest marginal propensity to consume, and therefore one of the highest expenditure multiplier. Perhaps that could guarantee that the country will never slip into a recession. That's because the money infused has diverse sources and will go right into the heart of the economy. Let's contrast this with the entry of hot money. Portfolio investments come from a couple of foreign fund managers. Their entry could propel the stock market into unseen heights, but we've also seen what their exit can do. This is why the Philippines survived the Asian Financial Crisis and the Tech Bubble: there wasn't much hot money to talk about in the first place. I reckon that the quality of foreign currency seeping into the economy via foreign-based nationals is of higher quality because of the arguments above. Remittances sent here can't be pulled out because there are better investment avenues abroad unless our own people decide to invest abroad. Even if that theoritically happens, it can't happen overnight, unlike the pullout of a major multinational company or a selloff by a foreign fund manager. Hmmm, textbooks define interest rate risk, currency risk, political risk and the like. But what do you call that risk when you have an economy that has too much money concentrated in the financial system or in one sector leaving it vulnerable to shocks? Economic structure risk? hmmm...
If I've been long and laboring, it's because I just woke up. To state again, my thesis here is that if the consistent difference between the GNP and the GDP growth is significant enough, the country will never fall into a recession. Of course, like all rules there could be exceptions. I mean, if we have another actor as president, that could throw off all the economic theories I've ever heard of. But enough of that. Do not feed negative thoughts with more energy.
It's funny but I was napping a while ago. I had a dream that an analyst on TV declared that "the market died yesterday." He went on to point out several stocks that have already begun their descent. With that thought in mind, I forced (yes forced) myself awake thinking that I have to sell my PLDT. Considering that I was in deep sleep, I found that to be a remarkable resolve on the part of my subconscious. The first thing I checked was the time: 12:30 PM. Dang. I just missed the market. Just now I checked what happened to the index. It rose seven points. Whew. PLDT closed at P1075. Whew again. What would the act be called if I managed to sell? Sell on Dream (as against sell on news)? hehehe. That's enough for today.
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