The Unlawyer

Is this where my (higher) taxes will go?: Today’s AM talk radio progams report that the proposed 2007 national budget will restore in full the much-maligned Congressional pork barrel, otherwise known in polite society as the priority development assistance fund (PDAF), contrary to earlier reports of its reduction.

Even an international lending agency – in this case the International Finance Corp. – is against the government taking a more active role in microfinancing.

The peso hits a four-year high against the US dollar, and analysts say it’s the result of “positive economic data and remittances from Filipinos working overseas.” Or is it because of something else [Thanks to Manuel Quezon III for the heads-up - Ed.]:

“There are more dollars than the economy can absorb. Our eight or so million overseas workers remit something like 15 billion dollars annually to their families and other dependents in the country. Contrarily, there isn’t such a heavy demand for dollars. The few survivors of our decrepit manufacturing industry are not importing as much raw materials and factory supplies, so their dollar demand is low, even at this time of the year when inventories are being built for the yuletide market. Wholesalers who import finished goods have cut down on their inventory build-up, predicting sluggish sales this Christmas compared to previous years. In fact, retail sales have been in the doldrums for months on end, and even bargain sales periodically announced have not coaxed consumer interest.”

Asian nations are not keen on the new role the International Monetary Fund wants for itself as the world’s economic policeman.

Straight from the horse’s mouth: Recurring RP budget surpluses unlikely, says the Philippines’ finance secretary. His predictions may become true soon enough, as the government is ready to spend all that hard-earned revenue earned from higher taxes.

Crude oil prices decline some more.

The prosecution of that infamous Subic rape case involving four US Marines turned into a circus as the victim’s party and government lawyers hurl insults against each other. Meanwhile, the case may turn on how the court will interpret forensic evidence presented by both sides.

BusinessWeek says expect a rising tidal wave of spam, and consumers may be to blame as many simply resign themselves to it as a fact of digital life.

This week’s Carnival of the Capitalists is hosted by Okdork.com.