The Unlawyer

Filipino boosters of the proposed Japan-Philippines Economic Partnership (JPEPA) agreement, led by no less than President Gloria Macapagal Arroyo herself, may soon face a road block on the way to its ratification as the Senate is poised to block its progress: Senate rejection of JPEPA looms.

“Sen. Mar Roxas II, trade and commerce committee chairman, said he is asking the Department of Trade and Industry and other key government agencies to provide a clearer and more definitive presentation as to the benefits and detriments to the Philippines of the Jpepa.

“In a separate interview, Roxas shared the prevailing sentiment among his colleagues that the government officials sent to explain the accord have “so far failed to impress senators” as to the benefits that could be achieved from the Jpepa during their presentations before the two committees.”

Even a staunch Senate Administration ally such as Miriam Defensor-Santiago isn’t convinced on the JPEPA’s merits, echoing the sentiments of her colleagues from the other side of the fence:

““It appears from our first hearing that the government officials concerned are having a hard time justifying concurrence with Jpepa. Since the most important issue for the senators is this: Since our economic relations with Japan are already proceeding on an even field, what will Jpepa add to the present economic relationship, considering all the concessions that we are making for Japan?” Santiago said during an interview with reporters.

““Are we going to be part of a Japanese vision of a vertically integrated manufacturing process in the Asian region; and if so, will that accrue to our benefit or is it better for us to be a free agent; or is it better for us to negotiate with economic giants like China, Japan and India in the context of Asean (Association of Southeast Asian Nations), so that we can have more among ourselves?” she added.”

Is Mrs. Santiago invoking the specter of the Greater East Asia Co-Prosperity Sphere in her remarks?

Anyway, there seems to be a dearth of articles posted online that are batting for the JPEPA’s ratification by the Senate. Those that do tend to take the negative approach, that is, warning everybody of the consequences if it isn’t approved by the Senate, while at the same time assuring all concerned that non-tariff barriers are in place to address such unwanted business as the possibility of Japan’s hazardous wastes being shipped here for “processing,” a talking point frequently trotted out by the JPEPA’s opponents.

In an earlier editorial, The Manila Times expressed its confidence at the JPEPA’s eventual approval and also shot down some of the favorite arguments against it, like the one published by Philippines Today.

Positive economic indicators on tap over the weekend: OFW remittances up 4.6% to $1.1B in July. Pre-need sales went up as well, significantly higher, I might add.

It appears that the remittance increase was due to intensified efforts by Philippine banks to convince expatriate Filipinos to use official channels to send their money home rather than relying on informal methods, and perhaps this explains why remittance rates are growing notwithstanding the decrease in the number of Filipinos being sent abroad. The labor department, however, makes this observation:

“The Department of Labor and Employment noted an increase in the deployment of skilled workers during the first seven months, notably to Canada, Italy and New Zealand.

“[Bankgo Sentral ng Pilipinas governor Armando] Tetangco said this increase in deployment was expected to lift the level of remittances in the near term.”

If this is a sustained trend, then this may also explain why remittance rates are surging as they are, as skilled workers usually earn higher salaries than their unskilled counterparts.

Roll out the crystal ball as well: ADB lifts GDP growth forecasts to 6.6% in 2007, 6.0% in 2008.

The Philippine peso resumed its upward climb as it closed at PHP 46.30 to the US dollar at the close of Friday’s trade. While Philippine exporters were noted selling their US dollar holdings in anticipation of a Federal Reserve interest rate cut next week, other Asian currencies strengthened their hand against the US dollar too on the basis of the same news. The peso closed today at PHP 46.12 to the dollar.

Note though that one reason for the peso’s strength is the overall weakness of the US currency. How weak is it? Compare it with the euro: US dollar sinks to record low against euro.

“The euro rose to $1.3927, topping the record $1.3914 reached the previous day. It then settled back to $1.3887 in early afternoon European trading and was below the $1.3908 it bought late Wednesday in New York.”

I can still remember a trip to southern Europe and Germany in 2002, just as the euro was introduced. Those were the days where it was still affordable for Filipinos to pay a visit to the Old World, as the dollar then was worth slightly more than the euro. Not anymore; even American tourists – the biggest spenders of them all, according to one report at least – are finding Europe to be an expensive place to visit.

“At Berlin’s Brandenburg Gate, American newlyweds Doracy and Russell Harrison said the unfavorable exchange rate had prompted them to make some changes to their plans.

“”Accommodation is where you really feel it,” said Doracy Harrison, 27, of Raleigh, N.C., a program manager at an aquatic center.

“”We probably wouldn’t have come if were weren’t staying with friends. We haven’t been as gung-ho about eating out and have planned on low-key cafes instead of nicer places we’d usually eat.”"

In the blogosphere, Mark Verzo is back! Take your lawyer’s advice to heart – believe me, he will be your best friend until this is over – and exercise your right to be silent.