Monday, May 11, 2015

REPUBLIC ACT 10641 amending REPUBLIC ACT 7721

“The Monetary Board may authorize foreign banks to operate in the Philippine banking system through any of the following mode of entry: (i) by acquiring, purchasing or owning up to one hundred percent (100%) of the voting stock of an existing bank; (ii) by investing in up to one hundred percent (100%) of the voting stock of a new banking subsidiary incorporated under the laws of the Philippines; (iii) by establishing branches with full banking authority.”

Why and how this Republic Act came to be, appear to be intriguing, mysterious.  Who is really behind and why the same Republic Act was in fact enacted seem to be hazy if not downright shadowy.  How come exactly the same Republic Act came to be silently drawn as well as silently and immediately approved, are worth looking into.  No.  This is not paranoia but simply wonder and awe plus intriguing questions.

So it is not simply the infamous PPP that all of a sudden became a Philippine phenomenon when downright public utilities funded by public funds for public service are slowly but surely being partly sold to private enterprises for business purposes, for private gains.  This is fooling people with the taxes exacted from them by the government from birth to death.

Such is not altogether unlike a portion of the Philippines being given away to but some Filipinos not only in terms of territory but also in conjunction with anything and everything found not only above but also under it – “hook, line and sinker” – so to speak.  Needless to say, giving away something that does not belong to the giver is tomfoolery.

But when something belongs to someone – like an infamous piece of sugarland with its sugarmaker that are the cause of so many big troubles, so much anger and not few downright deaths even – this is definitely something else.  No legislation would work, no judicial system would matter.  And supposing all the former function as they should, the Executive Department nevertheless stands still.

As to the above-cited “Republic Act 10671”, some serious questions come to mind:  It is well predictable that in due time, foreign capital through foreign banks in the Country will eventually dictate interest rates closely affecting the present and future of local businesses?  It is now a certitude that sooner or later, Philippine businesses and industry shall be altogether at the mercy of foreign capital charging the amounts of interest at will?

So is it that the Philippines is now economically kept afloat by Filipino workers in foreign countries.  So it is that the Philippine debt interest is dictated by a  foreign institution called “International Monetary Fund”.  So it is that 100% foreign owned banks are poised to dictate on local capital and labor.  And so it is that there is a nearby foreign  country that is slowly but surely invading the Philippines.  Something very wrong is going on.