News
CPP condoles with death of FPJ
The Communist Party of the Philippines expressed its condolences on the death of actor and former presidential candidate Fernando Poe Jr. (FPJ). In a statement on December 14, CPP spokesperson Gregorio "Ka Roger" Rosal noted FPJ's interest in social issues and how he often used to invite comrades to his house to hold discussions on the work of the revolutionary movement. Ka Roger said FPJ never hesitated to extend whatever support he could for undertakings that would benefit the worker and peasant masses. As presidential candidate in the last election, FPJ also expressed interest in the peace talks and addressing the roots of the civil war.
FPJ was Gloria Arroyo's closest rival in the last election, and was among the victims of widespread fraud and black propaganda perpetrated by the regime. In their outrage, FPJ's supporters rejected and destroyed the flower wreaths sent by Arroyo and her allies Jose de Venecia and Franklin Drilon. Hundreds of thousands up to a million people are expected to join his funeral march on December 22.
FPJ died in a hospital in the early morning of December 14 at the age of 65 after suffering a massive stroke.
BOP deficit shoots up
The balance-of-payments (BOP) deficit shot up to $459 million or $25.7 billion in November after increasing by $275 million that month, compared to a $6 million hike in October. It is expected to reach $516 million by the end of the year.
The BOP deficit ballooned in November mainly due to the government's servicing of part of its huge debt to foreign institutions.
Not even the remittances of overseas contract workers (OCW) could compensate for the amount the government needs to pay each month in debts. OCWs bring in up to $8 billion or P448 billion annually to the country's ailing economy. The country's debt, on the other hand, now comes to P3.73 trillion.
The BOP is the balance of moneys that enter and leave the country through transactions that include foreign trade, OCW remittances, foreign investment and debt service.
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