Hi! I am Nina Lasala, former Treasurer of the Philppines. This blog is meant to be an open forum for investors, fellow finance professionals, and other interested parties to discuss the state of Philippine Debt Management.

Thursday, March 17, 2005

Sen. Mar Roxas asks "Is the PDTC rent-seeking?" Listen to the audio clip

What is "Rent-Seeking"?

According to Leon Felkins (*), Rent seeking behavior is

"The expenditure of resources in order to bring about an uncompensated transfer of goods or services from another person or persons to one's self as the result of a "favorable" decision on some public policy....Examples of rent-seeking behavior would include all of the various ways by which individuals or groups lobby government for taxing, spending and regulatory policies that confer financial benefits or other special advantages upon them at the expense of the taxpayers or of consumers or of other groups or individuals with which the beneficiaries may be in economic competition."

In the audio clip, Sen. Roxas asks if PDTC is not a rent seeker and acquired an unfair advantage through regulatory fiat. As a result, he wants to "ferret" out the truth and moved that hearings be conducted.

My deepest gratitude to Sen. Pimentel for taking the time to listen me and making the effort to understand such a complex issue. Many thanks as well to Sen. Roxas for identifying the competitive and public policy issues related to the 3rd Party Custody circulars. I can only pray that in the days to come the other senators will actively participate in the debate on the senate floor.

Macromedia Flash plugin for your browser is required to listen to the file.


Anonymous Anonymous said...

Show of hands please:

Given these comments by the Senate showing that the chamber is unhappy about the implementation of the project, the fact that the banking industry is secretly unhappy about the implementation of the project, that the entire business model has more wrinkles than crepe paper and that public investors are very unhappy about everything they have done:

Should that the management of PDEx continue to force its scheduled launch on March 28, 2005 ???

11:05 AM

Anonymous Anonymous said...

There is reason to believe that PDEx is composed of insensitive and really greedy individuals. They believe they are above public opinion and truth. It brings to mind the word "ARROGANCE". They now look at themselves as above the truth, that they are GOD!

I am very happy that there are people like Senators Pimentel and Roxas who are not dense - who takes time to study and reflect on relevant national issues for the good of the citizenry and investing public. I would think the pressures being put to bear on the other legislators by the sinister personalities behind PDEx are also substanbtial. And, understandably, that is one of the reasons that they do not dare speak against their "benefactors". (Aside, of course, from the fact that they are ignorant of the issue and the threat to our national economy and survival as a nation.)

What do we do now that PDEx believe that they are even above the senators; that they will implement regardless... come hell or high waters? They will bring us hellish chaos and deluge of financial instability and they DO NOT CARE!

Will the poor employees and managers in the Bureau of Treasury who oppose such plans be cowed to submission? Will they stand their ground? I can only pray that they consider the interest of the nation always. As an individual, count me in. I am willing to be with the people in the Bureau of Treasury, not only behind them. You (Bureau of Treasury personnel)and the two senators I mentioned above, make me proud to be a Filipino. When do we start? GAME NA!

11:53 AM

Blogger Nina said...

o all the readers of this post,

I regret to inform you that due to the high number of queries for this audio clip, I have exceeded the limit given to me by the hosting service where the flash file is kept.

As such, the hosting service has temporarily taken it down. I failed to properly estimate the number of people who will want to listen to the file. Rest assured that I will find means to address this as soon as I can.

Thank you for your understanding and for all the continued support that you have given me.


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