Monday… arriving late for work, this offline message from my boss greeted me:
Manolo Quezon saw the inflation press release and asks if you can appear on his program this Tuesday evening.
I tried to dismiss it as an April Fool’s joke… until my boss approached me...
“I said yes in your behalf, is that okay?” he said with a sheepish grin.
I gave him a blank stare.
I was more surprised when I learned that the main topic was the rice crisis. The press release was about the possible effects of rising fuel and food prices on
What do I know about rice (except for that stupid comment on rice from my previous blog)…
We tried to contact Mr. Manolo Quezon and warned him that I know nothing about rice… I am seriously trying to back-out (especially after learning that it will be broadcast live at 6pm).
Mr. Quezon called me and discussed the flow of the show. He assured me that I have nothing to worry about.
And there I was… I was the guest on TheExplainer on their April 22, 2008 (Earth Day) episode. A replay will be shown on Saturday, April 26 at 10:00 am on ANC.
Malapit na bang magkaron ng subprime mortgage crisis sa Pinas?
ReplyDeletewhy? are there local financial firms that invested heavily on subprime mortage backed financial instruments? also, i guess local banks have been fairly discerning in granting mortgages to home buyers.... thank God, the income of the average Filipino household has limited exposure to financial markets... with these factors in play, we shouldn't be as badly hit as the first world countries :)
ReplyDeleteSubprime mortgages are loans with very little or almost no collateral. Because of our experience with the Asian Crisis (banks were filled with non performing loans), Philippine banks are now very careful when lending (too careful actually). Thus, we are far from a subprime mortgage crisis.
ReplyDeleteHowever, there is a possibility of a mortgage crisis happening in the Philippines. If the BSP raises interest rates to tame inflation, some borrowers might find it difficult to finance their loans (especially when combined with higher food and fuel prices).
If the home purchase is financed by an Overseas Filipino (about 50% to 90% of new real estate sold was bought by an overseas filipino), you have a recipe for a perfect disaster:
1. The OFW's income is falling in peso terms due to the appreciation of the peso;
2. Costs are increasing due to higher food and fuel prices; and
3. If interest rates go up, the monthly amortization will certainly go up.
Great insight. Thanks kuya Prince. ;)
ReplyDeletewow! mapanood nga yung sa sat. :) pero prince, hindi ito yung debut mo diba, yung camiguin right? heehee!
ReplyDeletewala ba sa youtube yan... hehehe ;)
ReplyDeleteWow Prince! AKALAIN MO BA NAMAN!... (Hehehe!) 'will also try to catch this tomorrow.
ReplyDeletehere is Mr. Manolo's blog regarding that episode: http://www.quezon.ph/1765/the-great-fear/
ReplyDeletewala, eh. meron ba kayo ANC dyan?
ReplyDeletewala eh. meron ba kayong ANC dyan sa Toronto?
ReplyDelete