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some things that make me go hmmm...

this is one of those:
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Friday, 27 July 2001
Left P72.9 B in treasury - Estrada
By BRENDA P. TUAZON
Former President Joseph Estrada yesterday said that while President Arroyo's State-ofthe-Nation Address gave the impression that she inherited a bankrupt treasury, there was no mention that he left P72.9 billion in the national coffers on Jan. 20, 2001, compared to P8.3 billion left by former President Fidel Ramos on June 30, 1998.
At the same time, Mr. Estrada said he left P1.2 billion in the President's Social Fund (PSF) for the same period in January this year, compared to the P200 million left by Mr. Ramos in 1998.

The President's Social Fund is used to finance social development projects, construction of school buildings not covered by the national budget, as well as livelihood assistance for local government units, among others, and comes from a share in the income of state-operated gambling.

A statement prepared by his legal advisers showed that as of January this year, the government's cash position stood at P72.9 billion, some P64.5 billion over the P8.3 billion cash position of June, 1998 with which Estrada started his term that lasted for only two and a half years.

Mr. Estrada's claim is in accord with an official report submitted by retired National Treasurer Prof. Leonor M. Briones on Feb. 9, 2001, to then Finance Secretary Alberto Romulo, now executive secretary.

In her report, Professor Briones said that on July 1, 1998, the free cash position of the national government stood at P8.3 billion. Mr. Estrada assumed office on June 30, 1998.

"Today, I leave with a beginning free cash balance of P72.9 billion. Even in periods of great instability and massive shortfalls in tax revenues, the Treasury continued to fund the financial requirements of government. A high cash position is crucial in maintaining stable interest rates, as well as sustaining domestic and international confidence in the capacity of government to pay its employees, fund projects, and most important, service domestic and foreign debts," Briones said.

Professor Briones also said that on the last day of the Ramos administration, the level of interest rates for the 91-day, 182-day and 364-day treasury bills stood at 15.01 per cent, 17.23 per cent, and 18.67 per cent respectively.

Describing the two-and-a-half years of the Estrada administration, Briones said:

"For the past 2 ½ years, rates have steadily gone down, except for the last quarter of the year 2000. Since then, rates have inexorably gone down for the past twelve weeks. At present, they stand at 10.863 per cent, 12.174 per cent and 12.694 per cent for the 91-day, 182-day and 364-day bills."

The retired national treasurer also stated that she was proud to report that such interest rates have remained low and stable "inspite of fluctuations in regional and international sources."

Professor Briones also cited the "over-performance in revenue collection" by the Bureau of Treasury in the past 2 ½ years of the Estrada administration.

In 1998, she said, the bureau collected P22.53 billion, almost double the original goal of P11.204 billion.

"In 1999, it collected P26.180 billion, or an impressive over-performance of P3.783 billion over target," she reported.

Even as Briones described the year 2000 as a very difficult period for the economy, the Bureau of Treasury was able to remit P29.196 billion to the national coffers, exceeding "its collection target by an astounding P7.386 billion or 39.5 percent."
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Comments

  • JuliusJulius Banned by Admin PExer
    See the college drop out did better than the economist and the retired general..... :lol:

    Simple solutions to simple problems.
  • reybeldereybelde zzzzzzzzzzzzzzzzzz PExer
    Originally posted by Julius
    See the college drop out did better than the economist and the retired general..... :lol:

    Simple solutions to simple problems.

    And since he is a college dropout, andyan yung mga gahamang adviser nya di ba? It's because your president is a classified dumbo.

    *pexadik*
  • JuliusJulius Banned by Admin PExer
    Originally posted by reybelde


    And since he is a college dropout, andyan yung mga gahamang adviser nya di ba? It's because your president is a classified dumbo.

    *pexadik*


    Well I'd rather have a dumbo president as long as the country's resources stabilizes than a college graduate president claiming to have all the wiz in the world but have her own country suffer under her leadership.

    Maipagmamalaki mo pa ba ngayon si Ramos at si Gloria na nakita mo na kung ano ang pagkakaiba sa kaban ng bayan kumpara sa administrasyon ni Erap?

    Di hamak mas maraming pera at maganda ang ekonomiya natin sa panahon ni Erap.

    Sa panahon ni Ramos, papano mo masasabi namaganda ang ekonomiya kung kaban ng kayamanan ng gobyerno ay walang laman. Sugar-coating lang at balat kayo ang administrasyon ni FiDEAL.

    Sa administrasyon ni GMA....wala na akong masasabi. Iniwanan siya ni Erap ng malaking pera sa national treasury and still the economy suffers.

    Puro lang kasi kayo batikos....pero pag pinakitaan na kayo ng "facts"....nagiging emosyonal na kayo at hindi niyo na matanggap. :lol:

    Mahirap bang tanggapin na mas maganda ang lagay ng ekonomiya natin sa panahon ni Erap?

    The numbers and statistics don't lie.

    If you can only argue on the issue rather than in emotions. Clearly, a childish act.
  • JuliusJulius Banned by Admin PExer
    ...at kahit pa isang libo ang advisers ni Erap...ok lang...basta maganda ang ekonomiya....kesa naman sa administrasyong ito.... taong bayan ay naghihirap.


    Sige pagtanggol nyo pa.


    Magdusa kayo sa kamay ni Gloria....



    ....at ng asawa niya. nasaan na nga ba? ay nandito pala....nag go-golf. :lol:
  • JuliusJulius Banned by Admin PExer
    Mas nanaisin ko pang sumakay sa JEEP ni Erap...


    kesa sa bangkang papel ni Gloria :lol::lol::lol:
  • rhk111rhk111 Son of Boltok The Rapist PExer
    What Erap failed to mention was that he also left the biggest budget deficit in the country's history, I forgot the exact figures but it was well over P100 billion pesos. The Erap administration's target for the deficit then for the year 2000 was I think P70+ billion, but as you can see, it failed miserably to meet that number. As for Ramos, he left at the height of the Asian financial crisis, no wonder there wasn't enough money around.

    Besides, so what there is a surplus of cash around the Treasury? A lack of it could also mean the money was went where it was meant to go immediately, and having enough cash could also be argued that there was an inefficient distribution of cash.

    I not sure if both the BIR and Bureau of Customs are under the Bureau of Treasury, but I do know that a big reason why there was a huge budget deficit was the inability of the BIR and Customs to meet their target collections. Up to now both departments are still not able to meet the numbers they've committed, that's why you have these are proposals for reforms to simplify and improve the tax collection of both agencies.
  • JuliusJulius Banned by Admin PExer
    Originally posted by rhk111
    What Erap failed to mention was that he also left the biggest budget deficit in the country's history, I forgot the exact figures but it was well over P100 billion pesos. The Erap administration's target for the deficit then for the year 2000 was I think P70+ billion, but as you can see, it failed miserably to meet that number. As for Ramos, he left at the height of the Asian financial crisis, no wonder there wasn't enough money around.

    Besides, so what there is a surplus of cash around the Treasury? A lack of it could also mean the money was went where it was meant to go immediately, and having enough cash could also be argued that there was an inefficient distribution of cash.

    I not sure if both the BIR and Bureau of Customs are under the Bureau of Treasury, but I do know that a big reason why there was a huge budget deficit was the inability of the BIR and Customs to meet their target collections. Up to now both departments are still not able to meet the numbers they've committed, that's why you have these are proposals for reforms to simplify and improve the tax collection of both agencies.


    And you expect us to believe in something you don't remember? :lol:
  • JuliusJulius Banned by Admin PExer
    So what if there is a surplus???



    Geeez.... bakit ko nga ba pinapatulan pa ito?

    This administration has no surplus....and nothing is going anywhere.... in short.... wala! at walang pinaggagastusan....


    Lahat nasa bulsa ni JMA. :lol:
  • rhk111rhk111 Son of Boltok The Rapist PExer
    I don't remember the exact figures, but I do remember that it's a fact that stupid jacka__ of an actor you refer to as your president did leave his office with the biggest budget deficit in the history of the country. That's fact.
  • JuliusJulius Banned by Admin PExer
    Originally posted by rhk111
    I don't remember the exact figures, but I do remember that it's a fact that stupid jacka__ of an actor you refer to as your president did leave his office with the biggest budget deficit in the history of the country. That's fact.

    Still you don't remember... it might help if you just stop arguing for a while and gather evidences. Nobody will believe you if you don't have nothing to show for it.

    Useless arguing. Nobody will take your word based on a hunch.
  • dizzyrdizzyr Member PExer
    i am open to hard evidence on the deficit at the same time period.

    if anyone has that, with supporting evidence, i would be interested.
  • krovekrove Banned by Admin PExer
    Originally posted by dizzyr
    i am open to hard evidence on the deficit at the same time period.

    if anyone has that, with supporting evidence, i would be interested.

    ME TOO! WHERE'S THE EVIDENCE???
  • rhk111rhk111 Son of Boltok The Rapist PExer
    Here you go. Follow this link: http://www.codewan.com.ph/CyberDyaryo/features/f2001_0115_04.htm. You know, if you've consistently reading the local papers the past couple of months, it would've been hard to miss this fact, it was all over the Business news around just 6 months ago. Good thing there's google.com, just type "Erap's budget deficit" and follow the links. Nice data on the Foreign Direct Investments (FDIs), too. You never know what new ammo, er, I mean data you get to dig up when you're doing some research.
  • krovekrove Banned by Admin PExer
    Originally posted by rhk111
    Here you go. Follow this link: http://www.codewan.com.ph/CyberDyaryo/features/f2001_0115_04.htm. You know, if you've consistently reading the local papers the past couple of months, it would've been hard to miss this fact, it was all over the Business news around just 6 months ago. Good thing there's google.com, just type "Erap's budget deficit" and follow the links. Nice data on the Foreign Direct Investments (FDIs), too. You never know what new ammo, er, I mean data you get to dig up when you're doing some research.

    IBON is a biased anti-erap organization, rhk. that's why the inquirer loves to use it's fuzzy stats.

    it's study is skewed and distorted!

    GET REAL! LOL!!!
  • tazbivrtazbivr extremes PExer
    It is a good thing to read reports such as the one stated above it gives a balance to some information out now in the general public.

    Some thoughts though.

    At the end of the Ramos administration in 1997 was'nt that the start of the Asian financial crisis hence the ever increasing interest rates from that point onward.

    As to the budget being what it is when Macapagal started if said amount is true why was it that during Erap's administration not much was done?If the collection remained the same from the time of ramos and you refused to spend of course you will have more money on your hands; but it is also true that if you do not use the resources available to you no one would benefit either,right? Also why was it that it was reported that several loan portfolios were underutilized and therefore canceled, hmm seems to me erap just did'nt know what to do with the legitimate money handed to him; but was a wizard with what jueteng gave to him(read Velarde/Valhalla accounts).

    You see to the simple folk it's not the size of it, it's what you do with it that counts. Unfortunately for erap I believe he was gifted more in size in other parts and measure.

    His ego you fool.LOL
  • dizzyrdizzyr Member PExer
    Originally posted by rhk111
    Here you go. Follow this link: http://www.codewan.com.ph/CyberDyaryo/features/f2001_0115_04.htm. You know, if you've consistently reading the local papers the past couple of months, it would've been hard to miss this fact, it was all over the Business news around just 6 months ago. Good thing there's google.com, just type "Erap's budget deficit" and follow the links. Nice data on the Foreign Direct Investments (FDIs), too. You never know what new ammo, er, I mean data you get to dig up when you're doing some research.

    would you care double checking your instructions?
    on the codewan link above i get "page cannot be found"
    on the google search i get "your search did not match any document". i have tried doing this a number of times.

    i have searched for deficit figures in other independent sources, so far i have not found any that give out hard numbers. i am eager to balance the picture on this issue. so far the surplus data above that started this post seems convincing. i just need convincing deficit figures.

    i need to stop saying hmmmm.
  • krovekrove Banned by Admin PExer
    Originally posted by dizzyr


    would you care double checking your instructions?
    on the codewan link above i get "page cannot be found"
    on the google search i get "your search did not match any document". i have tried doing this a number of times.

    i have searched for deficit figures in other independent sources, so far i have not found any that give out hard numbers. i am eager to balance the picture on this issue. so far the surplus data above that started this post seems convincing. i just need convincing deficit figures.

    i need to stop saying hmmmm.

    i think gma administration's budget deficit will reach 145 billion pesos this year.

    http://www.inq7.net/opi/2001/jul/29/opi_editorial-1.htm

    tumaas lalo ang deficit under the arroyo administration.
  • JuliusJulius Banned by Admin PExer
    Unbiased Evidence. That's what we need. Just life that of NEDA.
  • rhk111rhk111 Son of Boltok The Rapist PExer
    Click here instead.
  • KingTritonKingTriton Member PExer
    Originally posted by Julius
    So what if there is a surplus???



    Geeez.... bakit ko nga ba pinapatulan pa ito?

    This administration has no surplus....and nothing is going anywhere.... in short.... wala! at walang pinaggagastusan....


    Lahat nasa bulsa ni JMA. :lol:

    Sino si JMA??? :D Hindi ko ata siya Kilala?? hehehe
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