[Blueboard] Newsbriefs 24 October Afternoon

Simbahang Lingkod ng Bayan slb at admu.edu.ph
Mon Oct 24 16:21:32 PHT 2005

Newsbriefs 24 October Afternoon

Simbahang Lingkod ng Bayan


Minority sees united House for shorter Arroyo term (abs-cbnnews.com)

"House Minority Leader Francis Escudero on Monday said members of the House of Representatives may unite if President Arroyo refuses to cut short her term before 2010 after promising to do so. 

Escudero said that while the idea of cutting the President's term to 2007 is still premature, he is confident that members of the majority would agree to amend the transitory provision in the Constitution.

"There are members of the House majority including Speaker Jose de Venecia who said that the President has agreed to cut short her term by 2007," Escudero told DZMM. 

He added: "If ever it comes to the point that the President refuses or doesn't honor her word, (congressmen) might see each other working together." 

Groups from different sectors including the President's staunch ally former president Fidel V. Ramos have urged the President to cut short her term after being linked to alleged vote-rigging activities in May 2004. Mrs. Arroyo has denied cheating in last year's elections."

De Castro sticks to rule of law (abs-cbnnews.com)

"Vice-President Noli de Castro on Monday said he will remain faithful to the Constitution in the wake of a proposal seeking to make him a transition president until 2007. 

"You know, I was elected vice-president under the Constitution. We still have the Constitution so unless we render the Constitution ineffective, I am still going to follow it. I've always said from the start that the rule of law is the Constitution," de Castro told DZMM. 

The Black and White Movement had given de Castro until November 30 to decide on its proposal to take over the presidency as constitutional successor of President Arroyo. 

Under the proposal, de Castro would head an advisory council as "transition president" until a special election is held in 2007.

BWM convenor Vicente "Enteng" Romano III said de Castro's acceptance of their proposal could hasten the downfall of the Arroyo presidency.

He added, however, that the movement would support Senate President Franklin Drilon as "acting president" if de Castro declined. He said Drilon could call for a special election within 60 days as provided for in the Constitution." 

Charter change advisory body starts nationwide consultations (inq7.net)

"THE 49 MEMBERS of the Consultative Commission on Monday afternoon left for Cebu, the kick-off point for its national consultations and studies to amend the 1987 Constitution. 

The commissioners will be divided into three teams and will cover the areas of Cebu, Iloilo, Tacloban, Davao, Zamboanga, Cagayan de Oro and Puerto Princesa from October 24 to 29.

Commissioner Sergio Apostol also took the opportunity to refute reports that the body is a "rubber stamp" commission with a directive from President Gloria Macapagal-Arroyo for them to propose a shift to a parliamentary-federal system of government, which Arroyo favors.

"The President has already accepted the fact that this is an independent group," Apostol said."

MILF can be an ally in war on terror once peace pact signed: solon (philstar.com)

"House Deputy Speaker for Mindanao Gerry Salapuddin Sunday described as well-placed the statement of a US state official that once the Moro Islamic Liberation Front signs a peace pact with the government, it must be made to commit to help in the global fight on terror. 

Salapuddin said US State Department coordinator for counterterrorism Henry Crumpton's statement was reasonable since the threat of terrorism is not only a local concern but also a global phenomenon. 

"To effectively counter terrorism, the individual and collective efforts or contribution of governments and individuals must be sought. After all, the danger of terrorism is 'to whom it may concern.' Anyone can be victim if he or she happens to be at the wrong place at the wrong time," said Salapuddin. 

As soon as the MILF seals a peace pact with the government, Salapuddin said they now form part of the mainstream of society. "As such, they now have the duties or obligations to the State." 

In view of the MILF's previous tactical ties with other revolutionary elements which may include elements like the Jemaah Islamiyah, the Basilan solon said it is certainly a positive contribution to an effective counter-terrorism if the MILF members become active participants and allies." 

Shares fall 0.3 percent after interest rate increase (philstar.com)

"MANILA  - Philippine shares declined Monday, still reeling from the Central Bank's interest rate increase last week. 

The 30-company Philippine Stock Exchange Index fell 5.03 points, or 0.3 percent, to 1,917.47, after sliding 1.1 percent on Friday. 

The Central Bank raised overnight rates last Thursday by another 25 basis points for the second month in a row and the third time this year after a hiatus of more than four years. 

Bargain hunting, however, started to emerge Monday, with investors picking up certain blue chips after the index slipped to around 1,909. 

"Investors are still smarting to the Central Bank's rate action and the anticipation of another rate hike, possibly within this year," said Erwin Balita, analyst at AB Capital Securities. 

Except for the financial services sector, whose component companies could benefit from higher interest rates, all other sectoral indicators closed lower Monday."


      Peso-Dollar Exchange Rate 
      Official Rate from the Philippine Dealing System 


      PDS Wtd. Avg. 
     Previous Close 
      P55.434 = $1.00 
            Volume (US$)

      As of October 24, 2005 3:11 PM
      Disclaimer: These are based on Philippine Dealing System rates.
      Actual bank rates may vary.


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