Transcript: Millenium Challenge Ceremonies

Noynoy and the inverted Philippine Flag

Updated Commentary: 10/1/2010.
This is a full transcript of Secretary Clinton’s Remarks With Philippine President Benigno Aquino III At Millennium Challenge Corporation Signing Ceremony

Remarks by MCC CEO Daniel W. Yohannes at the Signing Ceremony of the Philippines Compact

Thank you. Please be seated.

President Aquino, Secretary Clinton, Secretary Romulo, Secretary Purisima, Under Secretary Burns, All our distinguished guests,

We are here today to sign a 434 million dollar compact between the Republic of the Philippines and the U.S. Government’s Millennium Challenge Corporation. This compact is by and for the people of the Philippines to:

  • reduce poverty,
  • promote economic growth, and
  • create new opportunities for the Philippine people.
  • Let me thank the chair of MCC’s Board of Directors, Secretary of State Hillary Rodham Clinton, for her ongoing support of MCC’s mission to fight global poverty. And, let me congratulate Dante Canlas and Troy Wray for their exceptional work in guiding the Philippine and MCC teams to this signing.

    President Obama unveiled a new vision for global development this week, grounded in economic growth, country-led partnerships, transparency, accountability, and results. MCC already puts these principles into practice. We have an obligation to the American people to invest their tax dollars in partners and projects that will yield results in the fight against poverty. We stand with the Philippines because they are committed to achieving the promise of our investment, no matter how challenging.

    This means embracing reforms, practicing sound policies, and standing up to fraud and corruption so our investment can work best.

    This means leading their development, investing their own resources, and coordinating with other donors to build capacity and maximize sustainability.

    This means involving their citizens-from non-governmental organizations to private sector firms-to design homegrown plans to ensure accountability.

    The success of our partnership depends on good governance, local leadership, and tangible results. It requires the full implementation of the three projects that the Philippine people outlined in their MCC compact to promote economic growth.

    First, the compact will modernize the Bureau of Internal Revenue. This will allow the Bureau to raise revenues and reduce opportunities for tax evasion and corruption. It will increase fiscal space to invest in infrastructure, education, and healthcare.

    (BV: What if the tax audit showed the Top 1000 corporations of the Philippines systematically evaded paying the correct taxes? What if their profit margin isn’t due to prudent fiscal management or effective marketing – but TAX EVASION or GRAND CORRUPTION? Skewing legislation in favor of private business interests?).

    Second, the compact will expand the Kalahi-CIDDS community development project. This innovative approach builds capacity at the grassroots level and responds to the needs of the poor. Projects have centered typically on building water systems, health clinics, schools, and day care centers.

    (BV: What’s going on with the Pork Barrel and projects along these lines? How are the pork barrel funds being disbursed? How much of this will go to pork barrel?)

    And, third, the compact will rehabilitate Samar Road. This investment will enhance road safety, reduce transportation costs, and increase commerce in this poor rural province.

    (BV: How much will be actually spent on the road? Wanna bet?)

    President Aquino, congratulations to the people of your country for designing this MCC compact. The people of the Philippines deserve the successful implementation of the MCC compact that they designed to reduce poverty, promote sustainable economic growth, and increase prosperity. Let us remain vigilant, steadfast, and unwavering in achieving these goals for them.

    (BV: Obviously, Aquino’s team had nothing to do with the design of the compact. )

    Honored guests, Ladies and gentlemen, It is now my great pleasure to introduce and yield the podium to the Chair of MCC’s Board, Secretary of State Hillary Rodham Clinton.

    http://link.brightcove.com/services/player/bcpid1705667530?bctid=616420454001

    SECRETARY CLINTON:

    SECRETARY CLINTON: Thank you very much. It is a true pleasure for me to be here and I want to thank Daniel Yohannes and the entire MCC team – we have board members and staff members here – for their hard work every day, but particularly for this compact. It is an exciting moment in the relationship between the United States and the Philippines, a very long relationship that is now focused on the future.

    And it is a great privilege and honor to welcome President Aquino here. Of course, my colleague, the Foreign Secretary Romulo, thank you for being here with me. And thank you as well, Secretary Purisima, Ambassador Gaa, and all of our distinguished Filipino guests.One of the joys of my job as chair of the Millennium Challenge Corporation Board is watching countries make gains because of their own hard work, but with the help of the United States.

    The compact we are signing today is only possible because for the past few years, we have seen evidence of a commitment to deliver for the people that we believe is represented in the promise of President Aquino’s election. One of the projects supported by this compact, Kalahi, comes from a Tagalog phrase that means “linking arms against poverty.” I think it’s a wonderful phrase because that’s exactly what we’re doing with this Millennium Challenge Corporation compact.

    We want to assist the people of the Philippines to be able to do more for themselves, and we also want to see results from our investment. This was a negotiated agreement. This was not a decision just to give the Philippines some money – although I’m sure that’s welcome to our friends – this was a negotiation. Because that’s the whole idea behind the MCC; there are certain principles that we believe in, and the Philippines has made a commitment to these principles.

    We believe that you can unleash the human potential in a country like the Philippines by tearing down the barriers to economic growth and fighting corruption, which is like a cancer in the economy and society.Millions of people in the Philippines have left their native land for a better opportunity.

    They love the Philippines. I know because I know many of them.

    They try to go home when they can afford to do it. They retire back to the Philippines.

    They want to be sure their children and grandchildren are raised in the Philippines.

    We hope that, Mr. President, the people of your country will be able to make a good living in their own country.

    And in order to do that, there must be a partnership that creates the conditions for economic opportunity.

    I know how smart the Filipino people are. I know how hard they work. I’m not sure there’s any group of people anywhere in the world that work harder than Filipinos.

    But let’s be very honest here. Too many of them feel that they cannot progress in their own country. Too many of them feel that the elite in business and politics basically call the shots, and there’s not much room for someone who’s hardworking, but not connected. Too many of them believe that even if they get the best education they can, that there won’t be an opportunity for them, and so they take that education and help build someone else’s economy, very often here in the United States.

    So this work that we are agreeing to today has the potential for assisting in the transformation that President Aquino has spoken of. The work has already begun to show results, including new and improved roads so farmers and fishermen can get to market faster and new businesses can take route; a more effective and efficient tax collection system so the government can raise the revenue it needs to serve its people better; and a program that will partner with some of the country’s poorest communities to identify those development projects that will make the biggest impact. Because we know one size does not fit all; one community might need a school, another a health clinic, a third a water system. Each will be responsible for designing and driving its own project and for showing results.

    Now, these are not American ideas, these are not MCC ideas; all of these ideas came from the Filipino people. They are designed to be self-sustaining and they build on efforts that have already begun. So we look forward to working with you and linking arms in the fight against poverty and on behalf of a better future for the people of the Philippines.I look out at this audience and I see some dear friends who I have known for many years.

    When I was a senator from New York, I had the great privilege of working with many of you on behalf of a stronger relationship between the United States and the Philippines.

    It is my personal commitment that we will do everything we can to help you help yourselves. Because at the end of the day – (applause) – I know that the spirit of entrepreneurship, the drive to succeed, the love of family and commitment to the next generation has been a hallmark of Filipinos forever.

    And I am absolutely convinced, Mr. President, that under your leadership, your country will show great strides forward.It is now my great honor to introduce the president of the Philippines, President Aquino. (Applause.)

    PRESIDENT AQUINO

    PRESIDENT AQUINO: Your Honor, Secretary Hillary Clinton, Under Secretary of State for Political Affairs William Burns, Assistant Secretary of State for East Asian and Pacific Affairs Kurt Campbell, MCC CEO Daniel Yohannes, MCC Board members, U.S. Government officials, members of the Philippine delegation, ladies and gentlemen, tonight on behalf of the Filipino people, I am bearing witness to formal approval of a $434 million grant to the Philippines to help our fight against poverty and corruption. This is no ordinary aid agreement.

    In the presidential palace in Manila, there is a painting titled the Blood Compact. It portrays the first treaty of friendship between a Filipino ruler and the representative of a foreign power. It is only fitting that tonight we are bearing witness to a modern kind of compact – a solemn agreement covenanted by its two entities in a common objective. Our common objective, our shared aspiration, is for poverty to be banished and for development and prosperity to take its place.

    The American people and their government have put forward the financial means for developing nations to accelerate their development. And yet, as Ben Franklin reminds us, God helps those who help themselves. All the aid, all the assistance in the world, would be meaningless if it ended up stolen or misspent. We share the same view – a key to unlocking the potential for growth and prosperity among nations is good and honest governance. If the American people through their government can commit resources to their friends, their friends, owe it to those pledging assistance and to themselves to be worthy stewards of what they will receive – for this reason, the Philippine compact proposal has undergone a rigorous development and multi-stakeholder consultative processes, from the time the Philippines was introduced into the Millennium Challenge Account Threshold Program with the MCC five years ago.

    Up to that time, up to the time that the country was selected compact-eligible from 2008 to 2010, the Philippine compact went through four congressional notifications, countless MCC missions to the Philippines, and a legislative concern on the Philippines compact eligibility due to income reclassification from a low-income country to a lower-middle income country. This agreement was made possible by Filipinos and Americans working together to give us the tools to finish the job of fighting poverty.

    I commend Foreign Affairs Secretary Alberto Romulo together with Ambassador Willy Gaa, the Finance Secretary Cesar Purisima, who first led the development of the Philippine Threshold Program in 2005 as then-secretary of trade and industry, and who is now responsible for the lead oversight in implementing the compact for the next five years under an accountable entity called the Millennium Challenge Account Philippines.

    On the American side, the former members of the MCC Board and their staff – Lorne Craner, president of the International Republic Institute; Ken Hackett, president of Catholic Relief Services; former private sector member and managing director of Greycroft Limited Liability Corporation, Alan Patricof; and USAID Chief Operating Officer Alonzo Fulgham, who also served as Acting USAID Administrator – we appreciate your invaluable contributions.

    We acknowledge as well the efforts of previous MCC CEOs – Ambassador John Danilovich, Rodney Bent, and Darius Mans for their exemplary efforts, as well as to the talented MCC Philippine transaction team led by Deputy Vice President Darius Teter and Country Director Troy Wray.

    There are, of course, Madam Secretary Clinton, a true friend of the Philippines, and the members of the MCC Board – Treasury Secretary Timothy Geithner, U.S. Trade Representative Ambassador Ron Kirk, USAID Administrator Rajiv Shah, MCC CEO Daniel Yohannes, and private sector member, former Senator William Frist. All of you have made possible this vote of confidence in the Philippines.

    The MCC Board of Directors has praised this Compact for its creativity, innovation and relevance. Each of the three projects in the Compact has integrated several key components to combat corruption.

    The Revenue Administration Reform Project or RARP directly targets improvements in governance or internal integrity within the Bureau of Internal Revenue (BIR). The Kapit-Bisig Laban sa Kahirapan – Comprehensive and Integrated Delivery of Social Services, or Kalahi-CIDSS, is designed to ensure that resources are provided to communities directly where they are needed most, and enforces transparency and accountability for local development investments.

    The Secondary National Roads Project introduces a number of checks on construction standards and road contractors. And these are the Compact projects that, in the words of MCC executives, demonstrates my country’s “high capacity” as an MCC partner.

    As I conveyed during my teleconference with Mr. Yohannes last August 9, we will do our part to use this grant wisely. We will continue the Revenue Integrity Protection Service or lifestyle checks programs. We will ensure that the Policy Improvement Process Plan of Action will be implemented in parallel with the Compact projects to effectively address performance issues such as Control of Corruption. We are currently refining our indicators for the Performance Governance System, which was already introduced in six national government agencies, namely education, health, public works, transportation, internal revenue and the police. We will revive the Philippine Development Forum this year so that the Philippines will remain on track when it comes to our 2015 Millennium Development Goal targets, especially in meeting targets in primary education and health services delivery.

    My visit to the United States has a key objective – to inform investors that the Philippines is indeed open for business – not the under-the-table kind, but the legitimate kind; not the kind of business that thrives in corrupt deal-making, but which thrives because of sensible and enforceable and fair contracts. I have come with my economic team to share with our American friends the possibilities for doing business in my country, either through the Build-Operate-and-Transfer schemes or Corporate Social Responsibility programs.

    But first and foremost, I am here to assure you that the Philippines is committed to good housekeeping practices in its domestic and international dealings with investors. We are committed to not just a fair, but a square deal for all. We will not abandon the poor to the markets, just as we will not distort markets by means of red tape or crony impositions.

    Tonight, we bear witness to a partnership for development, a partnership built on good faith. We have paid our dues, you have given your pledge. We are in this together, which is only fitting, since we are two nations bound by a shared commitment to the same ideals of life, liberty, and the pursuit of happiness.

    Good evening and Mabuhay to all. (Applause.)

    ******

    The MCC

    The Millennium Challenge Corporation (MCC) is an innovative and independent U.S. foreign aid agency that is helping lead the fight against global poverty. Created by the U.S. Congress in January 2004 with strong bipartisan support, MCC is changing the conversation on how best to deliver smart U.S. foreign assistance by focusing on good policies, country ownership, and results. (http://www.mcc.gov/pages/about)

    MCC Programs

    There are two primary types of MCC grants: compacts and threshold programs.

    • Compacts are large, five-year grants for countries that pass MCC’s eligibility criteria.
    • Threshold programs are smaller grants awarded to countries that come close to passing these criteria and are firmly committed to improving their policy performance.

    The Philippines Threshold Program

    The $21 million Philippines Threshold Program focused on addressing improved revenue administration and anti-corruption efforts and is consistent with the “Medium-Term Philippine Development Plan, 2004-2010,” which was announced by President Gloria Macapagal-Arroyo in October 2004.

    The program was signed in July 2006 (http://www.mcc.gov/pages/press/speech/speech-062608-filipinodiaspora) and completed in May 29, 2009  (http://www.mcc.gov/pages/countries/program/philippines-threshold-program)

    The Philippines has performed well on its MCC threshold program, meeting or exceeding most benchmarks.  We can point to many threshold program successes.

    • The Ombudsman’s office has made gains in prosecuting corrupt officials, evidenced by the fact that annual conviction rates have risen from 19 percent in 2006 to 55 percent in 2007.
    • A program to reduce corruption in revenue-generating agencies nearly doubled its caseload between 2006 and 2007.  So far, 18 tax and customs officials have been suspended under the program.
    • Two new programs to target tax evaders and smugglers have undertaken significant caseloads.
    • The Reduction in Red Tape Act has been adopted, designed to reduce the opportunities for petty bureaucratic corruption.
    • Civil service salaries have increased significantly to also reduce the motivation for petty bureaucratic corruption.
    • The Philippines adopted a new procurement system, which the World Bank has called a “model.”
    • While the very active media in the Philippines report regularly on instances of corruption, media-reported scandals are often a sign that anticorruption mechanisms exist and are active.  This is precisely the media’s role in an open and democratic society.


    Corruption is very much a problem of human nature, and no donor—and no amount—of development assistance can completely eliminate the risk of graft or corruption.  However, tangible steps can be taken:  By continuing our dialogue with the government about its ongoing reform efforts and by demanding strict standards for procurement and fiscal accountability in our programs, MCC helps to bolster and build systems based on openness and transparency that work to effectively minimize corruption.   We are proud of how the Philippines used its threshold program to consolidate reforms in its fight against corruption.

    And, we see other reforms underway in the Philippines as well.  For example, there has been improved economic management in recent years.  Aggressive fiscal reform efforts—praised by the World Bank and the IMF—have brought the fiscal deficit down from over 4 percent in 2003 to around 1.5 percent in 2007.  During the past few years, the country has experienced strong economic growth.  Over the last two years, it has had the strongest Asian currency vis-à-vis the U.S. dollar.

    Because of the Philippines’s good performance on its threshold program and given its consistent good performance on MCC’s eligibility criteria, our Board decided in March to select the Philippines as now eligible for a large-scale MCC compact.

    The Philippines Compact Program

    On March 24, 2010, the MCC Board reviewed the agency’s poverty reduction results to date and the Board also discussed the Philippines compact proposal.   http://www.mcc.gov/pages/press/release/release-032410-mccboardreviews

    They stated that “The MCC Board deferred final consideration of the compact proposal in order to engage with the incoming administration to secure their commitment to the ideals and principles of MCC and to the compact’s objectives and implementation.

    On August 5, 2010 – The MCC Board approved the $434M Philippines Compact  – http://www.mcc.gov/pages/press/release/release-080510-philippinescompact

    • $54.3 million in investments to computerize and streamline business processes in the Bureau of Internal Revenue.
    • $120 million to expand Kalahi-CIDSS, a community-based, rural development program
    • $214.4 million to construct and repair 220 kilometers of Samar Road. This road, which passes through 15 municipalities, will improve access to markets and services for farmers, fishers, and small businesses in some of the poorest provinces in the Philippines.

    On September 23, the Philippines RECEIVED $434 Million Poverty Reduction Compact – http://www.mcc.gov/pages/press/release/release-092310-philippinesreceives434

    Observations:

    1. The Philippine Threshold Program was approved by the MCC during Arroyo’s Time.

    2. Completion of the Threshold Program in May 29, 2009 provided confidence-building measures that the Philippines was ready for the next step and set the stage for accessing the Compact Program. (http://www.mcc.gov/pages/press/speech/speech-062608-filipinodiaspora)

    3. It looks like, Arroyo paved the way as early as Jul 2006. Successful completion of the threshold program allowed the Philippines to apply for a compact program.

    4. The MCC program by its nature is already political. Accessing the funds means you are committing to the policies of the program. The fact of the matter is – the Philippines had to undergo the threshold program BECAUSE it failed the corruption indicators WHEN IT FIRST APPLIED for the compact program in 2004. Thus, it had to accessthe threshold program and received $21M. It was only AFTER barely passing the threshold program that the Philippines was considered Compact-eligible. The $484M Philippine Compact was approved AFTER the Philippines {completed the Threshold Program AND Philippines re-applied}. It is true that corruption is one of the indicators albeit a major one but not the only one. The scorecard lays down the discussions in quantifiable terms.

    5. There were two instances of applying for the Compact Program

    5.1 – In the 1st application – the Philippines was rejected due to corruption indicators, thus the threshold program. After passing the threshold program, it re-applied.

    5.2 – The 2nd application was on the verge of being approved in Arroyo’s term, but the release of the funds was deferred to Aquino’s term – http://www.manilatimes.net/index.php/component/content/article/86-special-reports/14267-mcc-defers-granting-500m-to-philippines

    The corruption issue was already settled when the Philippines passed the threshold program. Concern about Aquino’s commitment to the program initiated by Arroyo was high  and a cause for concern.

    6. Continuity – Aquino’s rabid Anti-Arroyo position put the approval at risk because if the Philippine compact program was seen as an Arroyo program – there was a real danger that the Philippines might not comply or not deliver once the Aquino administration came in. For one simple reason – because the program was initiated by Gloria. The MCC board wanted to make sure that the anti-Gloria stance of Aquino will not mean discontinuation or termination of the Philippines commitments under the Philippine Compact Program. Else what’s the point of releasing the money if Aquino will let the program go to waste. That’s throwing good money after bad.

    Conclusions:

    The deferment of March 2010 was about policy continuity NOT corruption.

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    54 comments

    1. […] This post was mentioned on Twitter by Bong Vicente, AntiPinoy.Com, AntiPinoy.Com, Bong Vicente, AntiPinoy.Com and others. AntiPinoy.Com said: http://antipinoy.com/transcript-millenium-challenge-ceremonies/ […]

    2. President Benigno “Noynoy” Aquino (who has a reputation 🙄 to being very good to his shooting buddies and college classmates) probably did not even know that he was being :mrgreen: lectured to.

      That was not an empty lecture from Hillary Clinton.
      There is an important reason why some foreign companies put Pilipinas at the bottom when they start joint-ventures.

      http://propinoy.net/2010/09/24/corporate-governance-faulted/

    3. Corporate governance faulted
      RP ranked last in list of 11 Asian countries
      BusinessWorld Online

      THE PHILIPPINES has been placed at the 😳 bottom of a list of 11 Asian countries in terms of corporate governance, with a Hong Kong-based brokerage and a regional nonprofit group highlighting weakened domestic securities law enforcement.

      The CG Watch 2010 report by the Asian Corporate Governance Association and CLSA Asia-Pacific Markets ➡ castigated Philippine regulators, noting that Philippine firms . . . including conglomerate San Miguel Corp. were allowed get away with depriving minority shareholders of preemptive rights through changes to bylaws.

    4. m. kasahara · ·

      Hmm, I’ve never heard of this. … if announced to all American taxpayers, many of them will be pissed off. hehe.

      Clinton should have screamed the emphasized transcript words to Aquino’s ears. :mrgreen:

    5. m. kasahara · ·

      @ UP nn — Philippine Regulation Fail.

      And idk what will happen to that $430. Pessimistically speaking, it will most likely go to temporary fixes with maginal to no positive permanent impact to the country as a whole. Free food, free school, free all, free moneyz to officials then the money goes away without any significant change.

      I’d rather have the US put their people to manage that money. You know, like what IMF does.

    6. Hyden Toro · ·

      It is ironic for the imbecile President to tie the Sikatuna-Legaspi Blood Compact, to the Millenium Challenge. The Spanish deceitful alliance was used by the Conquistadors; to make the native tribes fight among themselves. When, they become weak. They conquer them.

    7. Hyden Toro · ·

      Actually, the program does not address the true problems of the Philippines. Like: (1) Land Reform. The Aquinos are the biggest Feudal Lords in the country. (2) Political Warlords. (3) Rampant insurgencies. (4) Population Growths. (5) Brainwashed citizens, still delusional of the EDSA Myth.

    8. Hyden Toro · ·

      Hey UP nn Grad. Finally seen the light? Like Saul of Tarsus, on the way to Damascus, Syria? 😆

    9. palebluedot_ · ·

      “…and a legislative concern on the Philippines compact eligibility due to income reclassification from a low-income country to a lower-middle income country”

      does this phrase indicate that the Philippines improved its economic status during 2008-2010? if my understanding is right, i wonder how Penoy felt while reading this…how he almost missed to receive the compact grant because the previous administration worked hard to reclassify this country from low-income to lower-middle income status.

    10. Hyden Toro · ·

      The Millenium Challenge is advocated by the U.S.; for its purpose of dominance in Globalization, and in promoting the New World Order. The U.S. is a declining superpower because: (1) It is deeply in debt. (2) it is very much dependent on oil, from the Arabs. Israel and Islamic Fundamentalism are the main headaches. (3) It is fighting two wars. The Egyptians, who were the first world superpower, went bankrupt, because they fought too many wars. Crops did not grow. People were busy killing themselves. (3) China is the rising star, in the world trade. I prefer to look more in the Prophecies of the Books of Nostradamus; than listen to such useless speeches.8O

    11. Hyden Toro · ·

      The Millenium Challenge is advocated by the U.S.; for its purpose of dominance in Globalization, and in promoting the New World Order. The U.S. is a declining superpower because: (1) It is deeply in debt. (2) it is very much dependent on oil, from the Arabs. Israel and Islamic Fundamentalism are the main headaches. (3) It is fighting two wars. The Egyptians, who were the first world superpower, went bankrupt, because they fought too many wars. Crops did not grow. People were busy killing themselves. (3) China is the rising star, in the world trade. I prefer to look more in the Prophecies of the Books of Nostradamus; than listen to such useless speeches.8O

    12. hyden: so you would rather not have roads in Samar – because the US is a superpower and fighting all these wars? A cat (black or white) that catches mice – as long as it catches mice.. is useful.

      good for china but not for US? 🙂

    13. UP nn grad · ·

      the pro-Benigno “Noynoy” Aquino media-companies in metro-Manila used — GMA-admin didn’t get the $430Million, corruption — instead of GMA-admin didn’t get the $430million, had to reclassify, Pinas got wealthier.

      “Noynoy” with the reputation of being very kind 🙄 to his target-shooting friends and classmates, I still don’t think “Noynoy” knew he was being lectured 😯 to by Hillary when Hillary said “…let’s be very honest here. Too many of them feel that they cannot progress in their own country. Too many of them feel that the 8) elite in business and politics basically call the shots, and there’s not much room for someone who’s hardworking, but not connected. Too many of them believe that even if they get the best education they can, that there won’t be an opportunity for them,

    14. Hyden Toro · ·

      The Books and messages from our Divine Source are more accurate, like: the Prophecies of Nostradamus; the Books of Revelation, by Saint John the Divine and by Saint Peter, the Apostle. 😐

    15. Hyden Toro · ·

      To the information of all. Saul of Tarsus was the original Jewish name of: Saint Paul the Apostle. The best Epistle writer in the New Testament of the Christian Holy Bible. He was a persecutor of the Christian Church. Until, Jesus Christ knock him off of his horse, blinded him. He was on the way to Damascus to arrest Christians. 😮

    16. Hyden Toro · ·

      You are qouting the late leader Deng Zhiao Peng. if you look at history. China was not an imperialist. It was a superb World Trader.

    17. Basically, Hillary told PNoy this: Clean up your damned act, you dimwit, or the next time you ask we’ll tell you to go “F” yourself. Noy, slowpoke that he is, just didn’t get it.

    18. Why is everyone so worried about U.S. dominance in world affairs? I think this bogeyman fallacy of being against the U.S. should stop. It’s deceiving people… like all that illuminati and New World Order bullcrap. It’s doing nothing but foster hatred.

      Like it or not, if you don’t like the U.S., there’s always China. 😉 I personally prefer Singapore.

    19. Hillary first levelled the field about GMA-administration role in getting the MCC grant. “The compact we are signing today is only possible because for the ➡ past few years, we have seen evidence of a commitment to deliver for the people that we believe is represented in the promise of President Aquino’s election. One of the projects supported by this compact, Kalahi, comes from …”

      Then she said “We want to assist the people of the Philippines to be able to do more for themselves, and we also want to see results from our investment.

      Then the bitchslap : “… 😯 let’s be very honest here. “

      to hacendero-clan-member Benigno Simeon “Noynoy” Aquino whose reputation continues to grow, Noynoy and his 8) generosity towards shooting buddies and college classmates.

    20. and after that, Paul established the Christianity that we all know. How ironic. (Useless info.)

    21. He wont get it. He’s too dense.

    22. sum it up with one word in his mind..

      “DUNNO”.. 

    23. Something wrong with the pic. Why didn’t PNoy notice the upside-down flag? Are we at war with China already?

    24. Or is he at war with the Filipino people? 😯 😆

    25. I’ve heard that Mrs. Clinton is a close friend of Dr. GMA. Probably Hillary talked w/ her friend first and assured, “I’ll deliver a bitchslap to that nincompoop for you, don’t worry.” 😉

    26. Wait, I get it… he’s still at war with the previous administration! 💡 Go figure.

    27. That upside down flag with President Noynoy at the helm is an omen of troubling years to come/

    28. palebluedot_ · ·

      lots of bloopers for this administration 🙄

    29. …rofl at the bitchslap by Clinton. Penoy probably thought that it was intended for the previous administration.

      Upside down flag… what the hell!! Maybe the fund is to make us commit in helping the war of US? (yah a little conspiracy theory but it is more likely a blooper by the administration… lol)

    30. Hyden Toro · ·

      NOVUS ORDUM SECLORUM…

    31. Perhaps, it was just a minor arrangement mistake and Noynoy must have been pretty pre-occupied to have noticed the difference.

      The decorator may have thought this, “Here is red, it should be emphasized with its surrounding reddish flags.” 🙂

    32. My only worry about the discussion is whether Noynoy has predisposition to absorb the suggestions what he needs to come up with based on the suggestions.

    33. The Flag is upside down and Noynoy doesn’t realize it… This smells trouble…

    34. kid dynamo · ·

      hey guys look at the picture on this article…PRICELESS….

      http://www.philstar.com/Article.aspx?articleId=615716

      never saw PNoy that happy playingt….:-)

    35. Sinulit ba naman ang lakwatsa sa America.. from NY Hotdogs and eating in a steakhouse.. But that one was priceless… haha

    36. A friend passed on an interesting statistic to me recently. Formal employment income in the country has most probably been surpassed by foreign employment income. The actual foreign employment income today is probably in the region of $20 billion dollars. That would mean the Philippine government’s tragic failure has been able to create more income for their people who go abroad than in their own country.

      The U.S. has to pull out all the stops to maintain the economic colony they still control in Asia.

      We are after all Americas economic platform in Asia. Greater China which economically controls all of ASEAN will eventually move to the Renminbi based economy from the dollar and integrate with Mother China.

      U.S. and European maintenance and control of the financial markets will have to give way to China.

    37. SmarterThanHugh · ·

      That would mean the Philippine government’s tragic failure has been able to create more income for their people who go abroad than in their own country.

      Wow. That’s like saying our government’s failure should be given credit for the better opportunities abroad.

    38. of course Noynoy noticed the upside down flag, but chose to pretend that he didn’t.
      it’s because the Americans made the mistake, them all mighty Americans!

      pff.

    39. Nein, the Yanks knew PNoy was at war… At war with the great spirits, with his allies being the dimwitted masses and their puppetmasters the oligarchs.

    40. A market-driven China (versus planned-economy Rip Van Winkle China) is a good thing. 

      Walter Lohman, director of the Asian Studies Center at the conservative Heritage Foundation, said the changing dynamic in Asia has been China’s growing assertiveness, not any shift in US policy.
      “The Chinese really believe that we are rallying against them,” Lohman said. “They’re missing a very important point—the Vietnamese are coming to us and the Japanese are coming to us, not the other way around.”
      http://newsinfo.inquirer.net/breakingnews/world/view/20100926-294386/US-seizes-chance-as-China-rattles-Asia

    41. War against Dengue
      War against Poverty
      War against Jueteng

      Philippines has been perpetually at war against whatever – so what else is new?

    42. Exactly. The words “let us be honest here” should mean they should not downplay what the previous administration achieved. Past President Arroyo has done a good job. As what she said in his SONA, the current and the incoming government will harvest what she planted.

      PNoy should begin working instead of whining about the past.

    43. ulong pare · ·

      … daaaaaang… prez gung gong would not recognize a flipflag if it wrapped around his neck… :mrgreen:

    44. ulong pare · ·

      … daaaang…. HKongese would shred a flipflag and would make prez gung gong eat it… i bet y’all, prez gung gong&kamag-anak inc would happily oblige… :mrgreen:

    45. ulong pare · ·

      PS… porgot sumtin…. wearing a big smile as if deep throating/swallowing a nuyak hotdogs… :mrgreen:

    46. Wow somehow the ignorance of many simply amazes me. The U.S. is the worlds largest external debtor. It’s private and public external debt makes it No. 1.

      The accident of history gave them the dollar privilege which has now ended. It’s external debt is denominated in its own currency. However now that it is also a net importer of oil unlike the past when it was the premier producer of oil and fuel making oil price the default price of the dollar instead of gold.

      For a long time since the early 70’s U.S. growth was debt based. That was when the U.S. went off the gold standard since it could not pay in gold its foreign debts.

      U.S. economy has been living way beyond it means for a long time and now they are debt in hock. China is now Japans largest trading partner. The shift to China as a major trading power replacing the major industrial economies has started.

      America is having a hard time adjusting to a newly emerging multi-polar world.

      A state driven market economy is tough to beat.

    47. Very few advocate a return to the gold standard. A pure gold standard is highly impractical.

      When the growth of population or increase in trade outpaces the money supply, there would be no way to counter-act deflation and reduced liquidity (and any attendant recession) except for the mining of more gold or silver under a gold or silver standard.

      And poof goes the environment –   :mrgreen:

    48. … daaaang… flipflams mob a happy/giggling prez gung gong at Seafood City in Milpitas, California… i thought a tambay was mobbed for kang kong shoplifting… seafood city has ‘sang tambaks na sekyu watching flipflams’ grabby hands… :mrgreen:

    49. When, then, can we expect epistles from UP nn grad?

    50. Like I earlier commented many who post here in particular the author of this post is almost completely clueless about the extraordinary privilege that the U.S. has in producing the primary reserve fiat currency in the world. That would mean that only the U.S. borrows from the world in its own currency. That privilege has now seen its peak and will slowly be stripped away.

      The author of this post still has a lot to learn. Reverting back to discussing the gold standard instead of the topic of the dollar empire is a cop out. World trade is affected by the struggles between who will create the international currency for trade. Attempts to fashion a neutral currency have always been stymied by empire.

    51. in case you didn’t notice the US does not have a monopoly of fiat currency. get over it – whatcha gonna do when you run out of gold? 😆 Rip Van Winkle.. where ya been

    52. […] – he has yet to grow balls when it comes to protectionism and charter change. Never mind that Hilary Clinton practically told the entire delegation of conyos and oligarchs made up of Ayala and P…: We believe that you can unleash the human potential in a country like the Philippines by tearing […]

    53. […] previously blogged in the the MCC Transcript the MCC board wanted to make sure that the anti-Gloria stance of Aquino will not mean […]

    54. […] all, in this day and age of Cable TV, Google and the Internet, it is very easy to verify – by checking out the website of the Millennium Challenge Corporation – the exact blow by […]

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