MOUNT DIWATA, PHILIPPINES (Reuters) - Erich Mulato walked out of a dingy workshop in this mountain village and into a gold shop next door, clutching a handful of shiny warm nuggets newly refined from the ore he had brought in.
The 53-year-old father of six had come off a 24-hour shift at one of the hundreds of small-scale mines in this region of southern Philippines. He sold the 5.49 grams of gold in his hand - his share of the day's output - for 8,260 pesos ($200). That's more than 16 times what a manual laborer earns daily in Manila.
"Here, we can easily make money," Mulato said, blowing smoke from a cigarette as he waited for his money at the gold shop. "Whatever we want to buy, we can buy ... Making a living is better here."
Better for Mulato, but not for the Philippine government.
By Manuel Mogato — MANILA -- Thu Nov 22, 2012 2:41pm IST
MANILA (Reuters) - China is issuing passports containing a map marking its territorial claims in a maritime dispute with neighbouring Southeast Asian nations, triggering an angry protest on Thursday from the Philippines.
From: U.S. Global Investors
It’s no surprise the NBC show, “Outsourced” was set in India—in 2011, revenues for the country’s outsourcing and information technology industries reached $100 billion, according to The New York Times. However, if the now-cancelled show gets remade in the future, it may take place in the up-and-coming location of the Philippines.
Historically about 10 percent of the country’s GDP growth has been from workers living overseas, sending money back to their families living in the country, i.e. overseas remittances. In the U.S. alone, the Filipino population grew by nearly 40 percent over the past decade, according to the 2010 census. More than 2.5 million Filipinos live in the U.S., with the largest concentration in California.
THE usual answers to this question are because allegedly we Filipinos are indolent, thieves, corrupt, undisciplined, crab-minded, divided, and more. Let us have the real answers.
Nation’s Debts. The main reason is because a large portion of our national budget goes to paying our foreign and domestic debts, instead of using it to build more roads, highways, bridges, schools, hospitals, housing units, railroads, irrigation, cable lines, and other public works; to raise the salaries and benefits of our public school teachers, policemen, soldiers, and government employees; and to fund more development and poverty-alleviation programs.
By ATTY. IGNACIO R. BUNYE
From the beadlike form of pre-colonial Philippine money, to the early coins and notes of the Spanish period and the Philippine revolutionary government, the face of our country’s currency has evolved significantly through the years.
According to a history of Philippine money collated by the Bangko Sentral ng Pilipinas, the American period paved the way for an important development in this monetary evolution.