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$2.5-B worth of pure hype EDITORIAL 06/12/2012

Tuesday, June 12, 2012

$2.5-B worth of pure hype

EDITORIAL
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06/12/2012
The headline that focused on the Palace statement rationalized Noynoy’s victory swing in the United States and the United Kingdom after the impeachment of former Supreme Court Chief Justice Renato Corona was that Noynoy Aquino brought home the bacon worth $2.5 billion from the trip.

Just how fresh the bacon is, however, may burst the expectations of many that indeed new money is being poured into the country.

Most of the supposed investments are commitments made long before Aquino announced that he was tooting his horn before the two world powers to show his supposed commitment to reforms in government.
Noynoy in his report on the result of the five-day tour said half of the total investment pledges came from Rolls-Royce, Gaz Asia Ltd. and commodities trading giant Glencore, owner of the Philippine Associated Smelting and Refining Corp. (Pasar), and oil giant Royal Dutch Shell all of which are based in the UK..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20120612com1.html

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