Word: manila
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...Chase is journeying to Bavaria where he will be trying to improve his German vocabulary and doing research and development for a sequel to a recent article on beer commercials. When last seen, Chase was muttering a German phrase, roughly translatable as something unprintable. Jeff Wise will reside in Manila, supporting either Marcos or communist insurgency by knocking over tourist bingo games. Andrea Monfried will sojourn to Greece and promises to spray paint "Bono is God" on the Parthenon. And Mimi Sheller will slip down to Mexico to buy drugs. As usual, I'm staying here...
When Philippine Finance Minister Jaime Ongpin returned to Manila last month after 27 days of tough bargaining in New York City, he was jubilant. With reason: the patrician Ongpin had won an impressive new financial deal from U.S. and foreign bankers for the still struggling government of President Corazon Aquino. Payments on nearly half of the country's $28.2 billion foreign debt had been rescheduled at interest rates nearly 40% lower than the banks had originally demanded, saving about $1 billion. Ongpin had also won approval for a novel method of turning some of the remaining interest into badly needed...
...last week, however, Ongpin was much less sanguine. At a Manila press conference, he announced that the Philippines might reject his hard-won arrangement. The reason: hard-pressed Argentina had reportedly secured even more favorable terms on the repayment of its staggering foreign debt. Ongpin said the Aquino government demanded further negotiations to alter a deal "based on false premises...
...economy is expected to grow an impressive 6% to 7% this year. Inflation has fallen from 40% two years ago to about 1% or 2% today. Free-market-oriented economic reforms by the Aquino government have also laid the groundwork for future growth. Says Gordon Westly, vice president of Manila's American Chamber of Commerce: "We're on the slow road to recovery...
Aquino, to be sure, has sent mixed signals in the past. After first ordering that paramilitary groups be disbanded, she commissioned a study on how to integrate the forces into the army. Then, last week, Manila Mayor Mel Lopez announced that paramilitary units would be used to counter the recent spate of N.P.A. attacks in the capital. The move pleased the military, which is convinced that peace can be won only with the help of such groups. Some Aquino-appointed government officials, however, complain that the private armies often shoot first and ask questions later. It is a measure...