Almost four year ago, I wrote an entry “Flying the Coop” in which I observed:
A recent news item says that more pilots have been leaving the country for greener pastures overseas. Philippine Airlines, Inc. (PAL) has lost about 20% of its pilots over the last three years and more are about to fly the coop. This is an alarming development in our continuing brain drain. Even our best trained and highest compensated professionals are packing their bags. A desperate policy resolution from the Philippine Overseas Employment Administration limiting the number of pilots who can work for international airlines has failed to stem the tide.
Things have apparently gotten worse since. Over the weekend, at least 23 international and domestic PAL flights have been cancelled due to the fact that there were no pilots to fly PAL planes. Eight more flights were cancelled today. Continue reading “PAL Pilots Fly to Greener Pastures”
The Philippine Stock Exchange plunged 12.3% yesterday, the biggest one day loss in its recent history.
The unprecedented drop forced officials to temporarily stop trading, also a first for the PSE.
The “circuit breaker rule” was imposed after the main index fell by 10%. The trading floor imposes an automatic 15-minute halt to trading if the PSE index falls by at 10 percent. The rule is designed to calm down emotional selling. To no avail, as sellers dumped shares after the break in a frenzy of panic-selling. Continue reading “Panic Grips the Philippine Stock Market”
The expanding global financial crisis is expected to slam the country with the force of a tsunami, which began as a ripple in a far-away land but will be at the height of its force when it hits Philippine shores. The storm signals are up.
According to blog site Innovation Journalism, the shock waves throughout the U.S. and global economy and the fallout from the most colossal financial calamity since the Great Depression has only just begun.
The government urged the public to prepare for a “worst-case scenario” amid the steady negative impact of the US financial implosion on markets elsewhere in the world. For the Philippines, an already difficult situation is about to become worse. Continue reading “The Global Financial Crisis Impacts the Philippines”