I have posted a few articles about my political views but I really don’t want to delve deeper, because for me, nothing will happen. I’ve been shying away from posting about politics for personal reasons and because I grew up surrounded by politicians. There are fights which already lost even before they started and there are fights, worth fighting for.
Corruption is something that has been plaguing our country since time immemorial. We are aware that the government has been struggling for decades now to eradicate red tape and corruption in the bureaucracy. But, it’s a disease that is hard to shake off, simply because some people want the easy way to richdom.
How can we entice future investors when we have bad track records? They know about red tape and they are well aware of the massive corruption. Oh, and let’s not forget the frequent meddling by the courts even at the expense of public interest. It’s like showbizness inside a court house! I’m sure you have at one time or another got to peek at the famous trial of former Chief Justice Renato Corona who was dragged into various allegations of corruption and other indiscretions. It’s like trial by publicity and even if you’re not guilty, your dirty laundry has already been splashed all over the news, so you’re basically trashed and embarrassed.
The only recourse was to seek negotiations for debt restructuring plan with its creditors, among them, Banco De Oro Unibank, (“BDO”), formerly Equitable PCI Bank, Inc, which is owned by Shoemart’s Henry Sy. But, instead of helping the steel company to survive its financial problems and allow its rehabilitation, BDO suddenly filed with the Batangas City Regional Trial Court on 11 September 2006, a creditor-initiated petition to place SCP under corporate rehabilitation. Now, that was thought of as a bad and tricky scheme by the bank to be able to take full possession of the company at a bargain.
This is the reason why the local steel industry in the Philippines is now practically dead and much of the country’s steel supply are smuggled and unrated Chinese steel. Well, business is business, but if you are a true blood Filipino, you wouldn’t want to see a local company with full potential to go down just like that. You would have given them some leeway and if all back up plans fail, then that’s the time to buy it BUT with the hope of helping it rise again and continue to make it prosper.
The Philippines is well known to be rich in high grade iron ores and other minerals needed for the production of steel. If more and more company opens production of steel, unemployment will decrees somehow. People will have something better to do that commit crime. They would want to work and earn their living and feed their families and live in normalcy. The government won’t have much problem with squatters sprouting like mushrooms, crime rate will go down, families will be able to eat three times a day and have a proper roof on their heads. Best of all, our economy will boom and investors will come flocking in.
But, as it is, many local steel plants have shut down especially during the onslaught of the Asian Financial Crisis in 1997. SCP was struggling, yes, but slowly coping up though it seems not enough. It only needed some financial push to be able to survive the crisis. But to be placed under rehab proceedings and without any due process, was something that smelt like stinking fish. I’m actually wondering, did something happen under the table?
It’s supposed to be rehabilitated and not dissolved and quickly. It’s a huge corporation, a lot of investments went in there, owners and investors alike want it salvaged until it can finally bring out it’s wings and soar high. The whole Philippines and it’s people will be blessed and enjoy it’s fruits once it has harnessed it’s full potential. It won’t be just the owners and investors who will take advantage of the massive wealth it will bring them, but people will have something to look forward to in terms of employments and benefits. The country will be known for it’s being rich in steel production thus more investors will come and will put up many other companies which in turn will bring down unemployment.
If there’s truly a clear motive to rehabilitate SCP, as it was intended to be, what will all the cash flow reports that was submitted, then that should have been the verdict. But, it was obvious that something fishy happened, what’s with the rushed decision to liquidate instead of allowing first for its rehabilitation? And to handle a case that’s bigger than what you have handled before and without prior experience plus a bad record, this case should’ve been given to a more experienced Rehab Receiver!
While there are pending petitions before the Supreme Court and the Court of Appeals, Judge Galvez seemed to be too over-eager to implement the recommendation of Singson-De Leon even if it means that this would pre-empt the ruling of both superior courts.
It simply ignored the doctrine of judicial courtesy which requires that lower courts must await the decision of higher courts on matters related to cases before it. Otherwise, the appeals may be rendered moot and academic, and useless, resulting in judicial anarchy. Moreso, why can’t the rehab court wait for the decisions of the higher courts as it has always done in the past instead of risking being cited in contempt?
In ordering the liquidation of SCP, the Galvez court may have committed contempt of court by preempting the pending decisions of the Court of Appeals and the Supreme Court. Disregarding the superiority of the CA and the SC as arbiters of the SCP’s case is tantamount to abuse of discretion and does not sit well with the judiciary’s earnest struggle to regain the people’s trust and confidence which was somehow eroded by the painful Corona impeachment trial.
SCP is the last fully integrated steel plant still standing in the country and it must be saved from predatory takeover attempts by those casting a moist eye on its business for their own selfish interests. Because BDO failed to take over SCP after forcibly bringing it to corporate rehabilitation, fear are rife that it now wants to do it again by using the liquidation order as an excuse to use SCP funds to selectively buy back its debts held by the other creditors to complete the takeover.
This would not only allow an easier takeover but it would be a lot cheaper for BDO to possess SCP through liquidation.
Clearly, the rehab receiver and the judge handling SCP’s case had no interest to save the company at all and it looks like they are not doing this out of patriotism. Someone must be moving heaven and earth to make sure that SCP fails in its bid for rehabilitation. Like vultures, they are just waiting for SCP to fall before feasting on its carcass.
If you’ll ask me, this is such a preposterous battle against “evil”. Why in the world would you like to destroy something that could be “the hope of the Filipino people”? This might have been a part of the jigsaw puzzle, that once complete, will finally end the battle against unemployment and hunger. I am all for helping and making my beloved country a better place for my children. If ruining a might have been part of the solution, makes you richer and the rest poorer, then I would not like my children and my grandchildren to spend their lives here and see the fall of a once mighty Philippines.
* If you’d like to know more, read here
Disclaimer: These are my thoughts therefore please respect it. I will respect your opinions too, so why not voice it out below in the comment form. 🙂
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That’s just evil and greedy ! I pray for the Philippine people
I am going to be honest. I am not a very political person and actually don’t like it at all because of all the dishonesty. I could tell you were very passionate about what you wrote but it was very deep for me. Thank you.
As I was reading your post, it occurred to me that there are higher ups in every country, who seem to have their own interests in mind, than the better good of the people 🙂
Never even heard about this.
i think it would benifit the phillipines alot
I think your views were very detailed and knowledgable. Thanks for sharing.
I hope SteelCorp gets back on it’s feet and is able to provide employment to the residents of the Philippines once again and produce high quality steel. In my town, we also have a steel mill and it would be devastating to lose it!
suppression of any people is wrong and it happens here as well in the U.S. It is a shame the government is unwilling to save something that will make their country prosper, corporate greed and political gains mean more than the people.
It’s so sad that corruption steals from the people of the Phillipines. If it was operating as it should it would bring many jobs to a deprived area.
It does sound like there is something going on in the background. Powerful men/companies looking out for their own interests and not the interests of the people!
Unfortunately, corruption abounds in all corners of the world.
Like you said, I think it all comes down to corruption. Corruption & selfishness. Everybody is out for themselves and unfortunately that’s the kind of world we live in. Caring for your fellow man, paying it forward, being happy for someone else – these are all foreign thoughts & behaviors for most people, I’m afraid. We can only ask God’s guidance to be with them & change their hearts! Thanks!
I had no idea about everything that the Philippines Sinking Steel
Very interesting. I hadn’t known about this. It sound like some similar situations I’ve seen here in the USA. I admit some of this was a bit over my head but I can see where your coming from.
I agree I dont talk to much about government issues or views anymore because if you dont agree with their plans or agendas they want to off your head so to speak. I use to believe that the government had taken equality seriously but the older I get and the more offenses to ethinics groups I see,I Know now they are corrupt and not just in equality but but other things too.
that is wonderful
Sad to say that this is business, and a dirty one at that. A company owes a lot of money, the bank sees an opportunity and grabs it, the owners try to save the company.
What’s wrong here is that the quest for more power and riches of the powerful and the rich is at the expense of other people. Unethical acts usually accompany this quest.
None of this surprises me. This happens all the time, unfortunately…Big business is big business and will probably never change. The people who suffer, don’t really have a voice.
sadly its just not in the Philippine’s company’s have always thought about them self’s over the good of the people as so many of us go hungry they are making and taking its sad that we have to worry about our kids and grand baby’s
I’m glad to see your so passionate about this. I have the same passion about getting our coal industry back up and running in Ky, WV, and VI. Obama has made the EPA regulations SO strict against coal that we have NO more jobs where I’m from. Jobs that we have relied on for generations are gone. And now we have no clue how we’re gonna live little alone afford Christmas this year! It’s a bad time everywhere seems like! I wish this part of the country and the Philippine’s the best of luck with what’s going on.
I have to agree thoughts on Philippines sinking steel corporation help save lives
It is nice to see companies help people instead of them just taking from those who really can not afford to pay extra
Very well said.
This story saddens me because it is true all over the world. It seems that governments and banks are working together to bring down companies that would help decrease unemployment and keeping companies local. The United States outsources more jobs every year. This is good for other economies, but bad for our own country.
Some people don’t care what they destroy. There is probably a profit for some body in the end of it.
Very informative post I have never heard of this before reading!
I think it really all boils down to greed. Great post very thought provoking.
I appreciate your going into so much depth about this. Corruption and clannishness are what’s holding the whole world back, not just the Philippines.
Unfortunately, these things require a change in cultural mindset, which takes generations.
Very well thought out and well spoken! Red tape and corruption are everywhere! Voicing political views can be frightening! Some are so emotional and angry about their views! I hadn’t heard about this struggle! Thank you for educating me!
It is good to be passionate about an industry that is still needed today. In the US our coal industry is slowly being phased out by the administration of today, it seems greed is something that all governments have to deal with.
I don’t get so much into politics or such because my mind can’t deal with all the hurt, sadness and sorrow that comes with it. It always comes down to one thing GREED! There are those who don’t care who they hurt or the consequences involved as long as they get what they want. I always thought this was mostly in 3rd world countries but it’s everywhere. I appreciate the thought that went into your blog and thank you for sharing
Wish you guys the best. It does seem overwhelming. I agree with the greed comment above. That’s all it boils down to anymore. I wish things could change for the betterment of all people not just a few.
Very informative! I applaud you for voicing your opinions and hope that you do so again!
How sad….things like this is happening all over the world although I wasn’t aware of this particular issue till now.
I feel like I live under a rock. Thanks for the information.
I was not aware of any of this that is going on in the Philippines. Unfortunately, there is not a lot of knowledge known about most other countries than america. I can tell you were passionate about this and thank you for sharing and opening our eyes a bit.
It is sad to see that all over the world the corruption takes hold and destroys whole nations…when will it end??
I had no idea any of this was going on. I really dont watch the news or anything like that. Thank you for sharing and informing!
I never even heard about this, sorry
I hope SCP gets back on its feet, and I’m glad you are enlightening others about a topic that isn’t really discussed in the mainstream media.
very sad, but it happens every where, people have grown greedy and when it comes to politicians all they care about is money in there pockets and a name, so sad
I have never heard about this until I read your post. I too shy away from politics. I dont really keep up with it either though. It just seems so depressing most of the time. This is just heartbreaking. I really hope that SteelCorp can get back on its feet and help the PEOPLE. This is just so sad and its happening all over the world. What happen to looking our for people and caring for people???? Thanks for filling me in on this topic.
I tend to be very involved in politics because I was brought in a home filled with dissenting opinions, but we all had something to bring to the table, so to speak. As adults, it has become harder and harder…I have a sister who will only speak to my parents and myself…two other brothers and a sister and their families that side politically with my parents…and it has made for some very touchy get-togethers, especially in the last few years… I think that in the end, we can only do our best to raise our families to be decent and honest, and to do right by one another… I can’t control the world, or the people in it…but I can make sure that my tiny contribution of kiddos are at the very least, decent and honest people.
China is a growing economy and it does not surprise me that they play some part in what is happening. It is sad, but this is only one of numerous businesses around the world that struggles every day just to keep afloat.
Its a shame that everyone cant just live in peace and happiness together. i have never understood why there are people that need to feed on others. Its a shame in this day and age that people have such struggles when it comes to money. Its a shame that u have people in governments that just care about lining their pockets and not truely caring about their people. Its just a shameful world we live in!! 🙁
Philiphines is awesome people in the world!
It is sad when Governments put greed before their people.. It makes me fear the future.
How is this not more known. Haven’t seen it on the news or anything. It’s just sad.
it’s a shame that this happens
It’s so sad that there is so much greed and corruption in the world today.
well i have never heard of this place but the things people do when greed is concerned is beyond me cause greed is basically what it all boils down to
I must say that this is very informative, although I don’t agree with the dishonesty. Thanks for the opportunity to comment.
Very interesting
I do not follow politics, nor anything over seas! I feel anything that is job related over seas is only hurting our country. I admire your patience and time you put into your posting.
Hope the Philippine people find the courage to stand up!It’s a messed up world we live in, morals and ethics have gone through the window.
Good luck to the people there! I agree, there always so much corruption, & I hate anything political now days.
Thanks for sharing!
I hate political battles. I hope for the best in the Phillippines.
I hope they are able to save this company for the good of the people. Greed, unfortunately is near the top of every government. They don’t care about the people, only about the money.
Wow. This is something that I never even knew about. I deal with rehab/liquidating of insurance companies in my state and we are plagued with our own kinds of corruption. No industry appears to be immune. I hope things work out for the Philippines!
it is amazing to me how much greed and corruption is in the world. This was so informative..thank you for sharing this information with us!
I’ve never heard about this story. It’s really sad that there is so much government corruption in so many countries and the people of those countries are really suffering.
it’s just part of a grand scheme.
I hate when people in power and people who have money do things like this. It’s horrible for everyone except the ones pushing the buttons at the higher up. My sympathies to the people and prayers for a solution to this problem.
I’m very glad u r enlighting others ponts. i agree with u
it’s a shame this is going on.
Wow! Interesting post thanks for sharing.
I am not a political person, nor do I usually read any political posts. I had not heard of any of this before reading your blog post. Very informative and well written. Thank you for sharing!
My husband has a lot of extended family in the Philippines. I hope that they will be okay during this time!
Thank you for sharing this heartbreaking story and opening my eyes to what is happening
Same problems here, occured in Indonesia. I thought this is a latent problem for every developing countries, even developed countries too.Developing countries debts and corruption driving us to bankrupcy. We need resolution to solve the monetary problem to cut off the debts and growing the economy. After all, We need dedicated person who rules the country, people who don’t think his/her personal ambitions and love his/her country.
I don’t know much about politics but you definitely made some good points. It’s a shame that help isn’t given to the people in the Philippines.
I can’t imagine what the outcome will be. I can only hope that at some point, someone with a positive view of the future and the money to make a difference will step in and help. I will try and follow this since this is the first I am hearing about it. Thanks for the info.
Unfortunatley, the world is crumbling down around us…
What will happen now with the company and its employees? What I don’t understand is what the BDO really wants, they could have given the company the chance to rise up again or they don’t believe it can still can… sad..
that’s just awful!! it’s sad to see how willing people are to let someone else fail just to make more money.
this is horrible. I feel sorry for the Philippine people and what they go through.
Hope the Philippine people find hope and courage.
It’s wonderful you’re bringing this to the light of people who may not otherwise know about it!
Your .blog just goes to prove that all countries have the same types of people in the government. They are all only out for themselves and their own money profit.
Politics and corruption seem to go hand in hand, no matter where one lives. It’s a shame.
Great article gave more insite whats going on in the philippines, Hope they find the strength to work together.
I am almost 58 and grew up in Chicago when the steel mills were dying down. I didn’t realize that steel was also an employer of people in the Philippines. Now it seems that China is taking it over as they are many of the jobs that were once in the US. The people of the Philippines are good people. Many attend my church. I hope and pray this industry comes back to the Philippines as I know how much blue collar workers suffered when it left the US too
Sounds like what happened to the steel industry in the US.
It’s sad how much corruption there is in the world. I grew up in the Philippines and had no idea any of this was going on.
It really is a sad world when the greed and corruption of a select few can hurt so many. I am from Chicago, IL US and we have the same corruption funning rampant in both our city and our state. Let’s just keep helping each other and spread peace.
The Steel interest affecting your country are also affecting other countries. It would be beneficial to your country if there were more equality in the steel industry. Thank you for bringing this issue forward.
It is truly unfortunate to see how man has continued to dominate man to his injury. Regardless of how well-intentioned a person may be their ideals, no matter how noble, are ultimately squashed by the greater greed of the masses. Personally, I casted my vote for God’s Kingdom. Having come to an understanding that it does not belong to man to guide his own steps and that God has promised to straighten our paths and replace the corruption of this world with a perfect government not run my man, gives me hope.
I hate the political corruption, but it is everywhere.
I can see that government works about the same no matter what part of the world you live on….its sad really.
i pray for the Philippines no one should go through this
I’m from the US and know very little about Philippines politics. However, I do know that there is corruption everywhere, all because people are looking out for their own ego, selfish, fear-based interests. It’s depressing and I can only hope that people will learn to put the interests of everyone ahead of their selfish needs 🙁
it all comes down to the government being extremely greedy
I have never understood. I would that someone who is able to help their culture be somewhat wealthier or secure, money wise, would do what they could to protect it. and then show another company do exactly what they did, so they could grow their business. money does awful ugly things to people. If all people could just love and help one another instead of looking at your different and not as good as we are, we just might be a better more loving country our selves.
WOW! It still surprised that this is still going on in this day and age.
I was just talking about the theme corruption with my husband and it got pretty heated but at the end we decided to calm down, because he blames everything on the government and I don’t think that way, I believe that the gov. is doing its best to stop corruption. One thing I don’t get is the phrase red tape?
Hi Oralia! Thank you for reading this post. Bureaucratic Red Tape means Government inefficiency in the delivery of services to the public. Let’s say you are a business owner requesting for essential licenses, instead of issuing those within a few days or within the stated time frame of processing, it will take longer. It’s related to graft and corruption because in order to get those documents processed within the period or even faster than usual, you need to pay extra apart from the regular payment.
Thank you for letting people know what is going on! I barely keep up with what’s going on around me, so learning about a situation from further away than my home state is a good thing!
It just just plain dishonest and mean.
didn’t the phillipines just have a hurricane or something? isn’t that more important since it killed a bunch of people?
Hi Bianca. Yep, that is also important because many died. But this is an alarming problem that many people will be affected too.
This is sad. I am praying for them. I don’t understand why more people have not talked about this!
Thank you for taking a stand and making your voice heard. It is people like you who will effect change in your country and in the world.
Another reason why the best government is less government. Government corruption abounds the world over.
Never heard about this, very sad. From reading your article I can see you’re very passionate about it. Thanks for spreading the news that I miss on TV.
Will pray for the Philippines people.
As another reader said, you are very passionate indeed. Passion makes for great writing! I must say, I agree completely. At least,based on the information given in your post here. I am not familiarized with the topic outside of this blog post but based on the information at hand alone, I agree. It is really quite preposterous a “battle”. Keep writing, keep fighting 🙂
-Charlie
I really hope everything works out for the best and as a benefit to the most people and not just the rich or influential.
Thanks for sharing. Very informative.
It’s truly sad how rampant corruption runs is in politics. But I think writing about it and discussing it is how the truth get out.
This was a very informative post,I had not heard of this before today. It just shows me that it happens on all sides of the world.
I never knew about this. It’s very interesting and I think should be investigated more and should be put out in public more.
It’s interesting to read about the economic situations of other countries and see how they are similar and also different to that of the US.
How horrible… things are tough everywhere now-a-days! It seems like the rich get richer, while the poor suffer! I hope that things will get better in the Philippines soon!
interesting never heard of this
Prayers to the Phillipines I have many friends from there
Very well written article, this was not something I had heard of previously
wow that sounds really messed up!!
Don’t know much about politics but seems it is the same, pretty much, all over the world. I wish it would get better for the whole world. Very good post.
wow. sorry about that mess i hope things get better
Thank you for your opinions. Politics are very interesting to me because I find too much wrong with the country – but thank you for your views.
It really is a shame that something that brought jobs, hope and some financial security to the people is being destroyed
I didn’t know about this. It saddens me to see how dirty business is everywhere I guess.
very sad. never heard of this until reading this blog. praying for philippino people.
You are right,the Steel Corp. of the Phil.’s need some leeway but if all back-up plans fail, then that’s the time for the banks to take over for Corporate rehabilitation with the hope of helping it rise again and continue to make it prosper and generate sales and revenues beneficial for everybody and The Philippine nation. THANKS!
It is terrible when there is so much government corruption. Even in industries that should be controlled by the people. You’ve really done your research! I hope more get involved in this!
Really sad. I am sick and tired of greed on wall street and filthy greedy politicians and corporations. The people of the Philippines are getting the short end of the stick.
Corruption seems to be at an all time high. I live in a small town in which a few officials have been caught embezzling funds. The ones in charge need to be watched closely!
I was like many before me have stated, unaware of the problems in the Philippines. I appreciate the fact that your post is enlightening, informative, and personal to you. Thank you for sharing with us!
Corruption is definitely world wide. I will continue to pray for those leading others.
I won’t even pretend to know what goes on in the Phillipines. If I understand what you said…the lower courts have to wait for a decision from the higher courts??? That makes no sense to me, so the whole thing makes no sense. I do hope if corruption is involved that it will be found out and recified!
Steal corporations going out of business is nothing new to me. I live near so many closed mills it isnt funny.
More power to you for voicing your opinion. If more people did that on a regular basis, maybe our goverments would have to listen.
filipinos should know about this..few could only know what really happens behind their backs..im hoping for the best in my country’s economy. thanks for this post
That is the first i heard of this. It is wrong and it seems to be happening alot of other places too.
It’s unfortunate that talking about politics always leads to fighting. People should learn to communicate peacefully no matter what the topic is! I didn’t know about this, but my best friend is Filipino so I’ll definitely have to ask her if she knows. It’s so wonderful to see a mom blogger who cares about politics and who speaks so eloquently.
Thanks so much Bella!
Never heard about this
I hope something can be done about this! I’ve seen my fair share of factories close their doors and the suffering of the little people that comes afterword.
Its sad that we havent heard more about this in the news or online. Greed and corruption take over large and small countries.
thanks!
Being in the US I had never heard of this. What a mess, unfortunatley I think all governments have various kinds of problems.
Thank you for writing an interesting, thoughtful, and articulate post on this issue. I never knew about this before.
Corruption is so tangled in our daily lives no matter what country we speak of. Government has taken on the role of slimy business. I don’t know how to stop it because it is so prevalent. Futures can change with a lot of prayer and faith and a whole lot of integrity.
Wow, I guess when I hear stories like this I kind of feel as though I live in a bubble. I need to be more aware of what is happening not only in our country but elsewhere around the world…
Wow.. horrible! Thanks for sharing this with us.
I wouldn’t want my kids growing up in that either. It is true evil. all I can do is Pray for all
wow! thats just crazy! enjoyed your post very much!
Very interesting, thank you
It’s amazing that so much corruption happens everywhere, it’s heartbreaking to read how rampant it is. Very informative article. Well written
I had no idea that the Philippines had so many issues when it came to steel corporations tying up the courts like this. And good for you for putting your view out there. I’m American, so my opinion either way wouldn’t really matter, but it’s good that you’re putting your own thoughts out there.
Thank you for sharing. I didn’t know anything about this.
Seems to be a lot of companies facing hardships in these past few years. It doesn’t seem to matter what country they are in either because the economy of every nation is a working piece of a bigger puzzle that is all connected. It is sad to see such a company lose its footing, which results in many people losing their jobs. This can only make matters worse for the economy in general and definitely the economy in the immediate area.
Times are hard I wish u much luck and awesome job writing.
It is true and wise of you never to talk about religion and politics in public there is always upset. Thank you. Jerri Davis
That was a lot of information. You seem really passionate about your views though. I commend you for that, as many people are too afraid to speak what they think or feel, especially when it comes to politics.
Corruption is all over the world and continue to be until people start standing up for what they believe and want.