IMF warns of conglomerate’s default

The International Monetary Fund has warned the Philippine government that the economy faces a risk that a “highly-leveraged conglomerate”, or one part of it, would default on its “foreign obligations and/or domestic loans”.

“With a handful of large conglomerates following broadly similar business models, and bank exposure to them equivalent to a sizeable share of total capital, systemic risks are heightened, “ the IMF explained in its Country Report No. 12/102, or its staff report for the 2013 Article IV Consultation with the Philippine government dated April 2013. (Each member country of the IMF is required to provide data to and consult with the Fund’s staff regarding its economic situation and policies as provided for in Article IV of its Articles of Agreement.) (more…)

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Zygotes and zombies: The Unborn, the Undead

When is a creature a person?

That really is the question the Supreme Court justices felt was most crucial in order to decide whether the reproductive health law is constitutional or not. It is not the newspaper headline “When does life begin?”, since obviously even a spermatozoa or an egg on its own is already a living thing. (more…)

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