Oil spill off MIndoro from Empress Princess poses threat to burgeoning tourism in Palawan and Panay??

Every generation needs a revolution - an entrepreneurial revolution

Oil spill off Mindoro

Containing the oil spill

The oil spill off Mindoro recently bearing 800 metric tons of fuel, is rapidly spreading and is spoiling the pristine beaches and water at our famed great beaches and waters.  While cruise ships are flocking to Boracay and Palawan, each tourist estimated to be spending $100 per day during the visit, the tourist attractiveness at the said sites:   San Vicente, Boracay Taytay can go down to zero

Al ready there are cancellations from tourists to Mindoro

Even Verde Island one of the  famous dive sites is imperiled

Our  hope for economic recovery after pandemic and efforts to attract tourists is going to naught

All ready blame is being pointed to the  regulatory agencies by the investigating bodies and some members of these agencies are recommended to be suspended.  Indeed why so much negligence, lack of effectiveness happen despite a huge bureaucracy with bloated salary expense.  Trouble is there are so many agencies involved in regulating ships in the country:   MARINA, PCG etc.  

One silly oil spill is alll that it takes to spoil the  countrýs competitive advantage in a flash

Problems facing banks

Every generation needs a revolution - an entrepreneurial revolution

Credit Suisse Bank is facing huge losses due to its handling of risky assets.  Is laying off staff, shares prices decline.   Bad banking decision.   And the contagion could spread in Europe   It is hobbled by its involved in bankrupt Greensil and British financier Greensil (also linked to another Indian billionaire)

CSB woes

Banks worldwide are undercapitalized and could wobble   There were posts that some banks could go under with estimates that worldwide the capital is a little only $100B with high estimates of $1.7 trillion. mainly due to the revaluation of asset quality.  These are uncertain times  Even venerable banks are not exempt from the crisis and instability

For banks in US, due to covid and inflation, the  $2 trillion or so savings of Americans could evaporate as citizens cope up with inflation (diminished spending power) and liquidity in banks could evaporate

Countries that went bankrupt or on the verge of bankruptcy

Every generation needs a revolution - an entrepreneurial revolution

Pakistan on brink of bankruptcy

Sri Lanka (the home of Tamil Tigers) was the first.   Second is Pakistan    A well developed country with large population  It has ran out of gas, and currency to import its basic necessity.  

Why does a country go bankrupt?

1.  Lack of revenues;   poor ways and means and tax collection;

2.  Diminished exports

3.  Too much dependence on imported products.

Bad weather and faltering exports have not been kind to Pakistan economy   Dollar reserves stand below $5 billion, its worst.  (compare this to PHL below $100 billion)   Banks have refused to extend LC for its imports    (Can it still rattle saber with India?)

It is still in difficult negotiation with IMF for a $6B bail outs.   The top guys of the country must have rubbed the IMF guys for alleging that the  conditionalities included non nuclear stance of the country ( could be  Why do we lend to a country who could be using the funds to fuel a future of the war, that could endanger the  world)   I does not get too the usual cash assistance from KSA who as fellow Islam country is ready to lend on a phone call  The KSA head impose conditionalities like strict revenue imposition, and financia controls, just like the IMF

How can we avoid being a bankrupt country?