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Metro Opinion

Conflicted

account_balanceMetro Opinion account_circleLeigh Bellosillo chat_bubble_outline0 Comments

All is quiet on the waterfront as the saying goes.

But, seriously why is the Pink Camp, the constitutionalists in their fold are not making a howler?

Or is it because they are not interested in what's happening in the political arena that nobody is moving, especially when there’s a clear violation of the constitution, the rule book of any nation that sets the fundamental principles of governance.

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The green team event over the weekend in Davao, honestly, says a mouthful.  It’s a complete disregard of the constitution. It defies the very tenet of the oath taking and more importantly, the repercussion or the unintended consequence: the country at the moment has two vice presidents.

I am banging on the constitutionalists here, whatever camp or political side you’re in. As I’ve said in the previous piece, the oath taking per se is a ceremonial gesture that implies the official start of a term in office.

It, likewise, means for the official to make a public commitment to the duties, responsibilities and obligations associated with the elected/appointed public position.

Do I take it to mean that the silence in the Pink camp is a virtual acceptance? Did the Pink Lady abdicated, ok fine it’s too harsh a word, already relinquish her role as vice president, which under the Constitution ends June 30?

As I cannot fill you in on the legality of the event, can somebody stand up to illuminate me of what’s happening? Allowed as it, what then exactly is the purpose of having a constitution that defines the relationship between the executive, legislature and judiciary?

I honestly believed that this seeming disarray in the political front is eroding market confidence with our economic performance on a fragile status. The jitters are deepened by the on-going situation abroad with the Federal Reserves jacking up its short-term interest rates by a hefty 75 basis points to nip inflation pressures.

The depreciation of the peso mirrors this market risk aversion. Continuously, the local currency has dropped in value over the past days. On Monday, the peso breached down the P54 psychological barrier to close at P54.065 from Friday’s P53.75 to a dollar.  

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The peso was in the leaderboard among regional currencies on fear that developed economies are teetering in recession. It skidded to its lowest in close to four years due to signals coming from the Bangko Sentral ng Pilipinas

that the monetary authorities may not follow the footsteps of the US Fed of a big-time hike.

Seriously, though, the sitting BSP Governor is conflicted. He is the incoming finance secretary, whose portfolio calls for a low cost of borrowing.

Alrighty do as you all please while we watch on the sidelines in awe.


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