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No, this is not an issue of “hurt” feelings of one journalist. We are made of sterner stuff, so one f*ck you is just the many f*ck yous we will receive in the course of our professional lives.

This is about how a public official sees and treats people around her, how she belittles people who are not within the same social and economic circle. Makes you wonder if her “concern for the poor” is really genuine or her “passion for the environment” is really true or is just a means to glorify herself. I don’t know the answers—these are real questions of an inquisitive mind.

I’m neither pro nor anti-mining (you can see from my background, who my parents are) but if a public official, an environmental crusader, wants genuine change, she should look inward. Then she should go through the legal and right processes so the directive and department orders that she implements are fool-proof or have legal bases so these won’t just get thwarted by technicalities used by the lawyers of the entities she wants penalized. Because long-lasting institutional change cannot be achieved by shortcuts.

Post-script: And this is what I’ve learned in my short stint in UP Pahinungod. Pahinungod = offering; dedication. Not outreach. Outreach means you come from a different place and will still be in that different place. But offering = dedication means you are not separate from the people you serve…you are one of them.

There lies the difference, Madam Lopez.

Quizzed on mining directive, Gina Lopez vents ire on BW reporter: ‘You’re just a f—ing employee’

By: InterAksyon
April 6, 2017 6:08 PM

MANILA – Department of Environment and Natural Resources (DENR) Secretary Regina Lopez on Wednesday unleashed a tirade on a reporter of BusinessWorld, whose questions about mining she resented, in the process describing the journalist as “bought by the greed and selfishness.”

Sec. Lopez had earlier on made known her impatience in responding to questions from BusinessWorld reporter Janina Lim, calling her out as she started asking: “You know, you’re just a f—ing employee” and then saying that Lim had “no heart for the poor.”

Lim, however, pressed on with her questions, asking the twice-bypassed secretary to elaborate on her new order for miners to set aside more funds apart from what they are required to contribute to a “Rehabilitation Fund” for formerly mined lands.

Lopez said she wants miners to draw from their profits and pay hard-up farmers “out of the rehab zone”.

Lopez told Lim: “All I am asking is to give 2 million pesos to every farmer of a farm that’s out of the Rehab Zone. What’s wrong with that? They’re disadvantaged, it’s out of the rehab zone. Who’s gonna take care of it? Why don’t you have a heart, you know? All I am asking is to put money for a farmer who has been disadvantaged by the mining, what’s wrong with that?”

Told by Lim that miners have appealed to the Office of the President questioning the “additional requirement” and sought for her reaction, Lopez cut her short: “What questioning? They disadvantaged all the farm lands, they should f—ing take care of it. What’s wrong with that? They’re making so much money from the stock pile. Don’t you think, they should take care of the farmers that they disadvantage? You in your heart, don’t you think they should? Who’s gonna take care of the farmers? It’s out of rehab zone. Who’s gonna take care of it? The money that they have for rehab doesn’t take care of the farmers out of the rehab zone. Who’s gonna take care of it?”

Read the rest of the story here.

Gina Lopez recorded telling reporter: You’re just a f—ing employee

Published April 6, 2017 10:07pm
Updated April 7, 2017 1:17am

…Sought for comment, Lopez said it was “tabloidish” for Business World to publish her “private conversation” with the reporter.

– See more at: http://www.gmanetwork.com/…/gina-lopez-recorded-telling..

Sidenote: It was an ambush interview with five reporters that time. It was not a private conversation and she is fully aware that there were recorders.

DENR’s Lopez defends new mining directive as she accuses BW reporter of ‘being bought’

In the process of defending the proposal — which is being questioned by miners — however, Ms. Lopez lost her composure and suggested that reporters covering the matter had been “bought.”

The Environment secretary told BusinessWorld reporter Janina C. Lim: “You’re just a fucking employee,” Ms. Lopez blurted out the line as she was stopped by Ms. Lim and another reporter on the landing of the second floor of the Department of Environment and Natural Resources (DENR) office in Quezon City.

At that time, Ms. Lopez was taking the stairs on the way up to her office on the fourth floor.

The exchange between the official and the reporter took place minutes after several DENR employees supposedly called off a rally against the secretary that was set for nine that morning. Just a few days before the incident, Ms. Lim filed an exclusive report, saying that the Civil Service Commission rejected the temporary appointment of Mr. Philip G. Camarra, who was appointed by Ms. Lopez as DENR undersecretary.

The incident on Thursday morning began when Ms. Lim, who has been covering the environment and agriculture beats since January last year, asked the secretary whether she was attending a meeting of the Mining Industry Coordinating Council that afternoon at the National Economic and Development Authority office in Pasig City.

Read rest of the story here.

[Statement] No excuse for Sec. Lopez’s treatment of Businessworld reporter

Statement
April 7, 2017

The National Union of Journalists of the Philippines condemns Environment Secretary Gina Lopez’s totally unjustified behavior toward Businessworld reporter Janina Lim, who she cursed and maligned Thursday for simply doing her job.

It is doubly unfortunate that Ms. Lopez, the scion of a family intimately involved in media, should justify her boorishness toward Ms. Lim by blaming one of the qualities indispensable to being a journalist – persistence.

A recording of Ms. Lopez’s tirade captured her berating Lim of being “just a f—ing employee” and asking the reporter why she did not have a “heart for the poor.”

Ms. Lim was simply asking Ms. Lopez to elaborate on her order for miners to set aside more funds apart from what they are required to contribute to a “rehabilitation fund” for formerly mined lands but the DENR secretary berated Lim and another colleague, telling them: “You know, you guys should do your work, but why don’t you have a heart for the poor? Where’s your heart?”

When Ms. Lim tried to follow up, Ms. Lopez turned on her and said: “You know you are so young and you’re already bought by the greed and selfishness.”

It was at this point that Ms. Lim finally answered Ms. Lopez squarely, saying: “I was not bought, Ma’am. I was not bought. Thank you. Thank you.”

Ms. Lopez subsequently sent a message to Businessworld attempting to explain her side. If anything, however, she only helped indict herself even more.

She claimed she was late and rushing to a TV interview when accosted by Lim in a stairway and was piqued because she had “often been irritated” by the “line of questioning” of the “young and persistent reporter.”

“She was not the best person to meet while rushing for an appointment. So I lost my cool with her,” Ms. Lopez said in her message to Businessworld.

She also attempted to blame Lim for recording “a repartee that took place in a stairway” that, she claimed, should have been “left in the privacy for which it is meant,” even hinting the whole incident seemed to be “like looking for some kind of hole to punch.”

When does being “irritated” by a “persistent reporter” give a public official or anyone else for that matter the right to verbally abuse them?

If, indeed, Ms. Lim had consistently and persistently shown objectionable or offensive behavior in the course of her work, Ms. Lopez could easily have communicated this with the reporter’s superiors and asked that the situation be rectified.

And no, Ms. Lopez, what happened was not “repartee.” It was a legitimate attempt by a journalist to interview you on an issue related to your work and, thus, of public interest.

If you were, as you claim, in a hurry because you were late for an interview, you could have simply said so or even ignored the question. Instead, you actually took the time to stop and insult Ms. Lim and, worse, belittled her for being “just a f—ing employee,” as if honest toil were something to be ashamed of.

Ms. Lopez, your zeal for the causes close to your heart can never justify your despicable treatment of Ms. Lim. If anything, such a mindset, which brooks no questioning or dissent, is anathema to democracy.

We demand that you apologize to Ms. Lim and pledge to be more open to questioning. This is the least you can do.

Reference:
Ryan Rosauro, chairperson
NUJP Hotline 09175155991

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Since Bayan now will be folded under Globe, there is now a possibility that it would impose that much-dreaded data capping.

I need my data. I am an online journalist after all. I have my Facebook and Twitter accounts open at all times because my job requires me to. I have to access YouTube videos and be able to upload or download large amounts of data because I also post in our CMS and do all sorts of things when uploading a story. I stream videos and audios, especially oral arguments at the Supreme Court. And I download—all sorts of things.

And here I am contemplating whether or not I would bump up my speeds and be tied to another 24-month lock-in period. Or I can pay P5,000 to be able to be free of that lock-in contract.

To quote this IT professional-blogger:

The employee then calls Globe Telecoms, and encounters a straight run of awkward, plain disinformation:

He is told that this data cap is mandated by the NTC.  Telcos asked NTC to include this in administrative memoranda back in 2011, and had NTC not rejected the proposal, this would have given Globe Telecoms and PLDT-Smart the means to impose caps. This would help them to expand their customer base, by enabling them to take on more customers at a reduced level of service.  It makes absolutely no sense that the National Telecommunications Commission would impose a restriction on commerce this way, and not have consumers fight back.   (A word of advice to you at Globe Telecoms:  Fire whoever they were who devised the call center agents’ script, effectively making these workers lie for you.)

So what to do, what to do?

I have to start this blog entry with a disclaimer: I had been a subscriber of Bayan DSL and wireless landline long before I joined InterAksyon.com and haven’t bothered changing since I’m too lazy to do so. And I have not experienced anything bad so why fix it when it ain’t broke?

I received this from my via courier last week. I thought it was an invitation to something because I knew from the shape and size of the thing that it was a card of some sort.

If you can’t read the text, it says “Dito sa ating Bayan, may dumating na kaibigan.”

It’s a pop-up card. When you flip the logo up, it shows:

The Globe Telecom logo. The under the pop-up part of the card, it says:

Kakampi na po natin ang Globe! Sa Globe, siguradong magpapatuloy ang magandang service na nakasanayan ninyo. Tuloy lang ang tawag at ang internet! Pero simula pa lang ito. Marami pang exclusive offers na parating. Abang ang susunod na kabanata…

Well, if you are a regular reader of business stories or follow the telecommunications industry, this news is not surprising since the Ayala-led telecom is set to take over the debt-saddled Bayan and announced it would be buying out the Lopezes from the company. Globe bought almost all of the Bayan’s debts and also the entire liabilities of Radio Communications of the Philippines Inc’s (RCPI), a unit of Bayan. Remember RCPI? Yes, the RCPI telegram, now obsolete and gone to tech heaven.

Anyway, under the agreement was Globe will acquire those debts for $130 million, lower than the $400 million face value of Bayan’s total debt. In 2003, the telco failed to service its debts of $325 million therefore it had to undergo a court-supervised rehabilitation. Under the original rehab plan, Bayan would be finished with its rehab by 2023 but Globe has shortened it, with the latter expecting it to be concluded this year.

With the PLDT having folded Digitel under its wings, Globe had to boost its business by eating up its remaining rivals. Analysts said Globe’s move was meant to boost its fixed line segment to improve its profitability. As I wrote in my November 16, 2012 analysis for InterAksyon.com:

“After all, broadband Internet is the fastest growing segment of the telecom business, albeit the revenues have yet to approximate those earned in mobile SMS and voice, which remain the bread-and-butter of the country’s telcos…”

Analysts said Globe is already being squeezed out by the PLDT-Digitel merger in the wireless game so it had to go for the fixed line, broadband Internet clientèle–me. But the real meat of the deal are the unused frequencies on the 1800-megahertz band that Bayantel holds, which Smart Communications had been asking the National Telecommunications to retrieve.

So what does this mean for customers like me?

“Since Bayan is now an affiliate of Globe, we are making our data products available to Bayan customers as well,” Yolly Crisanto, Globe’s head for corporate communications told me in a text message. According to their website, Globe is offering up to 100 mbps of fiber home broadband, LTE, mobile wifi and broadband sticks (which PLDT also offers).

I asked Bayan whether they would offer preferential rates or “unli” bundles for Globe subscribers and vice-versa, its corporate communications department said it has to come back to me for details as these had to be obtained from the company’s marketing department.

But as a customer, it all boils down to reliability of service. The reasons why I stuck with Bayan were: 1) their “cabinet” (you know, where all of their lines end up) is literally just spitting distance away from our front gate in Quezon City, ergo any technical problems, their people can immediately work it out; 2) their main office is just one tricycle away from our home so when I call because my Internet connection has gone wonky, their tech people would be arriving in our place in an hour or two (and no, they don’t know I am a business reporter); and Bayan-to-Bayan calls are free nationwide and my parents-in-law in Samar are also Bayan subscribers.

So now, the question is, would the level of service remain the same once the red logo of Bayan becomes blue? We are subscribers of all the three telcos (we have PLDT landline/Smartbro canopy in Laguna and a Globe DSL subscriber in our small shop in UP Village) and I know how reliable or unreliable each of these are.

So all I could do is wait and see.

…when we had to dress up and run after sources. Stand up for hours. Forget about eating first. Getting a word or string of words out of Lucio Tan is more important than stuffing your face with Via Mare.

Reporters interviewing Deputy Governor Nestor Espenilla

Had been going to this Bankers’ Night for 8 years now and it seems like everything is held constant. However, Marianne Go of Philippine Star said the older bankers are disappearing one by one from this annual affair. Another banker said they used to talk about kids, business, etc but now they’re talking about their state of health. Haha.

And in all of those 8 years, this is the first time I had a photo with BSP Deputy Governor Diwa Guinigundo.

 

[View the story “House of Representatives passes Sin Tax Reform Bill” on Storify]

So what is now the final House version of the proposed law?

–  Simplifies the basis of excise taxation for alcohol products, which is based on per proof liter for distilled spirits, per liter of volume capacity for wines and fermented liquors;

–  Simplifies the basis of excise taxation on tobacco products: cigars – per cigar; cigarettes packed by hand – per pack; and cigarettes packed by machine – per pack;

–  Provides an 8-percent increase in the excise tax rates every two years effective January 1, 2015 until January 1, 2025 for distilled spirits, wines, fermented liquors, tobacco products, cigars and cigarettes through revenue regulations issued by the Secretary of Finance;

–  Removes the price/brand classification freeze on alcohol and tobacco products;

–  Allocates the incremental revenues from the excise tax on tobacco products for the provinces producing burley and native tobacco, in accordance with the volume of tobacco leaf production, to promote economically viable alternative programs for tobacco farmers and workers;

–  Provides additional funding for the universal health care program of government.

TOBACCO/CIGAR/ CIGARETTE

MACHINE-PACKED

Effective on January 1, 2013

P11.50 and below per pack – tax rate P12

P11.50 and above per pack – tax rate P28.30

Effective on January 1, 2014

P11.50 and below per pack – P22

P11.50 and above per pack – P30

LIQUOR

DISTILLED SPIRITS (Whisky, Brandy, Rhum, Gin, Vodka)

Less than P90 net retail price (750 ml volume) – tax rate P20

Between P90 and P150 – tax rate P80

Above P150 – tax rate P320

WINES (Sparkling Wines and Champagne)

P500 and below net retail price – tax rate P250

P500 and above net retail price – tax rate P700

FERMENTED LIQUOR (Beer)

P50.60 and below net retail price – tax rate P13.75

P50.60 and above net retail price – tax rate P18.80

As BIR Commissioner Kim Henares said, the sin tax reform has a long way to go and the battle might be tougher at the Upper Chamber of Congress.

  1. likhanews5
    Atty Arnie Carino told @interaksyon Philip Morris says they are asking for tax rate on a par with that of alcohol. #sintaxreform
    Mon, Jun 04 2012 05:59:54
  2. likhanews5
    Atty Carino told @interaksyon think the rate imposed on tobacco is too much vs alcohol has virtual tax holiday #sintaxreform
    Mon, Jun 04 2012 06:03:38
  3. likhanews5
    Atty Carino told @interaksyon that alcohol products’ tax rate even went down from 20% to 18% with HB 5727 as amended #sintaxreform
    Mon, Jun 04 2012 06:09:26
  4. likhanews5
    Isidro T. Ungab 3rd district, Davao City HB 5727 sponsor; Magtanggol T. Guinigundo 2nd district, Valenzuela City #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:26:01
  5. likhanews5
    Guinigundo asks questions on the alcohol aspect of the bill, the WTO-EU decision that PH must comply with #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:32:30
  6. likhanews5
    Ungab: WTO protested the discriminatory excise taxes; classification is based on raw materials #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:35:10
  7. likhanews5
    Ungab: Local alcohol is distilled using local materials, thus, lower excise taxes, this violates GATT #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:36:05
  8. likhanews5
    Ungab: Article 3 of GATT, requires products to be treated the same as imported products @interaksyon #sintaxreform
    Mon, Jun 04 2012 06:37:34
  9. likhanews5
    Guinigundo: does the WTO prescribe a unitary tax rate? Ungab: No #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:43:24
  10. likhanews5
    Guinigundo: Aarticle 13 of GATT provided some leeway in protecting the 3rd countries’ industries @interaksyon #sintaxreform
    Mon, Jun 04 2012 06:44:32
  11. likhanews5
    Ungab: Article 13 of GATT was not invoked by PH @interaksyon #interaksyon
    Mon, Jun 04 2012 06:45:25
  12. likhanews5
    Gunigundo: The reason why PH govt did not invoke? Is it the March 2013 deadline WTO’s decision? #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:51:14
  13. likhanews5
    Ungab: It is a mutual agreement among the parties involved. Other countries were given 15 months to comply #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:54:03
  14. likhanews5
    G: WTO decision rendered decision saying recomended tax structure that the PH should follow? #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:54:28
  15. likhanews5
    Ungab: There is no specific WTO recommendation as to the tax structure #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:56:45
  16. likhanews5
    G: What was the reason stated by WTO why PH makes raw materials as basis for taxing alcoholic products #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:57:44
  17. likhanews5
    Gunigundo: WTO contends ingredients do not really matter as long as alcohol is produced #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:58:24
  18. likhanews5
    Gunigundo: What is the basis for determining the price level in the tiers? #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:59:29
  19. likhanews5
    Gunigundo: Is there a DoF study determining the price threshold? #sintaxreform @interaksyon
    Mon, Jun 04 2012 06:59:52
  20. likhanews5
    Gunigundo: I would like to believe the BIR made a price survey. When was the last price survey that BIR made? #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:00:33
  21. likhanews5
    Ungab: 2010 was the last BIR price survey @interaksyon #sintaxreform
    Mon, Jun 04 2012 07:01:13
  22. likhanews5
    Gunigundo: Do you think that you need to have a more recent survey to have more convincing powers? #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:02:55
  23. likhanews5
    Gunigundo: Is it safe to say there is no recent survey as basis? We do not want to be shooting darts. @interaksyon #sintaxreform
    Mon, Jun 04 2012 07:03:21
  24. likhanews5
    Ungab: the P90-bracket was based on the consultations with stakeholders #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:05:44
  25. likhanews5
    Gunigundo: Who are these stakeholders? Ungab: Industry players #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:08:59
  26. likhanews5
    Gunigundo: Can you name these the stakeholders that DoF consulted? Ungab: The Distillers Assoc. of the Phils. #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:09:43
  27. likhanews5
    Gunigundo: Baka naman may pinapaboran tayong kumpanya ng alcohol sa P90 na yan. @interaksyon #sintaxreform
    Mon, Jun 04 2012 07:03:50
  28. likhanews5
    Gunigundo: Did they come up with these price levels? Consultations couldnt be substituted with BIR price surveys #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:10:53
  29. likhanews5
    Gunigundo: HB 5727 adjusts rates every 2 years for inflation. What about the tiers? #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:13:35
  30. likhanews5
    Gunigundo: Why don’t we include the tiers? In a matter of years there would be no bracket because of inflation. #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:14:11
  31. likhanews5
    Gunigundo: We would end up with a situation that all products would be moving up the next bracket #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:14:40
  32. likhanews5
    Ungab: assumption is based on the inflation of 4% yearly; We are not amenable to price classification freeze @interaksyon #sintaxreform
    Mon, Jun 04 2012 07:15:40
  33. likhanews5
    Ungab: If we do, in the long run would have the same effect as what happened for so many years #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:18:40
  34. likhanews5
    Gunigundo: If we hike tax on alcohol because of health reasons, then we must tax hamburgers, lechon, chicharon #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:20:26
  35. likhanews5
    Gunigundo: why is DoF allergic to indexation of alcohol products? #sintaxreform @interaksyon
    Mon, Jun 04 2012 07:22:02
  36. likhanews5
    Ungab: Alcohol and tobacco are harmful to health; some vehicular accidents are caused by drunk-driving #sintaxreform @interaksyon
    Mon, Jun 04 2012 10:57:56
  37. likhanews5
    Ungab: Alcohol and tobacco cannot be compared with food (i.e. chicharon, lechon) @interaksyon #sintaxreform
    Mon, Jun 04 2012 10:58:36
  38. likhanews5
    Ungab: that’s why it’s called sin taxes, we need to regulate, curb the habit of drinking and smoking #sintaxreform @interaksyon
    Mon, Jun 04 2012 10:59:13
  39. likhanews5
    Ungab: that’s why we have to make it less affordable to the young and the poor #sintaxreform @interaksyon
    Mon, Jun 04 2012 10:59:40
  40. likhanews5
    Gunigundo: Kumain ka ng chicharon araw-araw di ba mamatay ka rin ng maaga? *Session hall bursts into applause* #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:00:57
  41. likhanews5
    Philip Morris Fortune Tobacco workers & farmers in white in the gallery #sintaxreform @interaksyon http://lockerz.com/s/214391421
    Mon, Jun 04 2012 11:04:06
  42. likhanews5
    Gunigundo: Why are we imposing tax on raw materials? Why do we have different bases in imposing excise tax? #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:06:25
  43. likhanews5
    Gunigundo: Aren’t excise tax imposed based on finished products? why are we taxing based on raw materials? #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:07:15
  44. likhanews5
    Ungab: Ethyl alcohol is already a finished product, distilled into brandy #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:08:39
  45. likhanews5
    Gunigundo: why are discriminating against small breweries and SMEs? #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:09:18
  46. likhanews5
    Gunigundo: Maybe we are arbitrarily taxing small, micro-breweries; your tax rate is very high #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:09:47
  47. likhanews5
    RT @meralco: Scheduled Power Interruption affecting portions of Sta. Cruz, Manila & Quezon CityA 30-minute … http://m.tmi.me/r6ikS

    Mon, Jun 04 2012 10:49:01
  48. likhanews5
    Gunigundo: When you are a small distiller/brewery, the 18%-20% tax is very high @sintaxreform @interaksyon
    Mon, Jun 04 2012 11:10:27
  49. likhanews5
    Ungab: the microbreweries are in pubs that are patronized by connoiseurs, catering to the rich people #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:11:55
  50. likhanews5
    Ungab: based on present system under the 1997 rates, these microbreweries are charged the highest tax rates #sintaxreform @interaksyon
    Mon, Jun 04 2012 11:12:43
  51. likhanews5
    Gunigundo wraps up questioning. Session for HB 5727 or #sintaxreform suspended. @interaksyon
    Mon, Jun 04 2012 11:13:42

According to Random Walker a.k.a Noel Reyes, Interaksyon.com‘s stock market columnist, we should have bought stocks last week and sell this week. The Holy Week Effect.

RANDOM WALKER: The Holy Week effect?

Holy Week comes but once a year, marking a major religious festival in this predominantly Roman Catholic country. It also marks one of the longest religious holiday weekends in the country’s calendar, with the non-working holiday kicking off on Maundy Thursday and ending on Black Saturday in which most retail businesses cut their working hours and with a large proportion of the urban population going to the beach and mountain resorts. It is a dead period for the stock market, in other words.

The trading lull actually starts on Monday, as stock traders anticipate the long holiday weekend ahead and, for the most part, stay clear of the market. Amid this slow, lethargic market trading turnout, the overriding thought that goes through the minds of traders can be easily read: “This market isn’t going anywhere; I’ll just come back after the Holy Week.”

That only seems logical, for sure, as far as the individual trader is concerned. For the market as a whole, however, this general way of thinking would be illogical. It would be illogical since the long Holy Week holidays come once a year and, if the market were truly efficient, there would be no such Holy Week effect.

Read more here.


life in business journalism

crazy. exciting. boring to some but hey, you get to understand the world better when you're a business journalist. you learn to be patient with tons of documents, make sense of numbers and charts. all geeky stuff. this is my story, behind the scenes.
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