The day the RP bourse almost fell apart

One wonders why outgoing Securities and Exchange Commis-sion chairman Perfecto Yasay Jr. was so daring in issuing his March 7 order stopping trading at the Philippine Stock Exchange. Didn't he realize that he would be lambasted by his critics as a man out to torpedo the stock market and sabotage the economy? And now, it is being said that the bold and dangerous SEC order was not even approved by the four other SEC commissioners. Didn't Jun Yasay foresee that his detractors would charge him of usurpation of authority?

Looking at the stop-trading order objectively, had stock trading at the bourse stopped last March 5, it would have been a first in Philippine history, and it would have caused serious damage to the securities market. The long-term impact on the national economy would have been disastrous.

Yasay further took one daring move, hinting that the suspension order could last for a period of 30 days. What? 30 days? That would have sent shock waves in the business communities throughout the world and caused irreparable damage to the Philippine economy. "Economic sabotage!" -- that was the harsh term uttered by Rep. Jurdin Jesus Romualdo of Camiguin, to describe Yasay's stop-trading order.

Immediately after the controversial SEC order came out, stocks dropped to a 17-month low, even as the Philippine peso continued to depreciate against the dollar. At the end of trading day on March 8, the PSE composite index shed 46.43 points. It was the Phisix's lowest close since September 1998.

During the next two days, investor confidence deteriorated further. Which is not hard to explain, because foreign investors could not rationalize investing in a bourse that could not discipline itself and with an SEC that seemed to be run almost at whim.

What saved the day was the move of the four other SEC commissioners to disown, and then reverse, the Yasay order. This enables the PSE to conduct usual business the following day. Concerned citizens hope that the situation at the bourse will soon normalize, and begin attracting anew investors from here and abroad. This will take a lot of doing, because not only drastic reforms are needed within the PSE but also government initiatives that can create a better investment environment in the Philippines.

According to my good friend Antonio Arellano, known to his fans as "Atty. AGA," radio station DZXL is now dubbed as "Barangay DZXL," in recognition of its outreach program designed to reach out to every nook and cranny of our country. The thrust is to provide the masa with all the services that can be extended to them, through radio.

Last March 3, DZXL broadcast live from Barangay Dolores, Pasay City. There was a medical, dental and legal team that accompanied the broadcasters of DZXL. There were also representatives from the Philippine National Police who gave insights on how to get rid of incompetent, corrupt and dishonest personnel. And, of course, Atty. AGA and his legal team dished out advice to the barangay folks who needed legal help.

When I saw him a few days ago at EDSA Shangri-La, Atty. AGA told me how successful the program was. And he expressed optimism that the March 10 live remote broadcast from Barangay San Francisco del Monte, the turf of Barangay Captain Dino, will also be a howling success. Atty. AGA said that the brains behind barangay DZXL's outreach program are Eric Canoy, president of Radio Mindanao Network, and station manager Ricky Alegre.

Let's Live, America's top health and preventive medicine magazine for the past 67 years, has a very interesting article in its February 2000 issue. The article, entitled "Natural Alternatives to the Most Common Surgeries" and written by Jack Challem, has this thought-provoking introduction:

Few things make people as anxious as the prospect of surgery. Beyond just the risks associated with any surgical procedure, there's also an additional problem that many people may not even realize. According to a recent report by the Institute of Medicine, medical mistakes are more common than people think. In fact, says the report, at least 44,000 and perhaps as many as 98,000 hospitalized Americans die every year from errors.

Still, the odds are that you'll eventually find yourself "going under the knife." More than 46 million surgeries are performed annually in the United States, just equally divided between those done in hospitals (in-patient procedures) and in doctors' offices (out-patient procedures).

The big question: Is all that surgery necessary? Much of it certainly is, but don't let dazzling new procedures tempt you to make a quick decision. "Surgery often looks like a glamorous high-tech industry," says Peter Langsjoen, MD, a cardiologist in Tyler, Texas. "It's easy for patients to get swept away by it. The biggest mistake is that people devote little time looking for alternatives."

PULSEBEAT: Ricardo S. Pascua, president and CEO of the Fort Bonifacio Development Corporation, has just been unanimously elected to the board of directors of Impact Foundation Philippines (IFP), a non-governmental organization involved with disability prevention. IFP is an affiliate country chapter of Impact International, a renowned international body organized by the late Sir John Wilson of Great Britain. The other board directors of IFP are Dr. Florentino Solon, Ma. Theresa J. Macapagal, Fleur de Lys Torres, Demetrio Salipsip, Manuel V. Agcaoili, and myself... Currently visiting the Philippines is Carol Bellamy, the executive director of the UNICEF. Her visit is part of her international campaign to muster support for a "global agenda for children." Today, she is dropping by some communities in Pandacan, together with Manila Mayor Lito Atienza. Tomorrow, she will meet with President Estrada. And on Tuesday, she will visit Batasan Hills with Quezon City Mayor Mel Mathay.

Art A. Borjal's e-mail address: <[email protected]>