DEPARTMENT OF SCIENCE & TECHNOLOGY
PHILIPPINE STATISTICS AUTHORITY
2018 BANTOG DATA MEDIA AWARDS CHAMPION
BusinessMirror
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Saturday, February 16, 2019 Vol. 14 No. 129
2018 EJAP JOURNALISM AWARDS
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REMEMBERING THE RAMPAGE DESTRUCTION at the Walled City (Intramuros district) of old Manila in May 1945—after the Battle of Manila. WIKIMEDIA COMMONS/CC BY-SA 3.0
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By Recto L. Mercene
A city is razed by a combination of bombs raining down from the liberator-Americans’ planes and fires set on the ground by Japanese invaders. What was really lost in the Battle of Manila, beyond the buildings and 100,000 lives? A Pulitzer Prize winner investigates, 74 years later.
HE Battle of Manila 74 years ago this month was one of the most destructive and saddest legacies of World War II. It is comparable only to the widespread destruction of Warsaw, the Polish city described as “the most devastated city in the world in WWII,” after the Germans were done with it. For all the destruction, the Battle of Manila seems to remain at the periphery of most Filipinos’ consciousness, rivaled by more popular images of Gen. Douglas MacArthur’s Leyte landing. For a time it was thought such low profile in the national consciousness of Manila’s “liberation”—an ironic word—was owed to the fact that Filipino historians could not access the rich materials dwelling in some dusty libraries abroad. Or maybe, there were few surviving Filipinos
to corroborate the story of bombs raining and fires that engulfed Manila, causing the demise of at least 100,000, not only in the hands of the invading Japanese army but also by the returning Americans. Or maybe it was still such a raw wound it would hurt the Filipino emotions to scratch that wound and see the ugly truth. James M. Scott’s book, Rampage: MacArthur, Yamashita and The Battle of Manila, attempts to close that gap and give readers a fresh
look at what really transpired 74 years ago in what was then dubbed the “Pearl of the Orient.” He tells of cornered Japanese invaders, feeling the heat of their American enemies, consumed by uncontrollable rage—bayoneting and decapitating Filipinos, even children, and raping women. On the other hand, the ensuing fires— both those started by the crazed Japanese soldiers and from the bombs unleashed by the American to rout the enemy—reduced the
JAMES M. SCOTT, a Pulitzer Prize winner, said he was also looking for “that story that has not been told” when he wrote Rampage. RECTO MERCENE
city to rubble. Scott’s 500-page tome takes us back along those 29 days in 1945, when Field Marshall Douglas MacArthur eventually returned to the Philippines. His arrival in Manila, two years after his embarrassing departure from the island fortress of Corregidor, is filled with controversy. There were those who welcomed his reappearance as a way to save Filipinos from imminent Continued on A2
Finding the ‘Next China’ will confound investors By Shuli Ren
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Bloomberg Markets
HERE’S an old Polish saying that when two people quarrel, a third will benefit. And so global investors are now looking for the country best positioned to gain from the US-China trade war. PESO EXCHANGE RATES n US 52.2630
China has been good to foreign investors over the past decade. Since the collapse of Lehman Brothers Holdings Inc. in 2008, the MSCI China Index has offered an annualized 8.6-percent return. But last year was bruising. China staged one of the world’s worst stock routs, with the benchmark MSCI index tumbling about 20 percent. Meanwhile, the yuan flirted dangerously close to the psychologically important 7-perdollar, a level that hadn’t been
reached since the global financial crisis, fueling concerns that Beijing may weaponize the currency. Is it time to ditch China and look elsewhere? With the higher tariffs that China Inc. faces, US companies will be tempted to buy semiconductor parts from Malaysia, data storage units from Thailand, or cotton from Pakistan. Indeed, some asset reallocation is already taking place. Vietnam, for instance, was the only emerging Asian nation outside of China that
received net foreign stock inflows last year. Many investors in the region have been betting the Southeast Asian nation will be the big winner out of the US-China spat. Multinationals, including Samsung Electronics Co., relocated factories there even before the trade war started. Still, if you’re investing in dollars, moving assets out of China is nice only in theory. The devil is in the execution. Any savvy global investor
deciding where to deploy money at the beginning of the year has exchange-rate risk on their mind, as emerging-markets currencies are volatile and protecting against sudden movements can be expensive. For instance, in the first week of 2019, hedging the Indonesian rupiah or the Indian rupee with a one-year forward would set you back 5.4 percent and 4.2 percent, respectively. If you add the fact that stocks in those two nations already Continued on A3
n JAPAN 0.4729 n UK 66.8653 n HK 6.6601 n CHINA 7.7177 n SINGAPORE 38.4909 n AUSTRALIA 37.1015 n EU 59.0206 n SAUDI ARABIA 13.9360
Source: BSP (February 15, 2019 )