Maltese Falcon Comparison Essay

Imagine, you knew of an object that looked ordinary, but was really worth thousands, or even millions of dollars? Now imagine that you were one, of a few people in the world who knew what it was worth, -you didn’t know where it was but you knew how you could get your hands on it? In the book the maltese falcon, that is exactly the case. Today I am going to be comparing the novel, the maltese falcon by Dashiell Hamtese, and the song Money by the beatles, as they both strongly focus and put importance on money, also a well-known symbol for greed, which is the main theme of the book and the song. In the maltese falcon, Greed is characteristic that all the characters in the book share and represent perfectly. Same with the song, money, where greed is present in the lyrics. The lines in the song â€Å"now give me money, that’s what I want, That’s what I want, yeah† was repeated throughout the whole song. This is expressed in the Maltese falcon, as this novel starts off with the plot being based around the money, and greed and lasted all the way to the end of the novel. Infact mr spade initially takes his assignment to ? d the maltese falcon because the money is good, and seems to be driven by payment throughout his search for the maltese falcon, and not as much as finding the killer of his partner. This is shown in the a quote from a conversation Brigid and mr spade were having. â€Å"surely your not considering it said brigid. Why not? Five thousand dollars is a lot of money†responded mr spade. And than again he says â€Å" 5 thousand dollars is a lot of money†. Secondly the line of lyrics â€Å"You’re lovin’ gives me a thrill, But you’re lovin’ don’t pay my bills† represents everyones relationships and love in the book. All characters, who were after the maltese falcon were selfish and only cared about the money and what was in it for them. They didn’t care, about one another and if someone got left behind, they would keep on marching on until they found what they wanted. They would do anything for themselves to get there hands on the maltese, even kill, a loved one. In the following quotes, it shows gutman, a character in search for the maltese falcon for secenteen years, give up his -son-like , as a fall-man to mr spade in exchange for the falcon. well wilmer, im sorry indeed to lose you, and I want you to know that I couldn’t be founder of you if you were my own son-but gad! -if I lose you a son its possible to get another and theres only one maltese falcon. † Finally, my last comparison are the lyrics at the beginning of the song â€Å" the best things in life are free But you can keep them for the birds and bees, Now give me money†, what the lyrics mean is that I know that the good things are life are free, but I don’t need those , give that to someone else, all I need is money, to make me happy, so give it to me money. hroughout the book, all the characters wanted was to find the maltes falcon, and they didn’t care about anything or anyone else. they all had there mind set on one thing only, the falcon. They were willing to giver up everything, close relationships, housing, and their life in order for the riches. This is shown whenever they heard mr spade mention he knew where the maltese falcon was, thier eyes would light up and get overly excited. In summary, the maltese falcon and the song money, are similar due to having the same theme based around greed caused by the money.

Economic Crisis and Response in the Philippines Essay

The Global Economic Crisis pulled countries down from around the globe to a recession. Wide-ranging declines in many aspects of growth characterize the overall impact it had had on the global scale. Following the Asian economic crisis in 1997, the present global economic crisis imposes new challenges to the Philippines as a developing country. Following are expositions of the macroeconomic impacts of the crisis in the Philippine setting, its implications in the prevalent poverty scenario, and policies and programs undertaken by the government in response to the crisis. Overview of the Global Economic Crisis The 2008 global economic crisis started upon the bursting of the US housing bubble, which was followed by bankruptcies, bailouts, foreclosures, and takeovers of financial institutions and national governments. During a period of housing and credit booms, banks encouraged lending to home owners by a considerably high amount without appropriate level of transparency and financial supervision. As interest rates rose in mid-2007, housing prices dropped extensively, and all institutions that borrowed and invested found themselves suffering significant losses. Financial institutions, insurance companies, and investment houses declared either declared bankruptcies or had to be rescued financially. Economies worldwide slowed during this period and entered to a recession. The crisis, initially financial in nature, has now taken a full-blown economic and global scale affecting every country to the left and to the right of the United States, and wreaking havoc in the level of both industrialize d and developing nations. The Philippine Situation before the Crisis The Philippines has long been undermined with long-term structural problems such that sustainable economic development is yet to be a dream come true. According to the pages of Philippine economic history, the country has been dominated by a sequence of growth spurts, brief and mediocre, followed by shard to very-sharp, severe, and extended downturns—a cycle that came to be known as the boom-bust cycle. As such, economic growth record of the country has been disappointing in comparison with its East Asian counterparts in terms of per capita GDP. What makes matters worse is the seemingly perennial  impoverished state of its inhabitants, that is, in 2007, an absolute poverty incidence of 13.2 percent—higher than Indonesia’s 7.7 and Vietnam’s 8.4 percent—has been recorded, and thus giving further testimony of the unequal distribution of wealth that keeps growth and development a far reach for the Philippines. Macroeconomic Impacts of the Crisis The Philippines, points Professor Diokno of the University of the Philippines, has been affected by the crisis in a decline in three aspects: exports, remittances from overseas Filipino workers, and foreign direct investments. Heavily dependent on electronic and semiconductor exports, the Philippines has seen a downward trend in its export earnings as countries in demand of these exports are now in recession. The recession has also put to risk the jobs in the developed countries which include those where migrant workers are employed. Consequently, OFW remittances decreased and grew a meagre 3.3% in October 2008. Foreign direct investments (FDI) lowered because of investors losing confidence in the financial market. Lower FDIs mean slower economic growth. Impacts of Asset Markets, Financial Sector, and Real Sector The freeze in liquidity in US and European financial markets reversed capital flows to developing countries and induced a rise in the price of risk which entailed a drop in equity prices andexchange rate volatility. However, following the effects of an increase in the foreign currency government bond spread, the Philippine stock market was actually one of the least affected by the crisis with the main index of the stock market dropping only by 24 percent, a relatively low percentage change in comparison to those of other countries across Asia. Similarly, from the period between July 2008 and January 2009, the peso devaluated only by 3 percent which explains why the peso was one of the currencies least affected by the crisis. This minimal effect on the stock market and the Philippine peso can be attributed to the recovery of asset prices across the Asia-Pacific region recovered in early 2009 as foreign portfolio investments surged. Financially, the banking system in the Philippines has been relatively stable, because of reforms that were put in place since Asian financial crisis in 1997. Maintenance of high levels of loan to deposit ratios together with the decline of the ratio  of nonperforming loans to total loans kept profitability of local banking generally high despite the crisis. To the country’s fortune, no meltdowns occurred as during the previous 1997 Asian crisis. Fall in the growth rate of personal consumption and expenditures and fixed investment assail 2008. Personal consumption expenditure, the largest contributor to GDP growth, behaved a downward trend from a sharp drop from 5.8 percent in 2007 to 4.7 percent in 2008, and 3.7 percent in 2009. GDP growth during fourth quarter of 2008 and first quarter of 2009 fell to 1.7 percent, a staggering fall from 5.7 percent average for the three previous years. Furthermore, a contraction of 29.2 percent in the manufacturing sector involving electricity, gas, water, trade and finance services. The service sector also had its share of downturns as growth in the fourth quarter and first quarters of 2008 and 2009, respectively, suffered from a meagre growth of 2.1 percent, a far contrast from the 6.7 percent average from the last three years. However, the Philippines has generally endured the least declines in comparison with other East Asian countries despite recorded declines. For instance, OFW remittances, though at a slower pace, still grew in the first half of 2009. Impact of fiscal deficit and external accounts To counter adverse effects of the crisis, the Philippine government felt the need to increase its expenditures. Apart from government expenditure, of primary concern was the weak revenues generated by the government with fiscal deficit reaching P111.8 billion in the first quarter of 2009 as compared to P25.8 billion in the same period of the previous year. Despite suffering the least in terms of the stock exchange and financial markets among East Asian countries, the Philippines lagged in tax effort in comparison to other nations. Meanwhile, private sector flows in the external account declined and led to a net outflow of $708 million in 2009, a sharp turning away from a net inflow of $507 million in 2008. This eventually led to a fall in stock prices and depreciation or devaluation of the peso. Poverty and Social Impacts Impacts on households and communitiesAn increasing number of the Filipino workforce has become frustrated due to unemployment and low standards of living in the country. Thousands of Filipinos leave the country every day to  seize better income opportunities and promise their children a better and secure future. Moreover, around five million of Filipino children are unable to go to school and are forced to work on the streets or in other various workplaces where they can find some food or other means to fill their appetites. Impacts on wealth and income and its distribution across different social divisions The country was having sound economic indicators before the 2008 economic crisis. Average income per capita was increasing while poverty incidence showed a downward trend. Average income per capita rose by 2% in 2007 and 2008, whereas poverty incidence dropped from 33.0% in 2006 to 31.8% in 2007 and 28.1% in 2008. Output growth plunged in 2009, causing real mean income to fall b y 2.1%, resulting in an upward pressure on poverty incidence (grew by 1.6%). Most hit are households with associations to industry resulting in the average income to drop to levels below that of 2007. Similarly, wage and salary workers were hit significantly. Surprisingly, the poorest 20% did not suffer the same fate they suffered in crises past. Clearly, the global economic crisis put a halt on the highly promising growth trend of the Philippine economy and forced 2 million Filipinos into poverty. Coping strategies i. Finances According to recent studies (2009), close to 22% of the population reduced their spending, 11% used their existing savings for consumption, 5% pawned assets, 2% sold assets, 36% borrowed money and 5% defaulted on debts. ii. Education To reduce spending, households had to risk the quality of education of their children. Some children were transferred from private to public schools, while some were withdrawn from school. Moreover, parents reduced the allowance of the students, and resorted to secondhand uniforms, shoes and books. iii. Health Coping strategies may have negative effects on their long-term health as these affected households commonly resort to self-medication, or shift to seeing doctors in government health centers and hospital. Many households in the urban sector shifted to generic drugs while rural households tended to use herbal medicines. Policy Responses Efforts of poverty alleviation, reduction, eradication The Medium-Term Philippine Development Plan (MTPDP) was implemented during  the Ramos Administration and later on continued by the following administrations to help reduce poverty in the country and improve on the economic welfare of the Filipinos. The Ramos Administration (1993–1998) targeted to reduce poverty from 39.2% in 1991 to about 30% by 1998. The Estrada Administration (1999–2004) then targeted to reduce poverty incidence from 32% in 1997 to 25-28% by 2004, while the Arroyo government targeted to reduce poverty to 17% by creating 10 million jobs but this promise was not fulfilled by the administration. As for the current Aquino Administration, the 2011-2016 MTDPD is still being drafted. President Benigno Aquino III has plans to expand the Conditional Cash Transfer (CCT) program from 1 to 2.3 million households, and several long term investments in education and healthcare. Also, last September 2010, Aquino met with US Secretary of State, Hillary Clinton, duri ng the signing of the $434-million Millennium Challenge Corporation (MCC) grant in New York. The MCC grant would fund infrastructure and rural development programs in the Philippines to reduce poverty and spur economic growth. Macroeconomic and Social Protection programs To respond to the recent financial crisis, the Philippine government, through the Department of Finance and National Economic and Development Authority (NEDA), crafted a PhP 330-billion fiscal package, formally known as the Economic Resiliency Plan (ERP). The ERP is geared towards the stimulation of the economy through tax cuts, increased government spending, and public-private sector projects that can also prepare the country for the eventual upturn of the global economy. The implementation of ERP is spearheaded by NEDA with the following specific aims.To ensure sustainable growth, attaining the higher end of the growth rates; To save and create as many jobs as possible; To protect the most vulnerable sectors: the poorest of the poor, returning OFWs, and workers in export industries; To ensure low and stable prices to supports consumer spending; and To enhance competitiveness in preparation for the global rebound. Regional responses Poverty incidence remains to be one of the highest in the region with the  continued low domestic private investment. To overcome legal, political and institutional constraints, regional financial cooperation must be encouraged. The ASEAN+3 financial cooperation can promote further the development of domestic financial markets to facilitate the intermediation of Asian savings within the region, as well as attract foreign investment. Such alternative sources of funding would reduce Asia’s reliance on foreign currency borrowing and along with, the risk exposure of the region to maturity and currency mismatches.Moreover, the Network of East Asian Think Tanks has recently proposed the establishment of the Asia Investment Infrastructure Fund (AIIF) to prioritize the funding of infrastructure projects in the region to support suffering industries. The AIIF, as well as multilateral institutions especially the Asian Development Bank, also promotes greater domestic demand and intra-r egional trade to offset the decline in exports to industrialized countries and narrow the development gap in the region. Prospects for Growth in the Future Poverty reduction for the Philippines in the years to come is promising, bearing in mind where she left off prior to the economic crisis. Nevertheless, it is still a tough challenge. Figures persistently reflect a Philippine poverty reduction campaign that pales in comparison with other ASEAN countries. In addition, a blistering population growth rate sinks more Filipinos below thepoverty threshold placing the country’s laudable long term economic growth under its shadow. Taking into account that the Philippine economy has a significant reliance on remittances from Overseas Filipino Workers (OFWs), past threats demonstrated the resiliency of the Philippine economy despite external shocks. In spite of the disaster in Japan (3rd largest market for Philippine exports) and the geopolitical tensions in West Asia, the Philippine economy looked unfazed. New York-based Global Source Partners stated, â€Å"The Philippine economy has already proven to be quite resilient in the face of varied external shocks in the past, especially bolstered by a strong external position and capable monetary management. This time should not be much different.† The new administration of President Benigno â€Å"Noynoy† Aquino III faces three key constraints on Philippine growth: Tight fiscal situation due to weak revenue generation Poor infrastructure (i.e. transportation, power, etc.) Pessimism in investment resulting from corruption and political instability Fortunately, the government offers various projects to loosen these restrictions. Data from the quarterly ING Investor Dashboard Survey showed stability in investor confidence for the Philippine economy over the first two quarters of 2010. She even scored a 157 in the third quarter of the same year. This is well on the higher percentiles of the â€Å"optimistic† range and a mere 3 points from the â€Å"very optimistic† level. These figures emerge in the midst of decrepit infrastructure and a lack of efficient institutions. Subsequently, the prospect of the Philippine economy improving into the â€Å"very optimistic† range is very bright. Presidential spokesman Edwin Lacierda declared that the Philippine economic competitiveness score improved from 56.526 the previous year to 63.291 in 2011 (based on The World Competitiveness Yearbook). Lacierda also boasts of infrastructure improvement pr ojects of the Department of Public Works and Highways scheduled to commence within one or two years. He attributes the stepping up of our competitiveness rating to the public-private partnership (PPP) projects next year. These projects raise optimism for the post-crisis economy of the Philippines ————————————————- Fiscal policy of the Philippines From Wikipedia, the free encyclopedia Fiscal policy refers to the â€Å"measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government expenditures. Fiscal measures are frequently used in tandem with monetary policy to achieve certain goals.†[1] In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years.[2] The Philippine government’s main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines relies on both domestic and external sources. Fiscal policy during the Marcos administration was primarily focused on indirect tax collection and on government spending on ecnomic services and infrastructure development. The first Aquino administration inherited a  large fiscal deficit from the previous administration, but managed to reduce fiscal imbalance and improve tax collection through the introduction of the 1986 Tax Reform Program and the value added tax. The Ramos administration experienced budget surpluses due to substantial gains from the massive sale of government assets and strong foreign investment in its early years. However, the implementation of the 1997 Comprehensive Tax Reform Program and the onset of the Asian financial crisis resulted to a deteriorating fiscal position in the succeeding years and administrations. The Estrada administration faced a large fiscal deficit due to the decrease in tax effort and the repayment of the Ramos administration’s debt to contractors and suppliers. During the Arroy o administration, the Expanded Value Added Tax Law was enacted, national debt-to-GDP ratio peaked, and underspending on public infrastructure and other capital expenditures was observed. Contents [hide] * 1 Revenues and Funding * 1.1 Tax Revenue * 1.1.1 Income Taxes * 1.1.2 E-VAT * 1.1.3 Tariffs and Duties * 1.2 Non-Tax Revenue * 1.2.1 The Bureau of Treasury * 1.2.2 Privatization * 1.2.3 PAGCOR * 2 Spending, Debt, and Financing * 2.1 Government Spending and Fiscal Imbalance * 2.2 Financing and Debt * 3 History of Philippine Fiscal Policy * 3.1 Marcos Administration (1981-1985) * 3.2 Aquino Administration (1986-1992) * 3.3 Ramos Administration (1993-1998) * 3.4 Estrada Administration (1999-2000) * 3.5 Arroyo Administration (2002-2009) * 4 References * 5 External links ————————————————- Revenues and Funding[edit source | editbeta] A comparative graph of Revenue and Tax Effort from 2001-2010[3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001-2010[4] The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government operations and state-owned enterprises. Tax Revenue[edit source | editbeta] Tax collections comprise the biggest percentage of revenue collected. Its biggest contributor is theBureau of Internal Revenue (BIR), followed by the Bureau of Customs (BOC). Tax effort as a percentage of GDP has averaged at roughly 13% for the years 2001-2010.[5] Income Taxes[edit source | editbeta] Income tax is a tax on a person’s income, wages, profits arising from property, practice of profession, conduct of trade or business or any stipulated in the National Internal Revenue Code of 1997 (NIRC), less any deductions granted.[6] Income tax in the Philippines is a progressive tax, as people with higher incomes pay more than people with lower incomes. Personal income tax rates vary as such:[7] Annual Taxable Income| Income Tax Rate| Less than â‚ ±10,000| 5%| Over â‚ ±10,000 but not over â‚ ±30,000| â‚ ±500 + 10% of the excess over â‚ ±10,000| Over â‚ ±30,000 but not over â‚ ±70,000| â‚ ±2,500 + 15% of the excess over â‚ ±30,000| Over â‚ ±70,000 but not over â‚ ±140,000| â‚ ±8,500 + 20% of the excess over â‚ ±70,000| Over â‚ ±140,000 but not over â‚ ±250,000| â‚ ±22,500 + 25% of the excess over â‚ ±140,000| Over â‚ ±250,000 but not over â‚ ±500,000| â‚ ±50,000 + 30% of the excess over â‚ ±250,000| Over â‚ ±500,000| â‚ ±125,000 + 32% of the excess over â‚ ±500,000| The top rate was 35% until 1997, 34% in 1998, 33% in 1999, and 32% since 2000.[7][8] In 2008, Republic Act No. 9504 (passed by  then-President Gloria Macapagal-Arroyo) exempted minimum wage earners from paying income taxes.[9] E-VAT[edit source | editbeta] The Expanded Value Added Tax (E-VAT), is a form of sales tax that is imposed on the sale of goods and services and on the import of goods into the Philippines. It is a consumption tax (those who consume more are taxed more) and an indirect tax, which can be passed on to the buyer. The current E-VAT rate is 12% of transactions. Some items which are subject to E-VAT include petroleum, natural gases, indigenous fuels, coals, medical services, legal services, electricity, non-basic commodities, clothing, non-food agricultural products, domestic travel by air and sea.[10] The E-VAT has exemptions which include basic commodities and socially sensitive products. Exemptible from the E-VAT are:[11] 1. Agricultural and marine products in their original state (e.g. vegetables, meat, fish, fruits, eggs and rice), including those which have undergone preservation processes (e.g. freezing, drying, salting, broiling, roasting, smoking or stripping); 2. Educational services rendered by both public a nd private educational institutions; 3. Books, newspapers and magazines; 4. Lease of residential houses not exceeding â‚ ±10,000 monthly; 5. Sale of low-cost house and lot not exceeding â‚ ±2.5 million 6. Sales of persons and establishments earning not more than â‚ ±1.5 million annually. Tariffs and Duties[edit source | editbeta] Second to the BIR in terms of revenue collection, the Bureau of Customs (BOC) imposes tariffs and duties on all items imported into the Philippines. According to Executive Order 206, returning residents, Overseas Filipino Workers (OFW’s) and former Filipino citizens are exempted from paying duties and tariffs.[12] Non-Tax Revenue[edit source | editbeta] Non-tax revenue makes up a small percentage of total government revenue (roughly less than 20%), and consists of collections of fees and licenses, privatization proceeds and income from other state enterprises.[13] The Bureau of Treasury[edit source | editbeta] The Bureau of Treasury (BTr) manages the finances of the government, by attempting to maximize revenue collected and minimize spending. The bulk of non-tax revenues comes from the BTr’s income. Under Executive Order No.449, the BTr collects revenue by issuing, servicing and redeeming government securities, and by controlling the Securities Stabilization Fund (which increases the liquidity and stabilizes the value of government securities[14]) through the purchase and sale of government bills and bonds.[15] Privatization[edit source | editbeta] Privatization in the Philippines occurred in three waves: The first wave in 1986-1987, the second during 1990 and the third stage, which is presently taking place.[16] The government’s Privatization Program is handled by the inter-agency Privatization Council and the Privatization and Management Office, a sub-branch of the Department of Finance.[17] PAGCOR[edit source | editbeta] The Philippine Amusement and Gaming Corporation (PAGCOR) is a government-owned corporation established in 1977 to stop illegal casino operations. PAGCOR is mandated to regulate and license gambling (particularly in casinos), generate revenues for the Philippine government through its own casinos and promote tourism in the country.[18] ————————————————- Spending, Debt, and Financing[edit source | editbeta] A comparative graph of National Revenues and Expenditures from 2001-2010[5] A comparative graph of Domestic and External Sources of Financing from 2001-2010[5] A comparative graph of Total National Debt from 2001-2010[19] Government Spending and Fiscal Imbalance[edit source | editbeta] In 2010, the Philippine Government spent a total of â‚ ±1.5 trillion and earned a total of â‚ ±1.2 trillion from tax and non-tax revenues, thus resulting to a total deficit of â‚ ±314.5 billion.[5] Despite the national deficit of the  Philippines, the Department of Finance reported an average of â‚ ±29.6 billion in Local Government Unit (LGU) surplus, which is mostly due to an improved LGU financial monitoring system which the government implemented in the recent years. Efforts of the monitoring system include â€Å"debt monitoring and creditworthiness monitoring system, effective mobilization of second generation funds (SGF) to promote LGU development, and the implementation of a Land Administration and Management Project (LAMP2) which received a ‘very good’ rating from the World Bank (WB) and Australian Agency for International D evelopment (AusAid).†[20] Microfinance management in the Philippines is improving substantially. In 2009, the Economist Intelligence Unit â€Å"recognized the Philippines as the best in the world in terms of its microfinance regulatory framework.† The DOF-National Credit Council (DOF-NCC) focused on improving the state of local cooperatives by developing a supervision and examination manual, launching advocacies for these cooperatives, and pushing for the Philippine Cooperative Code of 2008. A standardized national strategy for microinsurance and the provisions of grants and technical assistance were formulated.[20] Financing and Debt[edit source | editbeta] Aside from Tax and Non-Tax Revenues, the government makes use of other sources of financing to support its expenses. In 2010, the government borrowed a total net of â‚ ±351.646 billion for financing:[21] | Domestic Sources| External Sources| Gross Financing| â‚ ±489.844 billion| â‚ ±257.357 billion| Less: Repayments/Amortization| â‚ ±271.246 billion| â‚ ±124.309 billion| Net Financing| â‚ ±218.598 billion| â‚ ±133.048 billion| Total Financing| | â‚ ±351.646 billion| External Sources of Financing are:[21] 1. Program and Project Loans – the government offers project loans to external bodies and uses the proceeds to fund domestic projects like infrastructure, agriculture, and other government projects.[20] 2. Credit Facility Loans 3. Zero-coupon Treasury Bills 4. Global Bonds 5. Foreign Currencies Domestic Sources of Financing are[21] 1. Treasury Bonds 2. Facility loans 3. Treasury Bills 4. Bond Exchanges 5. Promissory Notes 6. Term Deposits In 2010, the total outstanding debt of the Philippines reached â‚ ±4.718 trillion: â‚ ±2.718 trillion from outstanding domestic sources and â‚ ±2 trillion from foreign sources. According to the Department of Finance, the country has recently reduced dependency on external sources to minimize the risks caused by changes in the global exchange rates. Efforts to reduce national debt include increasing tax efforts and decreasing government spending. The Philippine government has also entered talks with other economic entities, like the ASEAN Finance Ministers Meeting (AFMM), ASEAN+3 Finance Ministers Meeting (AFMM+3), Asia-Pacific Economic Cooperation (APEC), and ASEAN Single-Window Technical Working Group (ASW-TWG), in order to strengthen the countries’ and the region’s debt management efforts*.[20] ————————————————- History of Philippine Fiscal Policy[edit source | editbeta] Marcos Administration (1981-1985)[edit source | editbeta] The tax system under the Marcos administration was generally regressive as it was heavily dependent on indirect taxes. Indirect taxes and international trade taxes accounted for about 35% of total tax revenue, while direct taxes only accounted for 25%. Government expenditure for economic services peaked during this period, focusing mainly on infrastructure development, with about 33% of the budget spent on capital outlays. In response to the higher global interest rates and to the depreciation of the peso, the government became increasingly reliant on domestic financing to finance fiscal deficit. The government also started liberalizing tariff policy during this period by enacting the initial Tariff Reform Program, which narrowed the tariff structure from a range of 100%-0% to 50%-10%, and the Import Liberalization Program, which aimed at reducing or eliminating tariffs and realigning indirect taxes.[22][23][24] Aquino Administration (1986-1992)[edit source | editbeta] Faced with problems inherited from the previous administration, the most important of which being the large fiscal deficit heightened by the low tax effort due to a weak tax system, Aquinoenacted the 1986 Tax Reform Program (TRP). The aim of the TRP was to â€Å"simplify the tax system, make revenues more responsive to economic activity, promote horizontal equity and promote growth by correcting existing taxes that impaired business incentives†. One of the major reforms enacted under the program was the introduction of the Value Added Tax (VAT), which was set at 10%. The 1986 tax reform program resulted in reduced fiscal imbalance and higher tax effort in the succeeding years, peaking in 1997, before the enactment of the 1997 Comprehensive Tax Reform Program (CTRP). The share of non-tax revenues during this period soared due to the sale of sequestered assets of President Marcos and his cronies (totalling to about â‚ ±20 billion), the initial efforts to deregulate the oil industry and thrust towards the privatization of state enterprises. Public debt servicing and interest payments as a percent of the budget peaked during this period as government focused on making up for the debt incurred by the Marcos administration. Another important reform enacted during the Aquino administration was the passage of the 1991 Local Government Code which enabled fiscal decentralization. This increased the taxing and spending powers to local governments in effect increasing local government resources.[22][24] Ramos Administration (1993-1998)[edit source | editbeta] The Ramos administration had budget surpluses for four of its six years in power. The government benefited from the massive sale of government assets (totalling to about â‚ ±70 billion, the biggest among the administrations) and continued to benefit from the 1986 TRP. The administration invested heavily on the power sector as the country was beset by power outages. The government utilized its emergency powers to fast-track the construction of power projects and established contracts with independent power plants. This period also experienced a real estate boom and strong foreign direct  investment to the country during the early years of the administration, in effect overvaluing the peso. However, with the onset of the Asian financial crisis, the peso depreciated by almost 40%. The Ramos administration relied heavily on external borrowing to finance its fiscal deficit but quickly switched to domestic dependence on the onset of the Asian financial crisis. The administration has b een accused of resorting to â€Å"budget trickery† during the crisis: balancing assets through the sales of assets, building up accounts payable and delaying payment of government premium to social security holders. In 1997, the Comprehensive Tax Reform Program (CTRP) was enacted. Republic Act (RA) 8184 and RA 8240, which were implemented under the program, were estimated to yield additional taxes of around â‚ ±7.4 billion; however, a decline in tax effort during the succeeding periods was observed after the CTRP was implemented. This was attributed to the unfavorable economic climate created by the Asian fiscal crisis and the poor implementation of the provisions of the reform. A sharp decrease in international trade tax contribution to GDP was also observed as a consequence of the trade liberalization and globalization efforts in the 1990s, more prominently, the establishment of the ASEAN Free Trade Agreement (AFTA) and membership to the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC). The Ramos administration also provided additional incentives to export-oriented firms, the most prominent among these being RA 7227 which was instrumental to the success of the Subic Bay Freeport Zone.[22][23] Estrada Administration (1999-2000)[edit source | editbeta] President Estrada, who assumed office at the height of the Asian financial crisis, faced a large fiscal deficit, which was mainly attributed to the sharp deterioration in the tax effort (as a result of the 1997 CTRP: increased tax incentives, narrowing of VAT base and lowering of tariff walls) and higher interest payments given the sharp depreciation of the peso during the crisis . The administration also had to pay P60 billion worth of accounts payables left unpaid by the Ramos administration to contractors and suppliers. Public spending focused on social services, with spending on basic education reaching its peak. To finance the fiscal deficit, Estrada created a balance between domestic and foreign borrowing.[22][23] Arroyo Administration (2002-2009)[edit source | editbeta] The Arroyo administration’s poor fiscal position was attributed to weakening tax effort (still resulting from the 1997 CTRP) and rising debt servicing costs (due to peso depreciation). Large fiscal deficits and heavy losses for monitored government corporations were observed during this period. National debt-to-GDP ratio reached an all-time high during the Arroyo administration, averaging at 69.2%. Investment in public infrastructure (at only 1.9% of GDP), expenditure for economic services, health spending and education spending all hit an historic-low during the Arroyo administration. The government responded to its poor fiscal position by under-spending in public infrastructure and social overhead capital (education and health care), thus sacrificing the economy’s long-term growth. In 2005, RA 9337 was enacted, the most significant amendments of which were the removal of electricity and petroleum VAT exemptions and the increase in the VAT rate from 10% to 12%

Manage people perfomance Essay Example | Topics and Well Written Essays - 4000 words

Manage people perfomance - Essay Example Assisting employees to identify their area of competency and providing them the opportunity to implement it. Conducting evaluation after certain time intervals. Identifying the poor performances and offering support to improvise on those areas. Policy Implementation: The policy is applicable to all the staff members of the company (including both permanent and temporary) who has been associated with the company for a period of at least 6 months. Manager Responsibilities: The responsibility of a manager are as follows: - To oversee, measure and administer the perfoamcne of the employees. To conduct regular feedback meeting To make the employees aware of their downsides and recommended them options of overcoming the same. Employee’s Responsibility: The staff members are responsible for undertaking the following tasks: - Employees have the responsibility to achieve satisfactory levels of performance Employees also have the responsibility to attend all the meetings. Participating in the employee development programs to improve skills. To communicate any problems related to perfoamcne activities to the supervisors. Performance Management Framework: R nt Equity: The policy is applicable for everybody and it will not give any special preference to the organization hierarchy. Performance Management KPIs: It is important to manage the performance of the employees after the perfoamcne management framework has been defined. In this context, ‘Productivity’ can be used as a key performance indicator. Hence, ‘increasing the overall productivity’ is the aim of this policy. Funding: Several funding opportunities are available when it comes to training and development of the employees. For example, government as well as NGOs often offers financial incentives for this purposes. However, for this purpose it is expected that the company will be able to finance the process itself. . Procedure Procedure # -SNA 1212 Task Description: - Performance man agement Department: Human Resource Date: 31 October 2013 Action Description Standard WHO Performance Review Procedure Coaching Procedure Disciplinary Procedure Grievance Procedure To Review the perfoamcne of the employees To highlight the coaching procedure to be used. To State about the steps to be taken for managing discipline within the organization To manage grievances of the employees Overall Output and Productivity of the employees Mentoring, Training and Development Establishment of Rules and regulations and robust governance framework Employment of a liaison to look after the grievances of employees HR department Training and Development HR Department & Immediate Mangers Senior Management PART 2 – Managing Employee Performance Let us take the name of the fictitious company as AB Corporation and names of the three people whose performances to be managed are Mr. X, Ms. Y and Mr.

Marketing Communications on Sound Choice - REPORT format not essay

Marketing Communications on Sound Choice - REPORT format not - Essay Example Another benefit of sponsorship is its ability to provide extendibility and more exposure to the sponsor (Pope, Voges, & Brown 2009). This is especially true to sponsoring individuals. In cases where companies sponsor individuals such as athletes and celebrities, the individual carries the company trademarks in most of its major appearances. As the company sponsors events, the reach of the event through its own marketing campaign would provide extendibility to the brand. If the event is targeted to the companys main consumers, through the advertising materials and publicity the event would generate, the benefits from the exposure of the sponsoring brand could be enormous. Sponsorship is cost-effective by nature. This is because, with the amount of cash or in-kind support the sponsoring brand provides to the sponsored entity, the effect is leveraged in many different ways (Dees, Bennett, & Villegas 2008). These ways could include extendibility and greater brand exposure as previously stated; most especially if the target audience that the sponsored entity can reach is in line with the companys target consumers (Cornwell 2008). The multiplying effect of association with the sponsored entity can usually accomplish more than the objectives that are primarily identified by the company by using sponsorship as an IMC tool. In corporate social responsibility events, the involvement of the brand creates a perception about the brands personality, which is part of the overall brand image of the company. If the companys actions are philanthropic by nature, this could bring good will within the community, which leads to a positive attitude toward the brand (Close et al 2006). Even if the event is not a CSR or cause-related by nature, involvement of the brand in different events through sponsorship could create some presence among the community. This brings the brand closer to the consumers (Bennett, et al. 2009). As noted

Samurai Research Paper Example | Topics and Well Written Essays - 1500 words

Samurai - Research Paper Example rs by the Samurai class has increased to the extent of Emperor’s courtiers playing no role and remaining idle while Samurais were fighting battles on the horse backs with bows and arrows as well as newly crafted curved swords (http://www.samurai-archives.com/ots.html). The samurai warriors’ downfall came with modernization of Japan. In most of the cases, a country’s modernization is welcomed by its people and the government but that was not true in the case of Japan. Military class ruled Japan with extended responsibilities to serve the people and social affairs. This class was called ‘Samurai’ who not only defended the boundaries but were active in the social and cultural settings, and were distinct by being given a status of elite class by the rulers but they were not able to keep their hold on the nation and society for too long. With the downfall of Tokugawa shogunate, the rulers since 1600s to mid of 1800s, the coming back to power of the king in 1868, the newly established Meiji bureaucrats wanted reformation of the country to its earlier status. This reformation brought to the end the samurai class of warriors by late 1870’s; the downfall was not totally due to progress on the technology front but reform in all walks of life such as social, political, and cultural (Moscardi, 2007). The Meiji rulers wanted to restore the old glory of Japan, which came under aggression due to treaties made with the U.S. by the Tokugawa bakufu rulers, which put foreigners in an advantageous position by not charging taxes on imports and granting them immunity to Japanese law. The Emperor Meiji wanted to bring Japan on the same platform were the whole of West was standing. The aim of reformation was â€Å"having an economics system of industrial capitalism and a political system of liberal or quasi-liberal constitutionalism as in the U.S. and other European countries (Mason 257)).† With the opening of Japanese ports to others and ending seclusion in the mid 1800’s,

Diversity in Later Life Essay Example | Topics and Well Written Essays - 2500 words

Diversity in Later Life - Essay Example And I do believe that I can do every challenges with a smile on my face, like my career is doing well so far. Expand my business hopefully. Fulfilling and stable job, to have a home to call my very own as well as to acquire enough resources to sustain my family's needs and wants. My family, and Peace in all societies. Better life for my children Studies. Diversity in Later 2 Participant A Participant B Participant C Participant D Participant E Participant F 5. Felt Needs 1 - A stable job, 2 - A better married life; 3 - Own car & house. 1 - A progressive business. 2 - Safety of my family. 3- Peaceful environment. 1 - A fulfilling & stable job, 2 - A home to call my very own, and; 3 - A sufficient resources to sustain family's needs and wants. 1-Stable work. 2-Healthy family. 3-Success of my children. 1-More achievements in work. 2-Better health for my family. 3-Harmonious relationships. 1 - First is to graduate in College soon. 2 - Second is to pass the board exam and; 3 - have a job that can give me bigger salary . 6. Satisfaction 1-Financial Gains 2-Career 3-Health 4-Community Projects 1-Career 2-Health 3-Community Projects 4-Financial Gains 1-Health 2-Career 3-Community Projects 4-Financial Gains 1-Career 2-Financial Gains 3-Health 4-Community Projects 1-Health 2-Community Projects 3-Financial Gains 4-Career 1-Financial Gains 2-Health 3-Career 4-Community Projects 7. General Concern Global Crisis. I'm worried about the economic aspects of every family. Health. It is important. H1N1/Health. It's a serious... This paper highlights the general needs and satisfaction of middle age adults at this point of their lives, as compared to other age groups. Below is a tabular presentation of information regarding the various needs, satisfaction and general concerns of individuals (in different age groups); the sample interview guide employed in data collection is appended (Please see Appendix A). That data of each participants represent the diverse needs, satisfaction and general concerns in the various aspects in life. Middle adulthood seems to be the "prime time" in terms of creating achievements and vast contribution in an individual's life. Most of them are already in the "family life stage". In the above presented table, middle age individuals (highlighted portions) generally depicted a life that goes beyond the need of oneself or which is simply not "self-centered". Middle age individuals (Participants B,C,D & E) verbalized about their responsibilities and obligations which are more focused on their children, families and the society. It can also be noted that as compared with other age groups, their needs are more into the career, family and a little of what they can do for others or the community. Obviously, middle age respondents' diverse needs, satisfaction and general concerns are somehow impacted their socio-economic conditions.

Liberty Essay Example | Topics and Well Written Essays - 1000 words

Liberty - Essay Example Liberty can be both unconstructive and helpful. Negative liberty is characterized by nonexistence of impediment or interferences; whereas, positive liberty is an act of taking charge of personal life and appreciating the basic reason of existence. Varying ideologies of liberty entail the association or connection between the society and individuals; these include relation to life under the social contract and the active exercise of freedom and rights as essential to liberty. Liberty and lack of restrictions work interchangeably. In this regard, liberty helps to instill individuality and to suppress individualism. Characteristics of being in a liberal state include; being free, ability to do as one pleases, power to choose think or act on oneself, freedom from subjective or dictatorial control, as well as the positive aspect of social, political and economic right and privileges. Liberty could be divided into three categories, political liberty, which entails the direct impact of justice in relation to personal freedoms or rights. There is also social liberty that alludes to someone’s right to socialization. Finally, economic liberty indicates either the availability or inadequacy of economic power or hindrance by other parties of the individual from the same (Judt, 2011). Liberal is a label that can be respectable and displays less than it conceals. According to Tonny Judit, a liberal is someone who is not in agreement with interference of others affairs, one who tolerates attitudes that may be considered dissenting and unacceptable behavior. Historically, liberals have always been am bassadors, championing for individuals freedom to live freely and as they choose. Liberty does not exist on its own, but it is rooted in inspiring principles, which are interdependent. These principles are collectively referred, as democratic values that are the basis of democracy. These principles include fairness, justice and rights (Friedman 2009). Equality refers to individuals having rights that are free from any biases, since it is based on the notion that people are conceived on equal ground. However, this principle at times is said to contain an assertion that individuals must achieve equal access to wealth or property to, completely, attain this equality. Compared to equality, a libertarian tends to regard liberty as of more significance. They believe one should have the freedom to exercise anything he or she wants unlike being equal to the other. For instance, libertarians believe in suppressing the governments’ influence on its citizens and strongly disagree with t he act of levying taxes to establish large-scale projects. Thomas Jefferson, a libertarian argues that liberty should be natural and is an unchallengeable right. Liberty and equality can coexist coherently in a constitutional government through formulation of a framework that checks the two principles. A right involves responsibility, duties or commitment on other parties

If China does not follow the WTO rules regarding to child labor and Term Paper

If China does not follow the WTO rules regarding to child labor and sweatshops, it will dehumanize China's workforce - Term Paper Example The country has a constitutional system of governance with political structure with the party in power currently being the Communist party. In 2013, the elected prime minister by the National people’s congress was Li Keqiang while Xi Jinping was elected the president. The derivation forms of laws in the country are traditionally rooted the due to the western influence; they also blend the western system of law with their traditional approaches. The country’s common laws are in form of published judicial convictions while the civil laws are in the form of codified statutes. Its economic system through various reforms has undergone a complete metamorphosis into a capitalist system. The capitalist system has initiated rapid economic growth since China has emerged as one of the strongest economies in the world. However, challenges such as inequality, poverty (especially in the rural area), low consumption by the local, pollution, and inefficiency in the sector of state has surfaced in this particular economic system. In addition, its GDP is approximately above 10 trillion dollars with purchasing power parity 17.8 million dollars. Apparently, China is one of the largest economies in terms of purchasing power parity (PPP). The mineral reserves of the country are twelve percent of the world. Some of these minerals are iron, petroleum, Zinc, copper, molybdenum, tin, lead, coal, mercury, graphite, tungsten, manganese, antimony, and fluorspar. The country is one of the major exporters in the world economy. Some of the products for export are: computers, telephones, broadcasting instruments or equipment, integrated circuits, and parts of office machines. On the other hand, it imports petroleum, cars, iron, gold, and integrated circuits. It joined the World Trade Organization (WTO) in 2010 and became one of its members. Besides the WTO, it is also a member of China-Australia Trade Agreement,

SAVING PRIVATE RYAN Assignment Example | Topics and Well Written Essays - 250 words

SAVING PRIVATE RYAN - Assignment Example The mise-en-scà ©ne sets camera angles to focus on emotions of the characters and the challenges that lie ahead of them. Lighting takes advantage of natural light with low key elements. Character and camera proxemics reveal the intimate level and relationship between soldiers. The costumes and makeup also create an element of realism (Dancyger, 2010, p.217). The use of sound in ‘Saving Private Ryan’ expresses the emotion and orientation of a soldier’s experience. It sets the full stage of battle, while taking us squarely in the midst of it. Sound in this film becomes a crucial storyteller. The sound design of the film guides the visceral experience felt (Dancyger, 2010, p.42). This film incorporates music in scenes where it strikes an emotional chord. The use of an orchestra achieves this effect. Battle scenes do not have music tracks, keeping the film realistic. In the movie, there is selective utilization of music to generate dramatic moments of retrospection and reverence. The editing of the film makes it seem entirely real from start to the end. The editing creates an exceptionally remarkable battle sequence without relying on quick-cut editing techniques, but using the MTV style. The editing techniques used in ‘Saving Private Ryan’ make battle scenes have an uneven and raw look (Dancyger, 2010,