Press statements of Senator Loren Legarda

On record-high 34.2% unemployment rate

The increase in the number of jobless Filipinos to 14 million in the first quarter of 2009, from 11 million in the last quarter of 2008, belies the claim of the administration of an improving economy and its creation of a substantial number of jobs.

The 34.2 percent unemployment rate represents missed opportunities both for the employable but unemployed Filipinos and the industries that, under more favorable conditions, could take advantage of their skills to increase production and, hopefully, sales.

But production is inevitably tied to demand. Thus, we find ourselves in a vicious cycle - unemployment depresses demand for goods and services, low demand results to scaled-down production by industries and, ultimately, more job losses. Makes one wonder whatever happened to the government's much-touted economic pump-priming initiative.

On AMLC monitoring gov't transactions

The order by the Anti-Money Laundering Council (AMLC) for banks to submit reports involving big transactions with government agencies is most welcome as it would help clamp down on corruption.

Credit must go to the Bangko Sentral ng Pilipinas for issuing a circular (C.L. 2009-037) last May 4 which empowered the council to look into transactions between banks and government agencies.

While it is the primary duty of the Commission on Audit (COA) to look into the disbursement and allocation of public funds and the Ombudsman's mandate to prosecute those officials remiss in handling taxpayers' money, this initiative by the AMLC and the BSP will add another mechanism by which government transactions can be checked for propriety.

On oil firms opening their books to public

A court had already ordered local oil companies to open their books for examination by the Commission on Audit, Bureau of Internal Revenue (BIR) and Bureau of Customs. But one of the so-called Big Three had opposed such an audit, fueling public suspicion that the oil firms may not be able to justify their pricing.

In the face of yet another round of increases in the prices of gasoline, diesel and liquefied petroleum gas, I believe that oil firms must show corporate social responsibility by showing to the public that they are not overpricing or are engaged in cartelized pricing.