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| "While other countries, especially in the west, were deregulating and condoning financial adventurism, we were strengthening our regulations" Gloria Macapagal-Arroyo |
THE NEWS AND chat shows bubbling from the taxi’s radio on the drive to Manila’s Malacañang palace are alive with talk of the latest scandal, and although much of the debate is in Tagalog, familiar phrases such as "Securities and Exchange Commission" and "investigation" occasionally surface. The SEC’s commissioner, Jesus Martinez, is being investigated for his involvement in the affairs of Legacy, a banking group accused of defrauding investors through the sale of fraudulent investment schemes. On the message boards of the local newspapers the reaction is weary, more resigned than outraged. "Another one bites the dust, or should I say, another government official takes a commission. When will this ever end?" writes one Norman Villamayor of Mandaluyong City. In the sedate grounds of the palace, there’s no evidence of turmoil or civic unrest. A few green-shirted men sweep the immaculate garden as Euromoney is ushered through security checks and into a cool, dim waiting room. The Legacy scandal is yet another piece of unwelcome news for the administration of Gloria Macapagal-Arroyo.