Quote Originally Posted by fred View Post
Sorry..I forgot to mention the 1 trillion $`s of natural resources they have beneath their feet.
Ships full of nickel,copper and gold are being shipped out to China Japan,Australia etc in direct shipping operations as we speak..
The government here will be looking to seriously ramp up and encourage production in the run up to 2010.
Look..I would be the first to cheer the Pound if it went back to 110..(I have to change pounds in order to live here).
Its just not going to happen in the near future IMV..
Unless there is a half decent coup..
They had better hurry though.
GMA appears to be getting stronger by the day.

I agree they found an oil field i think recently under phill soil and with all the other natural resources that can be found.

Im sure the goverment will be rich and the companies who hopefully employ plenty of locals to obtain the resources. Hopefully the phill goverment invest in the unis and colleges to ensure enough local workers are trained so they can take the well paid jobs in the industry.

I was more worried about the job situation in general for non skilled workers and the ofws situation which if money dries up along with other remittances the goverment with its new found wealth would have to spend a lot of the money on investment to counter the ofws in the west who i just can't see how they will send the money home finding a spare few hundred pounds a month is going to be very hard for most. The ofws who cant do this, hopefully will find jobs in asia and the middle east.

Did they push though the law changes regarding mineral resources allowing it to be easier for non phill owned corps to 100 percent own companies i remeber reading something about it in one of the broadsheets in phill years back i think they were hoping to bring the time to be approved to 6 months from 3-5 years. I know that in 2005 they were importing more resources than they exported so hopefully the ramp up takes them into the postive.
I presume they must have ramped up nickel production because the price per lb dramtically rose a year or so ago and has now halved to 50 peso per pound which it makes it more profitable for those mining it as they get more profit which seems to mirror the price of nickel on the world markets.

I very much doubt the peso will reach 110 agaisnt the pound, sterling is a dead duck and we will soon be jumping ship to the euro im sure of it here in the Uk.