a tale of two cocos
this is what i miss most in manille - the busy social life. almost everyday, people always find a way and an excuse to gather friends in one posh place, eat, drink, gossip - no matter what the state of the local and global economy is. if you need proof that the food, beverage and restaurant industries are indeed "recession proof", visit the philippines. consumer spending, regardless if those relatives overseas are remitting money at home or not, remains the key factor that is fueling growth. that is why the government should lower taxes (including value added taxes and especially personal and business income taxes) so that the people and companies will have more money to spend (or invest) to prime the domestic economy. let's face it, it has been proven time and again that the government is the most inefficient holder of funds - most of the money only goes to corruption and are therefore spent or funneled abroad. but enough of these intellectual musings (chos!...