Galileo :: essays research papers

GalileoGalileo was born in Pisa in 1564, the son of Vincenzo Galilei, well known for his studies of music. He studied at Pisa, where he later held the chair in mathematics from 1589 - 1592. He was then appointed to the chair of mathematics at the University of Padua, where he remained until 1610. During these years he carried out studies and experiments in mechanics, and also built a thermoscope. He devised and constructed a geometrical and military compass, and wrote a handbook, which describes how to use this instrument. In 1594 he obtained the patent for a machine to tack water levels. He invented the microscope, and built a telescope with which he made celestial observations, the most spectacular of which was his discovery of the satellites of Jupiter. In 1610 he was nominated the for the first time Mathematician of the University of Pisa and given the title of mathematician to the Grand Duke of Tuscany. He studied Saturn and observed the phases of Venus. In 1611 he went to Ro me. He became a member of the Academia dei Lincei and observed the sunspots. In 1612 he began to encounter serious opposition to his theory of the motion of the earth that he taught after Copernicus. In 1614, Father Tommaso Caccini denounced the opinions of Galileo on the motion of the Earth from the pulpit of Santa maria Novella, judging them to be erroneous. Galileo therefore went to Rome, where he defended himself against charges that had been made against him but in 1616, he was admonished by Cardinal Bellarmino and told that he could not defend Copernican astronomy because it went against the doctrine of the Church. In 1622 he wrote the Saggiatore (The Assayer), which was approved and published in 1623. In 1630 he returned to Rome to obtain the right to publish his Dialogue on the two chief world systems, which was eventually published in Florence in 1632. In October of 1632 the Holy Office to Rome summoned him. The tribunal passed a sentence condemn him and compelled Galileo to solemnly abjure his theory. He was sent to exile in Siena and finally, in December of 1633, he was allowed to retire to his villa in Arcetri, the Gioiello. His health condition was steadily declining, - by 1638 he was completely blind, and also by now bereft of the support of his daughter, Sister Maria Celeste, who died in 1634.

Pain and Acupuncture in Eastern and Western Medicine Essay -- Acupunct

Pain and stylostixis in Eastern and horse opera Medicine Acupuncture is an ancient medicinal art that has been practiced for thousands of years. Acupuncture today is mainly seen by Western medical exam specialty as a new alternative medicine (2). This basically means that while Western medicine acknowledges the value and positive medical research supporting acupuncture in many realms of medicine, for the most part it is not a practice that has been incorporated into modern medical practices. One of the most consistently supported uses of acupuncture therapy is in pain preaching (14). Western medicine has often come up short when it comes to treatment of chronic pain. The dichotomy that is often suggested is that Western medicine is better at emergency situations and stabilizing patients in crisis, while Eastern medicine has more achievement with more long-term chronic issues such as pain (2). This difference mainly stems from the philosophy of both methods of practicing medicine . Eastern medicine, for the most part, is more interested in treating the whole person and finding the organic root of the problem instead of just treating the symptoms. While chronic pain is reaching epidemic proportions in Western society, few people are employing the benefits this type of medicine can bring. How does pain effect the nervous system? How does acupuncture help to alleviate this symptom? Is it accomplishable to explain the effects of acupuncture through the language of Western medicine? Acupuncture Theory Acupuncture, very basically, is the insertion of very fine needles, sometimes in conjunction with electrical stimulus, on the bodys surface, in order to influence physiological functioning of the body (1). At the basis of acupuncture, is the theory th... ...nism of Acupuncture http//www.acupuncture.com/Acup/Mech.htm7)Neuronal Possibilities , Neuronal plat http//dubinserver.colorado.edu/prj/kcr/p07.html8)Beyond Endorphins , Endorphins in Pain Mediationhttp//www.chi ro.org/places/ABSTRACTS/Beyond_endorphins.shtml9)Mechanism of Acupuncture Beyond Neurohumoral Theory http//users.med.auth.gr/karanik/english/articles/mechan.html10)Dr. L. Soh , Beyond Endorphins in Acupuncture Analgesiahttp//www.ozacupuncture.com/drlsohs.htm11)Pain Perception http//www.mhhe.com/biosci/ap/saladin/nervous/reading10.mhtml12)Chronic Pain Solutions The scientific Basis Of Acupuncture http//www.chronicpainsolutions.com/acupuncture.htm13)Molecular Insights into the Problem of Pain http//www.painstudy.ru/pe3/molecular.htm14)What We Know About Pain http//www.nidr.nih.gov/slavkin/pain.htm

How Miller Presents Joe Keller as a Tragic Hero in All My Sons Essay

How Miller Presents Joe Keller as a Tragic Hero in in entirely My SonsJoe Keller is a cosmos who loves and set his family really much. Likemost Americans he has apt(p) everything so he can have the big house,the fancy car and the bulging wallet. He has given everything so hecan have the American Dream. Unfortunately for Keller, everythingisnt as perfect as it seems.All My Sons is a very tragic play. It shows how a man can sacrificeeverything including the honour of his name to make his familyprosperous. This struggle for wealth and material goods involvesKeller doing an awful crime because he wants his family to be wealthy.This is the cause of Kellers downfall.In All My Sons Miller examines the morality of a man who places hisnarrow responsibility to his immediate family above his widerresponsibility to the men who rely on the integrity of his turn tail. AllMy Sons shows Keller placing his family in front of society.At the end of All My Sons Keller disappears offstage and shoo tshimself. This is a very tragic thing to happen because all Kellerwanted was a happy family. When Chris finds aside that Keller, hisfather, had allowed faulty cylinder heads to be sent out of hisfactory, Keller proves to the audience that he wanted good to comefrom it by saying what the hell did I work for? Thats only for you,Chris, the whole shootin match is for you on page 102 and For you,a business for you on page 158. This tells the audience that Kellerwas a very hard worker and that all the hard work he did was for hisfamily. After hearing this Keller doesnt sound equivalent a murderer or akiller at all. He sounds like a very loving and devoted father andhusband who may have done something wrong but ... ...admires him for being able to wriggle his room out of a prison sentence. They admire him for how clever he was tolie and pin the blame on someone else. I think this is a very corruptsociety and I think that is what Miller was trying to portray to theaudience in All My Son s. Miller wanted to get across to theaudiences his views on American society.I think Miller writes about another broader tragedy in the playbesides Kellers tragedy. This tragedy is the society we live in straight offand how nobody looks out for each other. It is all about the survivalof the fittest nowadays. This is what Chris tries to stand up againstthroughout the play.Kellers tragedy in All My Sons is that he works so hard for theAmerican Dream and at the end of the play he shoots himself. By doingthis he is giving up everything he has worked so hard for oer hislife.

Lincoln Could He Have Preserve :: essays research papers

From the time the South demanded the return of Fort Sumter and Fort Pickens, focus had been building in expectation of Lincolns reply. The options available to Lincoln were limited, and those that were available were further limited by constraints of time and man-power.Lincolns options were too limited by his goals. Lincoln had a set agenda, with preserving the Union at the head of the list. Lincoln also aimed to preserve Fort Sumter and Fort Pickens. Lincolns most pressing goal was to instigate the war without seeming to be the aggressor. This proved to be the most difficult goal, because to achieve this, he had to know how furthest to push without seeming to push at each(prenominal). An additional goal was to perhaps lure the border states onto the northern side. This was an important goal because it fell in downslope with Lincolns un-hostile attitude. By being attacked first, he could say he was responding to an act of war on the United States. One of Lincolns options was to mould by and do nothing. This was not really an option, however, because abandoning his soldiers at this fort would not only lower the morale of his entire army, but could also turn many a(prenominal) of his supporters against him. So, needless to say, Lincoln could not really consider this as an option.Lincoln, for a time, also entertained the estimate of compromise. The southern resolve was so concrete that this desire was abandoned rather quickly.Another idea, proposed by Secretary of State Seward, was to abandon Fort Sumter and concentrate on Fort Pickens. Lincoln did not accept this idea either, mainly because abandoning a fort anywhere in the South would recognize the South as an independent nation. Even so, Seward managed to get a force together, and victorious one of the strongest ships in the United States Navy, went to Pickens anyway. One idea with similar traits was the idea to abandon both forts, leaving the South. Though open to consideration, this was not at all in line with Lincolns thinking. Again this would recognize the South as an independent nation, which would finalize the secession.For lack of a better idea, some suggested the reinforcing of the forts, to defend them from bombardment. This idea was cast aside also, because, first of all, Fort Sumter lies in between two points of land, both protected by forts. To make this idea work, those forts would have to be taken, too.

Wuthering Heights :: Essays Papers

Wuthering HeightsWuthering Heights is the only book Emily Bronte ever wrote. It is a very powerful story about(predicate) love and hate and sorrow and death. It spans thirty years and is all narrated by, first Mr. Lockwood, and more importantly, Ellen Dean, the faithful housekeeper. At the beginning of the book, Mr. Lockwood had just arrived at Thrushcross Grange as a tenant. He went to see Mr. Heathcliff, the man he was renting the house from. When he arrives at Wuthering Heights, he meets a young gentlewoman the he assumes to be Heathcliffs wife. However, Heathcliff tells him that she is not his wife, but his daughter-in-law. When he then meets a young man, he naturally assumes it to be Heathcliffs son, but again Heathcliff tells him that he is wrong. Heathcliff makes it very overstep that Mr. Lockwood is not welcome. However, Mr. Lockwood vows to visit Wuthering Heights a second time. The next day he does visit Wuthering Heights again and is snowed in over there. He dog-tired the night in a room with three diaries in it - one labeled Catherine Earnshaw, one, Catherine Heathcliff and the last, Catherine Linton. That night he dreams he hears Catherines spirit at the window, and subsequently hearing that, Heathcliff throws open the window and implores her to come in. Mr. Lockwood leaves early the next morning and catches cold. He is bedridden for the next few weeks and asks Ellen Dean to tell him what she knows about the passel residing at Wuthering Heights. She agrees. The story really began with Mr. Earnshaw and his son, Hindley and daughter, Catherine. Mr. Earnshaw left town on business and brought back with him an orphan they named Heathcliff. Heathcliff soon turned out to be Mr. Earnshaws favorite and he and Catherine became great friends. Hindley despised him for that. When Mr. Earnshaw died, Hindley returned from school married and took over as the master and treated Heathcliff awfully. His quick mind was dulled and he and Catherine became very re bellious. whizz day, they were over at Thrushcross Grange and saw Edgar and Isabella Linton. They saw Heathcliff and Catherine and thought they are burglars. Edgar sicced his dog on them and Catherine was injured. She stayed at the Grange for a few weeks and returned to Wuthering Heights a sophisticated lady with a furious temper and attitude. Hindleys wife, Frances gave birth to a child named Hareton and then died shortly after.

The Psychological Dimension of Nathaniel Hawthorne’s The Birthmark Essa

The Psychological Dimension of The Birthmark This essay will crush Nathaniel Hawthornes The Birthmark in order to demonstrate that it is a mental short story both in its themes and in its emphasis on the moral-psychological conniption of the main characters. There is probably unanimity among literary critics that Hawthorne is a psychological writer. Consider some of their statements chosen at random from various critiques of Hawthornes literary works Stanley T. Williams in Hawthornes Puritan Mind says What he wrote of New England was . . . .the subconscious mind of New England. It was. . . . unforgettable case histories of men and women afflicted by guilt, or, as he called it, by a stain upon the soul.. . . . His were grave and acute reflections upon the way in which the Puritan mind worked. . . . (43) Edmund Fuller and B. Jo Kinnick in Stories Derived from New England animate state that Hawthorne liked to explore uncertainties of belief that trouble a mans heart and mind (3 1). Clarice Swisher in Nathaniel Hawthorne a Biography states that Hawthornes disport tended toward the heart and the psychological effects of these moral and ethical issues (13). A. N. Kaul considers Hawthorne preeminently a psychological writer burrowing, to his utmost ability, into the depths of our common nature, for the purposes of psychological romance. . . . He was deeply thoughtless with the modern themes of alienation, isolation, and guilt consciousness and with modern spiritual problems generally (2). There appears to be more agreement among literary critics regarding the interpretation of Hawthorne as a psychological writer than upon any other aspect of his writing. ... ...athaniel Hawthorne, modify by Clarice Swisher. San Diego, CA Greenhaven Press, 1996. Melville, Herman. Hawthorne and His Mosses, The Literary World August 17, 24, 1850. http//eldred.ne.mediaone.net/nh/hahm.html Peckham, Morse. The Development of Hawthornes Romanticism. In Readings on Nathaniel Haw thorne, edited by Clarice Swisher. San Diego, CA Greenhaven Press, 1996. Swisher, Clarice. Nathaniel Hawthorne a Biography. In Readings on Nathaniel Hawthorne, edited by Clarice Swisher. San Diego, CA Greenhaven Press, 1996. Waggoner, Hyatt. Nathaniel Hawthorne. In Six American Novelists of the Nineteenth Century, edited by Richard Foster. Minneapolis University of manganese Press, 1968. Williams, Stanley T. Hawthornes Puritan Mind. In Readings on Nathaniel Hawthorne, edited by Clarice Swisher. San Diego, CA Greenhaven Press, 1996.

Sustainability and Environmental Standards

Sustainability and Environmental Standards Seeking Competitive Distinction at Damai Lovina Villas . Executive Summary Throughout this analysis, my purpose is to clarify and condense the discipline so the reader impart have a better understanding at the end of the analysis. This analysis exit be broken up into sixer categories the executive summary, issue statement, alternatives analysis, recommendations, actions and implementations, and info analysis. In the issue statement, in that respect will be a brief overview on how the hotel companies and the environmental regulations clashed.Throughout the alternative analysis we will discuss different alternatives that Damai could have focused on to benefit and sustain his hotels. As we move to the recommendations our group will give clear advice on how we wouldve handled the situation. transactions and implementations will implement the steps that Damai took to clean up his name and benefit the topical anesthetics that were on the i sland. The data analysis will be a break up of data to better explain the situation at hand. Issue StatementOne of the major issues impressing the Hotels was that the environmental regulations were lacking since existing standards were not enforced and evoketh practically was promoted to the detriment of the environment. For years the Balinese regime had promoted sand dredging to enlarge the island for to a greater extent hotel development off the port of Benoa. By the continued dredging of the sand, this would in effect alter the irrigate electric currents and the new currents have eroded the natural beaches bordering the town Sanur.Dredging projects r arely involved environmental impact studies or guaranteed protection of natural areas as required by law. Tourism was the island only source of income, but this source of income was causing serious social and environmental problems. For example the drinking water often slowed to a percolate during daylight hours due almost exc lusively to the high demand for water in the resort area of Nusa Dua. Also the lack of a centralized toss off collection system has encouraged alternative resolve such as the formation of an informal collection system.Many hotels and residents left used paper and plastic out-of-door of their properties. Despite these challenges the system successfully diverted a significant amount of thieve from the landfill. Data analysis As the benefits of ad proactive environmental efforts were accept by global hospitality hotels targeted environmentally conscious customers to gain competitive advantage as a result of which gartered non luxuriousness hotels command premium prices of $30/night in a very competitive industry. Marketing sustainability shows that participation in a VEP could be costly depending on the political platform.Adopting a formal EMS and certifying it IDO 141001 whitethorn typically cost $270-$1370 per employee depending on the extent to which the company had institu ted proactive environmental and continual improvement procedures prior to implementing a formalized Ems. Although more than a xii VEPs and eco-labeling programs targeted the hotel industry by 2006 only handful of these were available to Indonesia hotel. Alternatives analysis Damai has several alternatives to ultimately benefit and sustain its hotel.Damai could of considered voluntary environmental programs and take the risk of the hotels luxuriousness to take a negative impact by lacking integration that can possibly have a major impact in the yearn run. Another alternative damai could of pursued was a better marketing strategy that fully described everything about the hotel in regards to its environment, conjunction status overall. This could have been achieved by dint of a brief slideshow that offered key components of information on the website or brochure developed by Damai.Damai should focus less(prenominal) on advertising its produces of food and more on the sustainabilit y efforts. A better description and more detailed amount of information given about the hotels sustainability efforts along with other factors will ultimately fashion more attraction for business. Recommendations So at to expand capacitor by constructing additional rooms, Damai should ensure that existing room were filled and that the restaurant operated above its current 65% occupancy. This will bring improvement in the business as Knape hoped to better integrate Damai into the local meshwork of eco-hotels and eco-tours.Damai should continue to rely on its website and local travels agents to promote the hotels sustainability vision because Damais website was the primary vehicle for marketing hotels various sustainability efforts which directed environmentally conscious customers to an organic resort think to learn about the hotels sustainability vision. Besides, these local travel agents will play an important role by promoting the hotels sustainability vision to customers, whi ch will benefit the industry. . Action And ImplementationThrough a partnership with IPSA, Damai helped the farming and fishing communities remediate the effects of management techniques that could be harmful to the environment and public health. The burning of land impaired air quality and tender health, which comes from the hundreds of small farms that operate in a single community. The hotel work towards teaching farmers composting methods and organic growing practices, using IPSA products to step-up the pace of decomposition. Damai utilized a water recycling system that directed used knob water to on site tanks.All wastewater was filtered through a series to tanks containing volcanic rock, porous rubber, and sand and then reused in the hotel gardens. Even waste from the toilets, was then collected and treated using natural enzymes to break master the organic waste. This waste was then passed through a series of filters and re used in the hotel gardens. One of the hotel big i mplementations came when it decided that they should join forces with local farmers to domesticise eroded topsoil. Damai built a series of large rock wall filters in the river that ran through the property creating a series of waterfalls.At the bottom of each waterfall was a large pool of water that captured much of the topsoil from the hotel pools to reduce the call for for chemical fertilizers. Question 1. The relationship between tourism and social/environmental issues in Bali was every thing that was resulted from tourism had impacts on society and environment of Bali. Although tourism plays an important role in Balis economic growth and financing, it also caused serious social and environmental problems. Balis hotel alone required 260 liters of water per second, which was an amount equivalent to the typical water consumption of 50,000 villagers when drinking water in Denpasar often slowed to a trickle during daylight hours due almost exclusively to the high demand for water in the resort area of Nusa Dua to the south. Besides this Hotel and retail chains had avoided locating in Lovina Beach of Bali because it was less accessible than South Bali. 2. Balis environmental status was affected by different government polices analogous the governments focus on energy development and resource extraction, close relationship with developers, and lack of budgetary caused many citizens to lose faith in its ability or intent to protect Balis environment.Environmental regulations in Bali was lacking since existing standard were not enforced and growth often was promoted to the detriment of the environment. The Balinese government had promoted sand grudging enlarging the island for more hotel development off the port of Benoa. Dredging projects rarely involved environmental impacts studies or guaranteed protection of natural areas as required by law and when they did was almost never monitored for accuracy. The island had one government-operated landfill that was l ocated outside Denpasar on reclaimed tidal land.Like many landfills in emerging economies, it lacked controls to guard against groundwater contamination. 3. Firms did not need to wait for government in order to take action in addressing Balis social and environmental issues. Many Balinese began to get discouraged of how the government handled the environmental and social issues that occurred. Instead Balinese citizens took matters into their own hands and decided to rely more on communal code guided by strong social norms to yield behaviors 4. Damais focus was to sustain and distinguish their hotels.Since damai did not participate in the idea of voluntary environmental programs they were able to avoid the luxury status of the hotel to downgrade. It complemented the sustainability program because the hotels reputation remained the same by relying on other factors such as the website and travel agents that have the potential to create a positive impact. 5. There are numerous sustaina bility activities Damai had already implemented. Which activities can be described as pollution prevention, product stewardship, clean technology/innovation, and sustainability vision?Pollution prevention Damai has made an impact on the local surrounding when it comes to preventing pollution, for example normally at the end of each growing season, traditional farming practices involving the burning of agriculture waste to contract ash for the fertilizing of the next year crops. But hundreds of farmers in the community lack the knowledge on how the burning of agriculture impaired the air quality and the human health. The continued of burning of agriculture drive a greatly needed source of income which is tourist away from the community due to poor air quality.Damai solution for this is through partnership with local farmers to educate them about different ways of making fertilizer, which is through the different composing methods and organic growing practices using products from IPS A, which would enlarge the pace of decomposition. Product stewardship Damai shift from paying a deposer contractor to lovina Beach, to pick up the hotels solid waste, which transports the waste back to a dispensary, had proven costly. So Damai develop an environmental efficient way by transporting plastic and bottle containers to their respective suppliers to be recycled and reuse.To save cost of the purchasing of the purchasing of water, the Damai hotel use waste from the toilets, which are collected and treated using natural enzymes to break down the organic waste. This waste then passed through a series of filters, which is then re-used in the hotels gardens. By doing this implementation of treating waste from the hotel, Damie water conservation efforts reduced hotel water use by 75%. Clean technology/innovation Hotel whole caboodle closely with local famers and village leaders to develop the best possible way to reclaim the community eroded topsoil.The eroded topsoil came abou t because of traditional irrigation water systems, and monsoon rains, which caused fertile topsoil to flow from the rice paddies and drain into the ocean. The problem of the loss of topsoil loss prompted more farmers to rely on chemical fertilizers to grow their crops. Damai address this issue by building a series of large rock wall filters in the river that ran through the property creating a series of waterfalls. At the bottom of each waterfall was a large pool of water that captured much of the topsoil lost from the seven villages surrounding the hotel.This showed the hotels continued efforts to better the community through is efforts, Damai went on to encouraged the local farms to reclaim their topsoil from the hotel pools to reduce the need for chemical fertilizers. Sustainability Vision? The hotel had chosen to refrain from promoting its sustainability focus in guest rooms, restaurant and gardens. Damai also decided not to involve guest in an optional linen reuse program in or der to maintain its luxury status, even though such programs had become popular in the US and European hospitality industry. . How does Damais current sustainability focus compare to the environmental movement criteria listed in the VEPs listed in case Exhibits C-H? Damai did not participate in any VEPs. However, the hotel was considering if it would be beneficial for the hotel to participate in the VEPs. Damai was not able to expand its capacity by constructing additional rooms the most important way to improve the hotel was to ensure that existing rooms were filled and that the restaurant operated above its current 65% occupancy.By doing this, Damai had integrated itself into local network of eco hotels and eco tours. Damai has different sectors in which its market itself whether marketing through its website which directed environmentally conscious customers to an organic Resort link which help customers learn about the hotels sustainability vision. Damai provided travel agents with information about the hotel, some the travel agents began to market the hotel as being environmentally conscious by advertising that Damai produces 80% of its food local gardens. 7.Best Green Hotels and others have no financial charge listed. A 10% expense on lodging charge has to be paid by the owner that lists on the Eco Lodge even though the website is free of charge to utilize. The number of rooms and workers determine the fees for Global Green 21. Hotels with less than or equal to five workers or less than ten rooms pay $395, whereas hotels with less than or equal to 50 works or 70 or less rooms pay $1610. An independent external auditor must also be appointed along with the cost of becoming ISO 14001 certified. . I recommend that Damai join the Eco Lodge Program. The program offers ways to tutor guests and staff of environmental protection by recycling trash and water. Partaking in this program allows Damai to network with members who are not wasteful and proved to contri bute to environmental protection. It also gives his future customers a way to view Damai on the Internet, which has over 600 travel agencies. Although there is a 10% commission it doesnt compare to the benefits Damai will receive from being on the site.

How Does R. Dahl Illustrate Conflict Between Appearance and Reality in 3 of the 5 Short Stories?

How does R. Dahl illustrate conflict between appearance and reality in 3 of the 5 miserable stories? The Landlady appears to be very nice, friendly and kind, which we can read in the text She was about forty-five or fifty years old she gave him a heartily welcoming smile and she seemed terribly nice . As we follow the plot, the reality of her is that she is probably a serial defeater and maybe has a psychic illness. The component of Mary Maloney is similar to the character of the Landlady.Theyre both killers, but there is a little difference between them, because we think the Landlady is a serial killer and she prepares to kill him, as Mrs. Maloney didnt really prepare to kill her husband, however she prepared to set up a convincing alibi. She gave a nip of whiskey to every policeman Why dont you have one yourself. You must be awfully tired. Please do. Youve been very good to me. And just aft(prenominal) that, she offered the lamb, which she killed her husband with Why dont yo u eat up that lamb thats in the oven? . But there is another difference the Landlady actually wants to kill the boy as Mrs. Maloney killed her husband by impulse. The appearance and reality of the Man from the South. He seems to be a rich, good looking person. Thats the first film of him, he is wearing a suit Just then I noticed a small, oldish man walking briskly around the brim of the pool. He was immaculately dressed in a white suit and he walked very quickly with little bouncing strides, pushing himself high up on to his toes with each step.He had on a large creamy Panama hat, and he came bouncing along the side of the pool, looking at the slew and the chairs, and just after that the reality comes He stopped beside me and smiled, showing two rows of very small, uneven teeth, slightly tarnished. The culmination point of the appearance and the reality in the Lamb to the Slaughter is when Patrick Maloney did an unusual thing He lifted the glass and drained it in one swallow alth ough there was still half of it, at least half of it, left.Their household appears to represent a domestic ideal- comfortable, middle-class, with a traditional division of responsibility, ordered and strong on routine like a shot and again she would glance up at the clock, but without anxiety, merely to please herself with the thought that each minute gone by made it bearer the prison term when he would come and When the clock said ten minutes to five, she began to listen, and few moments later, punctually as always she heard the tyres on the gravel outside, and the car opening lamming, the foot-steps passing the window, the key turning in the lock which tells us, that she is waiting for him every day. She killed him by impulse, but then she set up a convincing alibi, and thats the reality of her.

My work2 Essay

INTERACTION WITH ENVIRONMENT The earliest civilizations formed on fertile river plains. These lands faced challenges, such as seasonal deluge and a limited growing bea.Geography What rivers helped sustain the four river valley civilizations?POWER AND AUTHORITY Projects such as irrigation systems required leadership and lawsthe beginnings of organized government. In some societies, priests controlled the first base governments. In others, military leaders and kings ruled.Geography Look at the time line and the map. In which empire and river valley atomic number 18a was the first code of laws developed?SCIENCE AND TECHNOLOGY Early civilizations developed bronze tools, the wheel, the sail, the plow, writing, and mathematics. These innovations spread finished trade, wars, and the movement of peoples.Geography Which river valley civilization was the most uninvolved? Whatfactors contributed to that isolation?INTERNET RESOURCES Interactive Maps Interactive Visuals Interactive Primary Sources26Go to classzone.com for Rese bendh Links Maps Internet Activities Test Practice Primary Sources on-line(prenominal) Events Chapter Quiz27Why do communitiesneed laws?The harvest has failed and, like many others, you have little to eat. There are animals in the temple, but they are protected by law. Your cousin decides to steal one of the pigs to feed his family. You believe that laws should not be broken and try to persuade him not to steal the pig. besides he steals the pig and is caught.The law of the Babylonian EmpireHammurabis Codeholds people responsible for their actions. Someone who steals from the temple must repay 30 propagation the cost of the stolen item. Because your cousin is unable to pay this fine, he is sentenced to death. You begin to wonder whether there are times when laws should be broken.1 The Babylonian rulerHammurabi, attach to by hisjudges, sentencesMummar to death.2 A scribe records theproceedings against Mummar.3 Mummar pleads for mercy.EXAM I N I NGtheISSU ES What should be the main designing of laws to promote good behavior or to punish bad behavior? Do all communities need a system of laws to guide them?Hold a class debate on these questions. As you prepare for the debate, think about what you have leaned about the changes that take place as civilizations grow and become more complex. As you read about the growth of civilization in this chapter, consider why societies developed systems of laws.28 Chapter 21City-States in MesopotamiaMAIN subjectINTERACTION WITHENVIRONMENT The earliestcivilization in Asia arose inMesopotamia and organizedinto city-states.WHY IT MATTERS NOWThe development of thiscivilization reflects a settlementpattern that has occurredrepeatedly throughout history.TERMS & NAMES conceptiveCrescent Mesopotamia city-state dynasty culturaldiffusion polytheism empire HammurabiSETTING THE STAGE Two rivers flow from the mountains of what is nowTurkey, down through Syria and Iraq, and finally to the Persian G ulf. Over six thousand years ago, the waters of these rivers provided the lifeblood that allowed the formation of farming settlements. These grew into villages and then cities.Geography of the Fertile CrescentTAKING NOTESA desert climate dominates the landscape between the Persian Gulf and the Mediterranean Sea in Southwest Asia. Yet within this dry region lies an arc of land that provided some of the best farming in Southwest Asia. The regions curved shape and the richness of its land led scholars to call it the Fertile Crescent. It includes the lands facing the Mediterranean Sea and a plain that became known as Mesopotamia (MEHSuhpuhTAYmeeuh). The word in Greek means land between the rivers.The rivers framing Mesopotamia are the Tigris (TYgrihs) and Euphrates (yooFRAYteez). They flow southeastward to the Persian Gulf. (See the map on page 30.) The Tigris and Euphrates rivers flooded Mesopotamia at least once a year. As the floodwater receded, it left a thick bed of mud called silt . Farmers planted grain in this rich, new soil and irrigated the fields with river water. The results were large quantities of wheat and barley at harvest time. The surpluses from their harvests allowed villages to grow.Identifying Problemsand Solutions practise achart to identify Sumersenvironmental problemsand their solutions.ProblemsSolutionsEnvironmental Challenges People first began to settle and farm the flat, swampy lands in southern Mesopotamia before 4500 B.C. nigh 3300 B.C., the people called the Sumerians, whom you read about in Chapter 1, arrived on the scene. Good soil was the advantage that attracted these settlers. However, there were three disadvantages to their new environment. Unpredictable flooding combined with a period of little or no rain. The land sometimes became almost a desert. With no lifelike barriers for protection, a Sumerian village was nearly defenseless. The natural resources of Sumer were limited. Building materials and other necessary items were scarce.Early River Valley Civilizations 29

Pacific Oil Company Failed Negotiation

Richard Paguirigan National University/Law 402 Professor Hamlin January 22, 2012 1. Identify the strengths and weaknesses of Fontaines and Gaudins negotiating strategy in their deliberations with reliant Chemical Company. Fontaine and Gaudin started finish up with a competitive strategy, wherein the outcome of the negotiation was more important than the relationship. This is evidenced by the fact that the merchandise for VCM would be oversupplied in a few geezerhood due to the building of new chemical plants and a drop in demand.Pacific only needed to secure an extension from reliant to enable them to fend for operations for just a while longer or until they could come up with a new business strategy for the future. There is nothing to kick up that Pacific had any incentive to maintain a relationship with reliant after that date. Although Pacific was considering becoming a producer of PVC products in aim to minimize its dependence on external sales, no firm decision had yet be en made so Pacifics possible survival was bland up in the air.Fontaine and Gaudin were aware that they had less than a three year window in which to extend the contract. They also knew that Reliant was probably aware that the market was going soft. Although Fontaine and Gaudin began their efforts with a sense of urgency to extend the contract with Reliant, they came into negotiation not having really developed their strategy and how they would attack it. They were unprepared for the issues that Reliant brought up and were essentially on the defensive throughout.The sense of urgency that exhibited coming into the negotiations was undermined by their failure to set time limits or deadlines. They were fair game for entrapment by the Reliant since they really had no information about Reliants situation and therefore could not counter or reverse the attack. Although Competitive Strategy was the intent, distressing planning and unanticipated problems along the way cause their strategy t o get flipped around and they succumbed to utilizing an Accommodating strategy (lose to win) in the end.Strengths The accommodating strategy may be used to encourage a more interdependent relationship, to increase support and assistance from the other, or even cool off hostile feelings if there is tension in the relationship. If the relationship is ongoing, then it may be particularly appropriate to back down presently, to keep communication lines open and not pressure the opponent to institute in on nighthing that they do not want to discuss (Lewicki 18). Weaknesses In most cases, this is a short-term strategy used with the expectation that accommodation forthwith will create an opportunity to achieve outcome goals in the future.This strategy should only be used when the outcome is not very important or if the primary objective is to improve the relationship. Unfortunately, for Pacific the outcome was important though the relationship wasnt. 2. Identify the strengths and weakne sses of Hauptmans and Zinnsers negotiating strategy. Hauptman and Zinnser utilized Competitive Strategy (win to lose). Unlike Pacific, Reliant had through with(p) its research and was fully aware of Pacifics situation and the market dynamics going on at the time and, presumably well into the future.They had a plan, developed a strategy and used it to their advantage. Essentially, Reliant had been given no incentive by Pacific to extend the contract. They had done their research, and armed with the knowledge gleaned and now aware as to the reasons why Pacific was so eager to extend the contract, they took the opportunity to gain the upper hand. Since Pacific never imposed any deadlines, they stalled for as long as they could all the while arguing for, and getting a number of concessions along the way.They were never on the defensive at any time since Pacific had nothing on them. They were in a favorable position to entrap Pacific, causing them to change strategies which resulted in failed negotiations. Strengths The Competitive strategy is effective in getting the other party to give in, and thus to satisfy the competitors needs now. Weaknesses. The outcome of the negotiation is more important than the relationship. It strains and endangers the relationships between the parties. 3. What work on should Fontaine take at the end of the case?Fontaine needs to reverse the damage done. Perhaps a collaborative strategy is in order. If Fontaine can convince Reliant that they will get into the PVC business after all and possibly become a PVC products manufacturer, hence a competitive threat, maybe Reliant will then get off their high horse and agree to cooperate for the mutual benefit of everyone. Pacific will need to make some concessions. Price, exclusive contracts or even a non-compete agreement may convince Reliant it would not be worth it to retaliate against Pacific.

The Role of Race in Othello

Although the plots of Shakespe bes plays are specific, the motivations of the characters as well as of Shakespeare himself have been the blood of much debate. Arguments continue over interpretations of Shakespeares intentions in part because his plays remain so profoundly relevant. (www. pbs. org, Teachers Guide, Othello Essay on race, web. ) Othello is the story of a Berber who in the fourteenth century, has reached the outstrip of the pyramid in the Republic of Venice thanks to his value as a valiant general of the army.However, his life ended prematurely and tragic each(prenominal)y in the nefariousness of jealousy and crime. Othello is the only one able to defeat the Turks on the Cyprus battlefront. This is why the Doge sent him for this mission and, incidentally, gives him approval to bond with a woman from the nobility of Venice , Desdemona, daughter of Senator Brabantio, despite the reluctance of the latter, which obviously does non this Moor in his family. The drama takes place at the couples arrival in Cyprus and victorious of the Turks without a single take the field since it is served by the storm which swept the enemy fleet.Othello becomes the governor of the island and is at the height of his military and personal life since he won the heart and selflessness of Desdemona who so far strongly opposed her father to stay with him. From there, its a highway to hell that Shakespeare offers us, and we are right to ask the question of why such a tragedy, when Othello had bonny made an exceptional course and that nothing, could predict such a fall? In the play, the Venetian society claims not to be racist, what is true because it allows Othello to become a governor of Cyprus.But just wish our western and modern society, this racism rises under a speech of tolerance and fan outing. And it re-appears on the occasion of social struggles, of political or economic crises. It is the case in the play on the occasion of the fight between Iago and Cas sio. But this racism is also interiorized by Othello. Why does not he speak to Desdemona? Why does not he rely on her? Because he built his life in a violent fight against exclusion, so that he cannot believe in his happiness.His class is printed for ever in the face. Othello is a text on otherness, on the impossibility for a Southerner, a Moor, a Berber from atomic number 7 Africa to find his place in Venice at that time without denying all of the above. But if this denial and that is the demonstration made by Shakespeare can last a while, and so it turned against its author whose life turns to a tragedy. The play rises the question of the status of the stranger in our human society in general.Similarly, Othello may sound like a denunciation, a text that Shakespeare would have made masked in a classical tragedy that could please his audience. But we can also hire that the work, with its multiple facets exceeded its own author. It seems t that the idea there is probably a refle ction on the question of otherness and the need of human societies to be open to the Other, to avoid the risk of dying themselves from the isolation in which they stand, is widespread with regard to this text. The heart of this tragedy is the question of acculturation.To take a place in society, the Stranger or more precisely the dominated, is obliged to begin this process which is to adopt the dominant culture to be recognized in the human being of mainstream. The question of the disappearance of the line of productsal culture becomes glaring, because without it the dominated loses its soul and so a part of his life. Returning to the text, we can notice premier that Othello is often referred to its origins, the semblance of his skin, his strangeness, in short, non-membership in the Republic of Venice, this irrespectively of the invaluable services he could have render.In the first scene of Act I, Iago, Othellos faithful servant, who could not bear not to have been appointed by him as lieutenant, is trying to oppose the Senator Brabantio, Desdemonas father , to the love affair between his master and Desdemona. Iagos call would today lead to court prosecution for racism Youll have your daughter covered with a Barbary horse Youll have your nephews neigh to you, youll have coursers for cousins, and gennets for germans.A weeny further the remarks are no less moderate I am one sir, that comes to tell you your daughter and the moor are making the beast with 2 backs . We also learn in this first act, when Othello is obliged to explain the circumstances of his love with Desdemona (strange and against nature), that Brabantio that was linked to him in some friendship exactly we understand that it was true as he remained in the place which was his own, without going to compete with the Venetian nobles and hope to enter, for example, in the family.In this situation, the witch trials is already wielded by Brabantio accusing Othello of magic. Othello Her father lov ed me, he often invited me, he asked me the story of my life . This is in sharp contrast to the despair and violence of the father when he learns that his daughter left with Othello. He even make explicit reference to skin color and supposed ugliness of the stranger Scene 2 of the first act Can a girl so tender, so beautiful would never ran from the tutelage of her father in a black soot to be like you, to fear, not to delight. . Scene 3 of the first act become, despite his love of nature she was afraid to look . Othellos forced denial is nab he converted to Christianity and blames himself the Turks who represent Muslim revivalism, until his last words which will be discussed further. No word on his Berber origins nor his first religion which is Islam in all likelihood It seems to devote a genuine hatred for the Turks in the name of this total feeling of belonging to the Republic of Venice. He understood that his ascent is the price.It is solely swept away, erased its own and profound identity in its very essence. We can see in the same time as the others always refer to the particuliarities that are his, his strangeness, and then only when it comes to belittle, humiliate and to remove any legitimacy on this earth for which he fought body and soul. His denial is the cause of Othellos descent into hell, into a good-hearted of belated recognition that he was at the zenith of its glory. The homecoming seems to be inevitable for all of us, especially one who is living an important moment of his life and history.At the peak of his life, the Moor of Venice is undoubtedly aware of his confinement in this gilded citadel military glory and carnal love. Then he givse up, probably unconsciously, self-annihilation and easily falls into the trap of his so called faithful villainous Iago. There is a strong moment in this play, the only one to make a positive reference to the origins of Othello it is the episode of the handkerchief, a crucial object that comes from his mother when she was on her deathbed. Othellos mother is quoted there for the first time, as a remnant of that origin killed out of necessity This hences the importance of the handkerchief Othello and focusing on its loss. The fact that the object has been given to Cassio, Desdemonas supposed lover, therefore appears quite high. The behavior of Lodovico, the Doges sent to Cyprus to disclaim Othello, is the most emblematic of the shaky status of Othello in this society he wanted to endorse with all his heart it is as if Othello man considered and respected, was expected at the turn, as if it were enough for him to make any mistakes so that everybody will sound the most negative about him and forget immediately all its virtues.Thats what it feels well in Act 4, Scene One Lodovico, ironic, after seeing Othello in the grip of jealousy hit Desdemona This would not be believed in Venice, Though I should asseverate I saw it . Othello seems to be the subject of a hostile nature, a so rt of presumed guilt until he proves he is innocent The tragedy of Othello is that he matte one day that his meteoric success was insignificant because it was really and deeply socially and culturally was denied by a block of domination in a society which he lived in and which he has become, paradoxically, one of the banners.Irreversible process, there remained to be a good reason for the man to end the world, and he is guide by hatred Iago who is going to serve him a dish of lies and machinations . Othello then gives up again. Iago does not kill Othello, scarce gives him the means to destroy himself. After his doctrine tainted by political and military actions that Venice could not accept, he decides to kill the woman who deeply loved him and to end his own life with these words that intelligibly show his awareness of the wrong way it has made in his life f one whose hand, like the base Judean, threw the pearl away richer than all his folk of one whose subdued eyes, albe it unused to the melting mood, drops tears as fast as the Arabian trees their med cinable gum. Set you down this. And say besides that in Aleppo once, where a malignant and turbaned Turk beat a Venetian and traduced the state, I took by th throat the circumcised dog and smote him thus (He stabs himself). Everything is here, up to the tribe of Othellos origins and thus he has betrayed And we might think that circumcised dog is Othello himself. As we said in the beginning, Shakespeares work have always been the source of much debate and of many interpretation. In deed, lets conclude with a quote from the critic Harold Bloom in his book Shakespeare The Invention of the Human notes, We can keep finding the meanings of Shakespeare, but never the meaning. As each generation re-interprets Shakespeare, its likely that these issues will continue to challenge, infuriate, and intrigue audiences.

The Philippine Pesoâ€Us Dollar Exchange Rate: the Impact of Strengthening Currency

INTRODUCTION The opposed modify foodstuff is a worldwide decentralizedover-the-counter pecuniary market for the trading of currencies. fiscal centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of week determinations. The exotic commuting market determines the relative values of different currencies. (wiki. org) The ex lurch esteem is the price of a unit of impertinent coin in terms of the domestic currency.In the Philippines, for instance, the exchange respect is convention anyy expressed as the value of wiz US long horse in peso equivalent. The value of any particular currency is determined by market forces based on trade, investiture, tourism, andgeo-political risk. E actually time a tourist visits a bucolic, for example, he or she must conduct for unafraids and servicesusing the currency of the host country. T presentfore, a touristmust exchange the currency of his or her home countryfor the local currency. Currency exchange of this kind is one of the film factors for a particular currency.An some new(prenominal) important factor of demandoccurs whena international companyseeksto do business with a company in a precise country. Usually, the foreign company for prevail hire to expect the local company in their local currency. At other times, it may be desirable for an investor from one country to invest in another, and that investment would withstand to be made in the local currency as thoroughly. each of these requirements produce a submit for foreign exchange and argon the reasons why foreign exchange markets atomic number 18 so large. (inves outdoia. om) In this paper the researchers attempt to show the impact of strengthen peso against the US horse and what atomic number 18 the consequences so-and-so it. It as substantially as attempt to show where should the organisation place itself when the opposing worry of the public are at stake. setting The Philippine peso has been one of the heftyest currencies in S prohibitedheast Asian Region for the past two year. It deemd for an ab come to the fore 5. 6 portion from year 2009 to 2010 where the exchange pose is 47. 6372 to 45. 1097 a vaulting horsethat is based on the average data from BSP.This predilection may attributed to the increasing inf low-downs of remittances from the overseas Filipino workers (OFWs), the improvement in portfolio and lead investment, the deterioration of United States dollar economic system for the past two age and the attractiveness of the Southeast Asian Region to the foreign investors. peso at a lower placestanding would yield to a confirming and ban arrange on different sectors. The perceptiveness of Philippine peso would slopped a reduction of debt servicing this would in like manner mean a reduction of prices of imported commodities in terms of peso when the product came here.However, this discretio n will reduce the purchasing power of dollar mark that OFWs send to their family here in the Philippines and it would besides mean that exported product will be less competitory a considerable or if ever the exporters income will diminish. In this situation, the organization is buy in between letting the peso appreciate for the purpose of dismantle importation cost and lower debt servicesor of importtaining it at a lower value for the sake of OFWs and export sector. According to Senator Ralph Recto, chairman of the Senate Committee on ways and nitty-gritty, the Philippine peso could further appreciate up to P34 a dollar this year (2011).Inflow of remittances will continue to be strong and the outlook for foreign investments remains optimistic. The exchange rate is important for several(prenominal) reasons (1) it serves as the basic contact lens between the local and the overseas market for various rights, services and financial assets. Using the exchange rate, we are able to compare prices of goods, services, and assets quoted in different currencies. (2) exchange rate movements can affect actual inflation as well as expectations round future price movements.Changes in the exchange rate lam to acquitly affect domestic prices of imported goods and services. A stronger peso lowers the peso prices of imported goods as well as import-intensive services such as transport, at that placeby lowering the rate of inflation. (3) exchange rate movements can affect the countrys external sector by dint of its impact on foreign trade. An taste perception of the peso, for instance, could lower the price hawkishness of our exports versus the products of those competitor countries whose currencies set about not changed in value. 4) the exchange rate affects the cost of servicing (principal and interest payments) on the countrys foreign debt. A peso appreciation reduces the amount of pesos needed to buy foreign exchange to pay interest and maturing obligations . Foreign exchange policy in the Philippines has evolved from a pegged carcass to a floating rate regime over the last 50 old age. The period of pegged exchange rate regime witnessed an extensive delectation of a myriad of administrative rules that were set to restrict access of Philippine residents and corporations to foreign currency.From 1949 to early 1970, foreign exchange policy was apply to promote exports industries, to trap imports, and to try to change the orientation of the Philippine economy from agricultural to agro-industrial. Even after the floating rate system was adopted in 1970, it was not until belatedly 1984 that the central bank stopped announcing a guiding rate and imposing a trading band. Moreover, it was a decade hence yet before the turning point set of reforms was issued. In 1993, the BSP liberalized capital flows and implemented a comprehensive set of foreign exchange market reforms.Today, even as there remain some prudential regulations with respe ct to foreign currency transactions, market forces determine the exchange rate. Further more, mechanisms to allow the economy to absorb shocks that a freely floating currency entails have been the subject of recent economic discussions. (BSP, 2008) Table 1 Philippine Foreign diversify Policy, 1949-2007 Period Milestones 3 January 1949 The CBP began operations. It adopted a fixed exchange rate system, pegging the peso to the US dollar at P2. 00/US$1. December 1949 The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the manufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an putive instrument in carrying out the Filipino First policy of the government. 1959 The Philippines achieved its first ever post-war trade surplus. 1962 The establishment launched an integrated socio-economic pr ogram that almost entirely eliminated restrictions on trade and payments. 25 April 1960 The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluation of the peso. January 1962 whole restrictions on sales of foreign exchange were eliminated. December 1949 The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the anufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the Filipino First policy of the government. 1959 The Philippines achieved its first ever post-war trade surplus. 25 April 1960 The CBP launched a four-year program to dismantl e the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluation of the peso. 1962 The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. January 1962 All restrictions on sales of foreign exchange were eliminated. 22 January 1962 CB Circular No. 133 date 22 January 1962 sought to establish a free market for foreign exchange and guidered the function of allocating exchange for most categories of payments from the administrative machinery of the CBP to the free market. 5 November 1965 A new parity for the peso-dollar exchange rate was set at P3. 0/US$1 21 February 1970 The CBP abandoned the fixed parity regime and adopted a floating rate system. The competitive rate was applied on all foreign exchange transactions except for 80 percent of export re ceipts from the countrys major commodities (namely, logs, centrifugal sugar, copra and copper concentrates) which were to be bribed at the rate ofP3. 90/US$1. 1972 The CBP started lifting the majority of foreign exchange restrictions, paving the way for partial liberalization in foreign trade and investment.The liberalization efforts focused on the suspension of nationality requirements in establishing industries, relaxation of repatriation policies, simplification of the tariff structure, import liberalization, and granting of various incentives to the export sector particularly on non-traditional commodities, such as textiles, garments and electronics. April 1972 The foreign exchange trading band was widened to 41 2 percent on both sides of the guiding rate. 1982 Operation Green blanket was launched to curb widespread outlaw(prenominal) trading in the black market as the CBP implemented liberal authorization of establishments to operate as foreign exchange dealers. October 1 983 After consultation with the IMF and several foreign banks, Philippine economic managers requested a 90-day moratorium on principal payments of external debt owed to foreign commercial banks. With scarcity of foreign exchange, a system of organize controls was put into effect. 4 November 1983 Local commercial banks were required to sell to the CBP all foreign exchange receipts for placement in a pool out of which payments were made on the basis of officially set priorities. June 1984 The foreign exchange market was reopened. By October 1984, a measure of constancy had been restored in the forex market and the CB reopened the foreign exchange trading system. The preceding trading days completed transactions formed the basis for the Bankers Association of the Philippines (BAP) reference rate. With this system, the CBP stopped announcing an inter-bank guiding rate and imposing a trading band. August 1985 CBP lifted the ceiling in the amount of allowable foreign exchange holdings . 1986 Import controls on a broad range of items were abolished. Likewise, the tariff structure was made more uniform and discriminatory aspects of the domestic tax structure against imports were eliminated. April 1992 Currency trading transpositioned from a short day-by-day trading session to full off-floor interbank foreign exchange trading with the operation of the Philippine Dealing dust (PDS). 13 April 1993 CB Circular No. 1389 was issued, setting away foreign exchange liberalization measures. July 1993 The CBP was reorganized into the Bangko Sentral ng Pilipinas (BSP) by virtue of the New Central Bank Act (R. A. No. 7653). September 1995 The Philippines acquired Article octad status with the IMF with the lifting of all restrictions on current account transactions. July 1997 Asian currency and financial crisis emerged. The BSP implemented measures to rationalize the rules and regulations governing non-trade related FX transactions to restore stability in the FX market and mitigate the impact of the Asian crisis on the economy. December 1997 Circular 149 implemented the Currency Rate Risk Protection Program (CRPP). 2 October 2006 A new peso-dollar trading platform was launched, replacing the Philippine Dealing System in providing the main reference rate for dollar-peso conversions. 2 April 2007 Circular 561 s. 2007, dated 8 March 2007, took effect. In the face of strong inflows, the BSP liberalized the foreign exchange regulations to allow greater market access to foreign exchange for outward investment and over-the-counter transactions. January 2008 The bet on phase of reforms in the foreign exchange regulatory framework (Circular 590 dated 27 December 2007) was implemented. These reforms focus mainly on promoting greater integration with international capital markets, diversifying risk supportive of an expanding economy with global linkages, and streamlining the documentation and reporting requirements on the sale of FX by banks. computer address Bangko Sentral ng Pilipinas (BSP), works Paper Series I. STATEMENT OF THE PROBLEMThe general problem of the study, The Philippine peso-US Dollar Exchange Rate The Impact of Strengthening Currency is to determine the impact of the appreciation of Philippine peso during the year 2009-2010. Specifically, the problems are the pursuance 1. Effects or impact of the appreciation of Philippine peso on consumption, government pass awaying, investment, import-export and debt servicing 2. What are the reasons for the appreciation of Philippine peso 2009-2010 3. What is the consumption of the Bangko Central ng Pilipinas in the Foreign Exchange Market 4.What are possible future movements on the Philippine peso against US dollar and how does it affect the countrys economy. II. OBJECTIVE OF THE conceive General Objective To determine the economic impact of the appreciation of Philippine peso. Specifically, the study attempts to 1. Determine the effect of the appreciation of Philippine peso a. Consumption b. Investment c. Government spending d. Import and export e. Debt servicing 2. To examine the reasons behind the appreciation of the Philippine peso during 2009-2010 3. To determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market 4.To determine the future movement of Philippine peso against the US dollar and its effect to the countrys economy. III. HYPOTHESES The researchers believe to the following hypothesis 1. The do of appreciation has a great impactpositive and contradicton consumption, government spending, investment, import-export and debt servicing 2. Philippine peso appreciation was caused by several factors such as the gamey economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs). 3.The role of the Bangko Sentral ng Pilipinas(BSP) is to maintain the stability of Philippine peso against other currency 4. The Philippine peso will further appreciate in the near future against the US dollar and this appreciation will boost the economy done saving. IV. SIGNIFICANCE OF THE STUDY The study is conducted to determine the impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it.It also attempt to show where should the government place itselfthrough the use of Bangko Sentral ng Pilipinaswhen the opposing interest of the public are at stake. It also attempts to show how to maximize the advantage of strengthening peso against the dollar on the term of government spending. And to some extent, to serve as guide in policy making through the use of recommendation. V. SCOPE AND LIMITATION The study The Philippine peso-US Dollar Exchange Rate The Impact of Strengthening Currency constrain its scope on Philippine peso against US dollar from year 2000 to 2010.VI. REVIEW OF RELATED LITERATURE The Ind ian RupeeUS Dollar Exchange Rate The impact of Strengthening Currency Reasons behind the appreciation of the Rupee in 2006-2007 Toward the end of 2006, foreign exchange inflows, especially of dollars, into India started rising sharply. This put upwards pressure on the rupees exchange rate against the dollar. Indias steady economic growth offered several opportunities for foreign companies. Between April 2006 and March 2007, FDI of $16 one million million flowed to India. VII. RELATED STATISTICSForeign currency reserves, gold, special drawing rights (SDRs), foreign investments as well as the Reserve Position in the Fund (RPF) are main components of the Gross International Reserves (GIR). The GIR constitutes the foreign assets valued mark-to-market, which are readily gettable to and controlled by the BSP for direct financing of payments imbalances and for managing the magnitude of such imbalances. The BSP estimates the level of abroad Filipino Worker (OFW) remittances, which prop s up the countrys foreign currency reserves. (BSP website) VIII. DISCUSSION (Impact on the Philippine economy)A. Consumption The appreciation of Philippine peso against the US dollar affects the consumption of Filipinos. Especially the families of overseas Filipino workers (OFWs) who receives remittances coming from abroadwhich are commonly dollar denominated. According to BSP, the US dollar remittances of OFWs attach by 8. 16% from 2009 up to 2010. On the year 2010, the overseas Filipino workers remittances reflect 29. 55 percent of the Gross internal Products (gross national product). According to Bangko Sentral ng Pilipinas, on the year 2010 the peso appreciated at an well-nigh 5. % on average basis (see table 2). This means that the purchasing power of the dollar remittances lower for an about 5. 6% in the Philippines. On the letter written by the Filipino Community in Riyadh, Saudi Arabia, to the President in Malacanan in August 2006, they express their predicament regarding appreciation of Philippine peso against the US dollar (a) the salaries remained the same(p) while the cost of living have increased, which means less income to be available for remittances which worsen when peso appreciated from Php55 to Php45 versus US dollar. b) the continued appreciation effectively reduced the value of remittances at an average 18%. The strengthening or appreciation of Philippine currency had a positive effect on consumption, it enable to somewhat, catch the effect of inflation of the commodities that are universe imported from abroad. Ironically, disadvantage of a strong peso is that the beneficiaries of OFWs who contributes crucially in making the peso strong, get less of the remittances that their relatives send them since the Dollar loses its purchasing power by the peso appreciation.And finally, a sector which for us is really getting the worst out of the situation are the domestic producers since a strong peso would make imported goods cheaper since the peso appreciates thus making it purchase imported goods more. Table 2. The Philippine peso US Dollar Exchange Rate CROSS RATE OF THE PESO in pesos per unit of foreign currency period averages Period Dollar to Peso 2000 44. 194 2001 50. 993 2002 51. 604 2003 54. 203 2004 56. 040 2005 55. 086 2006 51. 314 2007 46. 148 2008 44. 475 2009 47. 637 2010 45. 110 Source BSP (edited)The table in a higher place shows how over a good deal a dollar worth(predicate) in peso term during the year 2000 up to 2010. B. Investment Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country, which could leverage itself to attract foreign investors in the country which could fork over significant inflows for investments to the country that further improve the economy. A positive outlook is very important to a country to seek investors to show authorization in investing to country since their outlook would be one of the considerations investors would cons ider.The first thing that an investor would extremity to know is that if they would get their desired rate of return at a certain period of time. Facing uncertainties and risks, investors would like to gather as much discipline to aide them to their decision making minimizing uncertainties and factors such as oil prices, stability of the government and the economy are some of the preliminary facts to consider. If from these preliminary factors as country fails to impress investors, important investment inflows would be going to somewhere else.It affects the foreign exchange since as we have stated earlier, foreign investments helps the Peso appreciate. The Philippine day-after-day Inquirer published in their December 1 2006 paper that business confidence, which reflects foreigners outlooks to the country, has soared to a 5 and a half year high of 49% compared to dear 22% a quarter ago. Another outlook factor that could affect the foreign exchange market is the credit rating by f irms such as S&P and filch. These firms are respected firms and reliable so anything that they publish would be taken seriously by interested parties.A credit place by these agencies affects the Peso negatively as it gives of a bad image of the country to interested investors but at the same time a positive rating would help the Peso strengthen. Just like the OFWs, investments from foreigners improve and help peso appreciation and generally the economy as a whole. Having superb Dollar inflow allows the BSP to increase international reserves of debt curbing down Peso devaluation and aiding to Peso appreciation.According to BSP, transactions during February 2011 resulted in a interlock inflow of US$534 million, just about thrice the US$193 million net inflow in January due to lower outflows (US$935 million in February 2011 against US$1. 3 trillion in January 2011). The net inflow also represented almost four times the US$139 million recorded a year ago due to more registered inv estments this year, US$1. 5 billion compared to only US$500 million last year. This years rise in registered investments is backed by a mickle in investments in Peso-denominated government securities (Peso GS), to US$730 million of total (or 49. percent) against US$90 million in 2010. Favorable yields have attracted foreign investor to Peso GS placements. Investments in PSE-listed shares amounted to US$740 million (or 50. 4 percent of total registered investments), twice the US$370 million recorded in February 2010. The US$730 million balances of registered investments were in Peso GS and Peso time deposits with minimum maturity of 90 days (nil in February this year against US$40 million last year). Singapore, the United States, the United Kingdom, Luxembourg and Hong Kong were the top five dollar bill (5) investor countries, collectively contributing 89. percent to total registered investments. Registration of inward foreign investments with the BSP is voluntary. It entitles the investor or his representative to buy foreign exchange from authorized constituent banks or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of dividends/profits/earnings that accrue on the registered investment. For the first two months of the year, transactions net an inflow of US$727 million, 135. 6 percent higher than the figure recorded for the comparable period in 2010.Registered investments reached US$3. 0 billion, or an increase of 179. 3 percent from last years performance. Investments in PSE-listed shares of US$1. 4 billion exceeded the 2010 figure by 68. 3 percent. Major beneficiaries were banks (US$336 million) holding firms (US$248 million) utility companies (US$241 million) property firms (US$182 million) and telecommunication companies (US$167 million). Portfolio lineages have also been re-rating Asia as an investment destination and their flows have reinforced the uptrend in Asian currencies.With developed market s weighed down with debt and facing years of sluggish growth, fund managers are looking into Asia, citing the regions fast growth rates and strong corporate balance sheets. (BSP, issuances) Asia is set to continue being a strong destination of portfolio flows over the coming months. The high Asian equity correlation with local currencies will help fuel further gains in the Philippine peso and other Asian currencies. C. Government SpendingWe all know that the governments responsibility is the acquisition of goods and services for current use to at once satisfy individual or collective needs of the members of the community. They allocate the fund for Personal Services, Maintenance and Other Operating Expenses, Capital Outlays and Net Lending, Public al-Qaida and effectively marginalized resources for the poor. But its not that easy because the government must be aware of those risks that might affect their expenditures. One of it is the Philippine Peso pin down in exchange rate if the currency appreciates or evaluate. Now therefore, how thus the exchange rate may affect the government spending? Paying Philippines debt will affect our Governments spending. In fact, based on the data from Bureau of Treasury, more than 77. 6 percent of the P104. 4 billion increase in the 2011 budget came from the huge P80. 99 billion rise in interest payment for governments spending. The Aquino administration is proposed interest payment of P357. 09 billion in the 2011 budget, or 21. 7 percent of its planned spending program. But the total debt burden for this year could actually reach P823. 27 billion.Thus, debt burden represents 38. 9 percent of what the Aquino administration is willing to spend this year. If peso appreciates, it has a good impact in our external debt since our debt will decrease in peso terms. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resource s are available to spend for social and economic development of our country. On the other hand, peso depreciates has a bad effect. Our debt will increase so we will pay more, that is, in peso terms.Little amount of money will be allocate for government spending. The government will force to minimize their expenditure. Such a heavy debt burden means fewer resources are available to spend for social and economic services badly needed by the people. Lets now look at the effect of peso condition in trade. Strong peso has a negative effect in exporters. They will lose income since there was less peso in exchange of their dollar earnings or a strong peso translates to lesser value for their dollar-denominated revenues. Prices of their products may also frame less competitive in the world market.The littler the earnings or profit of exporters, the smaller tax they will pay in the government. That will affect the governments spending. If there are small fund comes from tax, government need to minimize their expenditure. On the other hand, strong peso has a positive effect on importers. They will pay less in foreign products. They will earn more and pay more tax. Again, the tax will proceed in governments fund so more tax, more property that government may spend for the peoples benefits. Weak peso has good effects in exporters.Prices of their products become more competitively in the world market. They will receive more peso in exchange of their earnings so they will pay more tax. More tax, more funds that government may spend for the benefits of the people. When peso depreciates importers will force to pay more for foreign products. That is bad for them and for government spending. Since the smaller the earnings or profit of importers, the smaller tax they will pay. Government will force to minimize their expenditures. As we observed, peso condition has different effects in different factors.That is the reason why its hard for the government to ask the Bangko Sentra l ng Pilipinas (BSP) to intervene the strengthening peso. We cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk. As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative.When the effect is positive, the impact in government spending is also positive. Overview Import and Export Since World War II, the Philippines experienced frequent trade deficits, aggravated by inflationary pressures. Deficits were counterbalanced by US government expenditures, transfer of payments from abroad, official loans (US Export-Import Bank, IBRD, and private US banks), net inflow of private investment, tourist receipts, remittances from Filipino workers overseas, and contributions from the IMF. In 1996, trade liberalization policies helped to push imports up by 22% while exports rose by only 18%.The result was a widening trade deficit that amounted to 13% of GDP. Foreign investment in the stock market and remittances from overseas workers helped to offset the deficit and avert a balance-of payments crisis. In 1998, the Philippines recorded a trade surplus at about 2% of GNP in the current account due to high electronics exports and low imports due to the devaluation of the peso. This was the first surplus in 12 years. Merchandise exports, in double digits through most of the 1990s, slowed to a single-digit growth pace in 2000, reflecting fewer export receipts from electronics and telecommunications parts and equipment.This decline was attributed by the electronics effort to weaker prices for maturing products and technologies, and to the decline in electronic industry investments from the 199497 boom years (when investment averaged $1. 5 billion a year). Traditionally, e xports of primary products failed to balance imports, leading the government to restrict imports. Structural change accelerated in the 1970s, as the contribution of industry (including construction) to GDP rose from 29. 5% in 1970 to 36. % by 1980, primarily as a result of export-oriented industrialization promoted by the Marcos government. The Aquino assassination in August 1983 had immediate economic consequences for the Marcos government, as did the broader Third World Debt Crisis. Hundreds of millions of dollars in private capital fled the Philippines, leaving the country with wanting(p) foreign exchange reserves to meet its payments obligations. The government turned to the IMF and its creditor banks for assistance in rescheduling the nations foreign debt, and an austerity program was set up during 198485.In December 1986, under IMF guidance, the Aquino government launched a privatization program with the establishment of the Assets Privatization Trust (APT). Monopolies estab lished under the Marcos administration in coconuts, sugar, meat, grains, and fertilizer were dismantled and a ban on copra exports was lifted. All export taxes were abolished and the government allowed free access to lower-cost or higher-quality imports as a means of improving the cost-competitiveness of domestic producers.Many difficulties remained, however. The prices of commodity exports, such as sugar, copper, and coconut products, were fluent weak, while demand for nontraditional manufactured products, such as clothing and electronic components, failed to rise. The structural reforms produced an initial recovery between 1986 and 1989, but this was arrested by the serial publication of natural disasters in 19901991. In 1986, Aquino had also embarked on a Comprehensive Agrarian Reform Programme, but its goals remain unfulfilled.In the 1990s, the government concluded three surplus financial arrangements with the IMFa stand-by agreement signed 20 February 1991 for about $240 mill ion (all drawn) an arrangement under the Extended Fund Facility (EFF) signed 24 June 1994 for about $554 million (all drawn), and a stand-by agreement signed 1 April 1998 for about $715 million (76. 7% drawn down as of 31 December 2002). At the end of 2002, the Philippines owed over 140% of its quota to the Fund. Scheduled debt repayments to the IMF for 2003 are about $330 million, and outstanding loans and purchases are not due to be retired until at least 2007.The country also had five debt reschedulings in the period 1984 to 1991 with the Paris Clubfor official debt owed to aid donor countrieson which some payments are still owing. In January 2003, the Trade and Development department announced at least a partial retreat from its 15 years of trade and investment liberalization, stating that it plans to bring tariff rates to the maximum allowed by the WTO for industrial imports, particularly petroleum imports, and for products produced in the Philippines. (Tradechakra. com) D. Im port The Philippine economy is largely import oriented in terms of the value of merchandise trade.A goodish trade deficit continues primarily because of merchandise imported to meet the strong demand for raw materials, intermediate goods, industrial get alongs and infrastructure related capital goods. An rising market, the Philippine economy continues to recover from the political instability of the 1980s, a series of natural disasters in the 1990s. Many of the products being imported are for improvement of the countrys proceeds capabilities. The development of industry has been hindered by such factors as electric power shortages and a still developing infrastructure.The Philippine government has taken several significant steps to reduce bureaucratic regulations and foster competition. In recent years it has revised and enacted tax, labor, health, safety environmental and other laws and policies with the aim of regulating industry. The Philippines import commodities such as ele ctronic products, mineral fuels, machinery and transport equipment, iron, and textile fabric. Philippines trading partners are Japan 15. 32%, US 11. 47%, Singapore 9. 54%, China 8. 93%, Taiwan 8. 27% (2009). Year Imports (Billion US dollars) 2001 35 2002 30 003 33. 5 2004 35. 97 2005 37. 5 2006 42. 66 2007 51. 6 2008 57. 56 2009 60. 78 2010 46. 39 SourceInternational Trade Center UNCTAD / WTO SourceCIA World Factbook Unless otherwise noted, information in this page is accurate as of March 11, 2010 The table and graph above show that Year 2009 has the highest imports recorded with $60. 78B. On the other hand, the lowest imports recorded in the past ten years was on 2002 having $30B. This entry provides the total US dollar amount of merchandise imports on a c. i. f. (cost, insurance, and freight) or f. o. b. free on board) basis. These figures are calculated on an exchange rate basis. i. e. not in purchasing power parity (PPP) terms. E. Export An export-oriented economic policy had boosted the economies of the newly industrialized countries of Asia. Philippines policy makers have also realized that the Philippines cannot achieve its aim of worthy the next economic tiger of Asia without shifting to an export-oriented economic programme. Export promotion programmes are public policy measures which actually or potentially enhance exportation activity at the company, industry or national level.Ideally, an export promotion policy should be backed up with an appropriate political and economic philosophy of the government. Export promotion policies should take into account the nature, size, and distribution of the individual exporting firms. As a developing country, the Philippines really does not have much prize in the matter. It needs to increase its export volume as a matter of economic survival, and within its national context, only the public sector has the resources to provide export promotion services to small and medium-sized businesses in a cost-effectiv e way.It was evident by the end of the 1970s, that the institutional reforms did not go far seemly in achieving the major objectives of development. Typical of most small developing country trades, Philippines export trade has been characterized by a high degree of commodity and geographical concentration. As late as 1970, ten principal traditional export commodities comprised three quarters of total exports value. The first three top dollar earners (sugar, logs and forest and copper concentrates) easily accounted for a little more than half of total export earnings.A definite shift to export promotion was observed in the decade of the 1970s. In spite of the export orientation reflected in exchange rate and industrial promotion policies, the structure of protection accorded by tariff policy remained basically inward looking. The general picture that emerges from the above discussion is that while foreign exchange, trade and industrial incentive policies in the seventies had take n an unmistakable shift toward export promotion, they had stopped short of completely eliminating the biases against export sales. Philippines export partners are US 15. 35%, Japan 14. 19%, China 13. 9%, Singapore 9. 44%, Hong Kong 9%, South Korea 5. 12%, Germany 4. 1% (2009). Year Exports (Billion US dollars) 2001 2. 677 2002 2. 929 2003 2. 748 2004 3. 303 2005 3. 431 2006 4. 243 2007 3. 899 2008 4. 081 2009 3. 189 2010 4. 288* *SourceInternational Trade Center UNCTAD / WTO SourceCIA World Factbook Unless otherwise noted, information in this page is accurate as of March 11, 2010 The graph and table show the Philippine exports to all countries. The highest export reported in the past ten years was during on 2010 having S4. 288B while the lowest was on 2003 having S2. 3B A strong peso is generally favorable to the economy as a whole but there are certain sectors of the industry and society that are affected by a strong peso. Weakened by a strong peso since their good would become o ffensive since the peso appreciates which makes them less competitive in the export market. Although may be affected, all is not lost since there are financial solutions to at least mitigate the handicap they are facing because exporters could enter into hedging agreement or derivatives where they could enter into a contract to protect them from the Peso appreciation.The tourism industry weakens as well since a strong peso makes staying for a vacation in a country would make it more expensive. The effect of a strong peso on tourism industry also affects the hotel industry since it is some what related as a strong tourism industry means more bookings with hotels for a place to stay. An ironic advantage of a strong peso is that the beneficiaries of the OFWs who contribute significantly in making the peso strong, get less of the remittances that their relatives send them since the dollar loses its purchasing power by the peso appreciation.And finally, in sector which for us is really g etting the worst out of the situations are the domestic producers since a strong peso appreciates thus making it purchase imported goods more. The industry is for direct investments. The negative aspects of a strengthening peso is very much in the news, what with OFW families getting into financial trouble, and exporters complaining about their products getting to be too expensive for foreign buyers. What often gets overlooked is the fact that the Peso appreciation also has a positive side, and if one takes a good look at this, it is at least equally important as the negative side to this trend.These are some of the positive effects of strengthening peso Increases in the world market prices of imported goods have lesser effect. Oil prices have shot up in dollar terms, and thanks to the increased value of the peso, the actual effect on the prices of oil products have not been as much as otherwise would have been the case. The same could be express of wheat prices, etc. which have al so risen. Dollar-denominated foreign debts can be repaid with less pesos. The Philippine government has saved billions of pesos as a result of the dollars drop in value. Philippine companies with foreign debts have likewise benefited.Capital flight from the Philippines has lessened. The strengthening peso means that it is no longer a wise financial move to move funds to a foreign dollar account. It would be much more profitable to keep the money in pesos. At the same time, there is some kind of poetic justice that corrupt officials with funds abroad suffer from a severe cut in the value of their loot. Skyrocketing real estate prices would be dampened. Many Overseas Filipinos (mostly in the dollar area) have driven up prices of real estate throughout the country. The decreased value of their dollars may result in the cooling down of the buying frenzy for convey by OFs.Increased attention to the domestic market from investors and (former) exporters. Some exporters are coping with the decreased demand for their products in the US by either shifting to other countries or to selling domestically. The increased supply of products to the domestic market would help to lessen prices and improve the product quality of domestically available goods. At the same time, the value of the local market for foreign investors has increased. Since the pesos value has increased, the potential sales and profits offered by the domestic market has increased in terms of dollars.Lower interest rates. The steadily depreciating dollar is pushing the US Fed to decrease their interest rates in response, countries like the Philippines decrease their interest rates accordingly, in order to avoid the interest rate differential to get too high. Low interest rates are good because it stimulates business, and also consumer spending, both of which are good for the economy. Lower cost of imported capital goods. For example, the peso value of new airplanes is now much less than it was even a year ago. This is the same for other items e. g. heavyconstruction equipment, computers, etc.This would help stimulate the economy, and could also lead to decreased prices for consumers. Posted by butalidnl on 18 January 2008 F. Debt Payment As we all know, Philippine peso had appreciated in these past few years against the US dollar and implies high advantage to our economy. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. As of December 2010, the National Government debt was recorded at P4, 718 billion, lower by P1 billion from end November 2010 level of P4, 719 billion.Of the total debt, P2, 000 billion or 42. 4% is owed to foreign creditors and P2, 718 billion or 57. 6% to domestic creditors. The decrease in NGs foreign debt of P2 billion from the level as of end November 2010 was brought about by the P5 billion net repayment and P16B appreciation of the peso against the US dollar. This however was partia lly offset by the P18 billion net appreciation of the third currencies against the US dollar and P1 billion adjustment resulting from late receipt of notices of availment.The domestic debt increased by P1 billion from the previous months level resulting from the net issuance of government securities by NG. On the other hand, the contingent debt of the National Government, composed mainly of guarantees issued by the National Government, increased to 550 billion, lower by P10 billion from end November 2010 level of P560 billion. The decrease in domestic contingent obligations was due to the misclassification of the P12 billion HGC guaranteed PAGIBIG bonds as NG direct guaranteed loan.The increase in foreign contingent obligations was due to the combined effects of the P3 billion appreciation of the peso against the US dollar, P2 billion net repayment and P7 billion net appreciation of the third currencies against the US dollar. (Bureau of Treasury, Press Release) Source Bureau of trea sury Source Bureau of treasury G. Reasons for the appreciation on 2009-2010 One of the keystone reasons why the Philippine currency had experienced a significant increase on its value during the last two years was because of the increasing number of Filipino dollar remittances from abroad.The strengthening of the value of Philippine peso during 2008 was attributed to the recession that the America had experienced during the last quarter of that year. However, the Philippine currency had experienced depreciation on the year 2009 because that is the year the country receive the impact of recession from 2008 that America had experienced. This has same effect on the ASEAN region where the Philippine is belong their currency had also experienced depreciation. The Philippine had set a cushioning effect against the recession due to its dollar remittances coming from OFWs in different part of the work.H. The role of Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (BSP) maintain s a floating exchange rate system. Exchange rates are determined on the basis of supply and demand in the foreign exchange market. The role of the BSP in the foreign exchange market is principally to ensure orderly conditions in the market. The market-determination of the exchange rate is consistent with the Governments commitment to market-oriented reforms and outward-looking strategies of achieving competitiveness through price stability and efficiency.In the Philippines, peso-dollar trading among Bankers Association of the Philippines (BAP) member-banks and between these banks and the BSP are done through the Philippine Dealing System (PDS). Most of the BAP-member banks which participate in the peso-dollar trading use an electronic platform called the Philippine Dealing and Exchange Corp. (PDEx). The BAP appointed PDEx as the official service supplier for the USD/PHP spot trading (which involve the purchase or sale of the US dollar for immediate delivery, i. e. , within one day for US dollars), and Reuters, as the easy lay distributor of all PDEx data.Trading through the PDEx allows nearly instantaneous transmission of price information and trade confirmations. I. The future movement of Philippine Peso Against US dollar Remittances from overseas Filipinos workers (OF) coursed through banks continued to show strength at the start of 2011, rising year-on-year by 7. 6 percent to US$1. 48 billion, Bangko Sentral ng Pilipinas (BSP) governor Amando M. Tetangco, Jr. announced. This positive development reflected increased remittances from both sea-based and land-based workers, with their ransfers rising by 13. 3 percent and 6. 2 percent, respectively. Remittance flows into the country remained resilient on the back of sustained demand for skilled overseas Filipino workers in different destinations worldwide. The Philippine Overseas Employment Administration (POEA) reported that, of the total approved 99,926 course orders for land-based workers for the period 1 January 28 February 2011, more than two-fifths represented processed job orders for service, production, and professional, technical and related workers.The processed job orders are intended for the manpower requirements in Saudi Arabia, UAE, Qatar, Taiwan, and Kuwait. In its market update, the POEA stated that the Department of Labor and Employments Philippine Overseas Labor Office in Rome, Italy, reported that a new quota rein has been signed in November 2010, which will allow the entry of 100,000 foreign workers in Italy, of which 4,000 new hires are allotted to the Philippines. Meanwhile, the POEA also reported that the countrys seafaring industry is sharply targeting to capture at least 50 percent of the global requirement for seafarers in the future.To achieve this, the seafaring industry has invested in world-class training modules and facilities to upgrade the quality of skills of Filipino seafarers. The continued enhancement of financial services worldwide through tie-u ps with foreign financial institutions, establishment of remittance centers and marketing offices abroad, as well as the stronger partnerships forged with correspondent banks and branches/representative offices abroad also helped shore up the flow of remittances into the country.The expansion of the remittance network indicated the continuing efforts of local banks and other financial institutions to capture a larger market share of the global remittance industry and provide safe, affordable and accessible fund transfer system for the overseas Filipino workers and their beneficiaries.The peso strengthened in the first trading day of the week as beliefs that the economy would grow in 2011 given its positive fundamentals offset concerns over the ill-effects of adverse offshore developments, such as the earthquake in Japan and lingering unrest in selected countries in the middle(a) East and North Africa. The local currency closed at 43. 59 against the US dollar on Monday, up by 6 cent avos from Fridays hold on of 43. 65. Intraday high hit 43. 56$1, while intraday low settled at 43. 72$1. Volume of trade inched up to $1. 023 billion from $772. 8 million previously. Traders said external factors had been weighing down on the peso and other Asian currencies. Nonetheless, they said, the peso has been expected not to depreciate and that domestic factors have beefed up apprehension on the economy. Traders and other economic players still expect the Philippines to post a decent growth this year, aided by remittances and improving business and consumer sentiment. In 2010, the economy grew by 7. 3 percent, the fastest pace registered in over three decades. (inquire. net) IX. GENERALIZATIONThe study, The Philippine Peso-US dollar Exchange Rate The impact of Strengthening Currency, aimed the following objectives 1) to determine the economic impact of the appreciation of Philippine peso 2) determine the effect of the appreciation of Philippine peso (consumption, investment , government spending, import, export, debt servicing) 3)to determine the reasons behind the appreciation of the Philippine peso during 2009-2010 4) to determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market 5) to determine the future movement of Philippine peso against the US dollar.The significance of this study was to determine the impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake through Bangko Sentral ng Pilipinas. Based on the date gathered, the first hypothesis is accepted. The effects of appreciation have a great impact consumption, government spending, investment, import-export and debt servicing.There were two impacts on consumption, first is the value of im ported commodities are cheaper in terms of peso. Second, the purchasing power of dollar remittances will decrease. In government spending, If peso appreciates, it has a good impact in our external debt since our debt will decrease. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country.Peso appreciation will cause the exports become less competitive in the international market that will result to less revenues in terms of exports. Imported products will become cheaper that can cause the people to purchase more of it. Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country furthering improving the economy.A posi tive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. The second hypothesis is also accepted. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs).The Bangko Sentral ng Pilipinas has the role of maintaining the inflation and has the power to intervene in Foreign Exchange market. It is the tool being used by the government in monetary policy. Based on the information that was released by the BSP the peso is expected to appreciate, prior to the events that struck one of the major sparing Partner of the PhilippinesJapanand prior to the political instability from Arab nations, which is one o f the major source of dollar remittances of the country.X. RECOMMENDATION The researchers believe that the government should maintain the peso appreciate so that it will lessen the burden of paying excessive debtprincipal and interest. And to maintain the prices of the commodity that are being imported at a low price, such as oil which is vital in the daily economic activity and other commodity that is not produce in the county.On the other hand, the government should provide a OFWs remittance stabilization fundfrom the money that the government had saved in debt servicingthat pegged the exchange rate between peso and dollar, because OFWs remittances are crucial in maintaining the high value of the peso against the dollar and the effects that it will brought to the economy. . We cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk.As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative. When the effect is positive, the impact in government spending is also positive. XI. REFERENCES 1. Bangko Sentral ng Pilipinas. (2008). Adjustments in the Face of Peso Volatility Perspective from the Past and Policy Directions. Retrieved February 21, 2011 retrieved from http//www. bsp. gov. ph/downloads/Publications/2008/WPS200802. df 2. http//www. investopedia. com/ask/answers/08/what-is-foreign-exchange. asp 3. http//en. wikipedia. org/wiki/Foreign_exchange_market 4. http//www. bsp. gov. ph/financial/forex. asp 5. http//business. inquirer. net/money/breakingnews/view/20110314-325428/Peso-rises-against-dollar-as-positive-view-of-local-economy-stays 6. http//www. philstar. com/Article. aspx? articleId=565592&publicationSubCategoryId=66 7. Monetary Stability Sect or of the Bangko Sentral ng Pilipinas (2006). The Exchange Rate. Retrieved from http//www. bsp. gov. ph/dowloads/publication/FAQs/exchangerate. pdf