3. Loke adds that the LRT will be fast-tracked and its depots built on the main islands.
As it will be a federal-funded project, Loke says Putrajaya will have the final say on the alignment using the state’s previous reports as a reference.
Many people don’t know that there was once a serious proposal to rename the Philippines as “Malaysia” in the early 1960s.
It started with the Pan-Malayan Consciousness that began during the revolution against Spain in the late 1890s.
Pan-Malayan consciousness refers to a sense of shared identity and cultural heritage among the peoples of the Malay Archipelago.
It includes countries such as Indonesia, Malaysia, Brunei, Singapore, and parts of Thailand, the Philippines, and East Timor.
According to the Filipino online magazine Esquire, Apolinario Mabini, a prominent Filipino revolutionary leader, educator, and lawyer, spearheaded the proposal.
Mabini was also an educator and lawyer who served as the first Prime Minister of the Philippines during the First Philippine Republic.
It was rooted in the idea of Pan-Malayan Consciousness, a shared sense of cultural heritage and identity among the peoples of the Malay Archipelago.
Philippines Vs. Malaysia: A Race To Adopt The Name
The proposal was already being debated in the Philippines Congress.
Still, Malaysia’s Tunku Abdul Rahman beat them to it by adopting the name “Malaysia” for his country, which eventually became the modern Malaysian state.
The name “Malaysia” is derived from the Malay word “Melayu,” which refers to the Malay people who are native to the region.
On 16 September 1963, the Federation of Malaya merged with the former British colonies of North Borneo, Sarawak, and Singapore to become the Federation of Malaysia. (Singapore declared independence from Malaysia two years later, in 1965).
This move allowed Malaysia to beat the Philippines to gain the right to use the name “Malaysia.”
— simonthong aka kitty poo (@KittyPo80176717) May 6, 2023
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Dedollarisation efforts will make only a small dent in the greenback’s dominance
Transactions involving yuan jumped by a whopping 70 percent in the last three years, yet, it accounts for only seven percent of that total of international transactions. This shows that dislodging of the dollar as a global anchor currency will not happen anytime soon
Transactions involving yuan jumped by a whopping 70 percent in the last three years, yet, it accounts for only seven percent of that total of international transactions. Besides, disclosures around China’s capital markets are not very straightforward.
If the world wants to reduce reliance on dollars, it would need to deleverage a part of the global debt. But that’s a very slow process. According to BIS, dollar-denominated credit to non-banks outside the US stood at ~$12.8 trillion, which is ~60 percent of foreign currency debt. Barring the Euro, no currency has more than 2-3 percent share in foreign currency debt issuance, which also shows the supremacy of the US dollar. The sheer size of the US economy and other critical elements such as trust in an asset as a store of value, size and depth of financial instruments available to investors, standardisation of capital markets, ease of accessing capital, the highly liquid nature of dollar, easily convertibility and the vast worldwide circulation together make the dollar the heart of world finance.
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Vikram Kotak is co-founder and managing partner, Ace Lansdowne Investments. Views are personal, and do not represent the stand of this publication.
