OGC 0.00% $2.20 oceanagold corporation

Your observations are interesting but sadly unconvincing. Should...

  1. 16 Posts.
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    Your observations are interesting but sadly unconvincing.

    Should we understand your first sentence as a claim that you 'understand' Duterte??
    Duterte is anything but predictable and investing "time, energy and effort understanding the political economy of the Philippines" will only get you so far in influencing the decision-making of a capricious despot. It goes without saying that the sociopolitical exigencies of the Philippines are unlike those in the West and would be the bane for any foreign companies operating there (particularly those who don't succumb to corrupt practices). You seem to discount the fact that throughout its entire tenure, OGC will inescapably have been dealing with the unpredictable "non-Western" bureaucratic and political machinations. Rather, you make the claim that they have instead "shield[ed] themselves behind local political forces that can dissolve in an instant". Evidence? The fact that they started the FTAA process almost 2 years prior speaks to a process that had been afoot for some period. Unless you have some inside information, you, like the rest of us are not privy to the details of their engagements with government, bureaucrats and politicians. Frankly (and even allowing for the Non-western reality) a 'clean' foreign company like OGC who subscribes to decent set of values and tries to operate to world's best standards (evinced in the swag of awards, including from the president) should reasonably have some expectation that renewal might be favourably considered. What would you have them do instead? Pay off the governor? The processes which have overtaken them reflect the fundamentally unpredicted/able confluence of opportunistic and corrupt forces.

    "They then whine and whinge demanding this country lives up to our standards when while in this country they did not live up the standards they are obliged to meet in their own countries." This is emotional trite and simply incorrect. Not only do OGC meet the standards in the Western jurisdictions it operates but also exceeds mining standards in the Philippines. Further, it seems that rather than whine and despite the many and repeated setbacks, they have continued to persist in seeking continued dialogue with the authorities.

    I concord that the current reality is a bitch but disagree with some of your broad claims. Had they been initially successful in obtaining the FTAA renewal, would you have asserted that they were masters of the political landscape in the Philippines (rather than 'particularly unsophisticated')? The statements about '[r]olling out the employees in their clean Oceanagold uniforms smacks of amateur hour and some successful public relations hack suckering OGC" are unnecessarily cynical and unhelpful. How else to concretely convey that the potential loss of employment for real people? There is also a fair question about your implicit claim as a cultural insider who understands Filipinos better than others (viz. "Filipinos will see it as the propaganda that it is.")

    I respect the diverse views on this forum and trust that this post is taken in that spirit - and in the interests of 'balance'.

    DYOR & GLTA

 
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