Korean firm Hanjin Corp. was just about to break ground on a $2 billion shipbuilding facility and airport on the outskirts of Cagayan (about halfway to Epril's house) when they decided to scrap the whole thing.
Their answer was, to sum it up in my own words: "Your local government is a pain in our asses. Things we were promised were later denied. Things that you were supposed to take care of weren't done."
It boggles the mind. How willfully negligent does a government body have to be that it wouldn't provide one hundred percent of its attention and one thousand percent of its repsect to a $2 billion windfall for its own constituents?
President Arroyo has rushed down and is in town kissing some major Korean ass, trying to save this deal. Hopefully while here, she kicks some of the local politicos square in the nuts as hard as she can: This incident could screw the entire Philippines well and good; to quote one person high up in the discussions, "It would take years to rebuild a shattered image. A damaged credibility is one of the many potential ramifications that would materialize in case Hanjin pulls out its investment."