This is the #NeverForget Diary, a weekly summary of what’s happening in the Philippines under Marcos II. In a time of mangled histories and fragile memories, it’s crucial never to forget. (Note: this post may be clipped in your email inbox. Screenshot above from the Bongbong Marcos YouTube channel.)
This week I posted a tweet that blew up, with 2.4 million views so far:
My statistician friend Peter Cayton saw in the data that today’s P500 is equivalent to P100 back in end-1990 (shortly after I was born).
One of the goods that experienced the most inflation (200%) from the past year is red onions. (But in fact red chili—or siling labuyo—inflated more at 300%.)
The exorbitant onion prices figured in this year’s Lantern Parade at the University of the Philippines Diliman.
Inflation is also manifested by the diminishing size of some foodstuffs.
Amid record inflation (which reached 8% in November), Department of Trade and Industry Undersecretary Ruth Castelo justifies the idea that P500 is enough for a family’s festivities this holiday season.
For insisting this, the government continues to draw flak.
Meanwhile, President Marcos tries to expedite sugar exports to abate sugar inflation. But he should’ve done that earlier, not at the start of the milling season, because that will prove a double-whammy for sugar farmers.
More inflation memes:
While the country is experiencing golden prices, Marcos Jr. earned a gold play button from YouTube for his channel which now has 2.72 million subscribers. #Priorities
Meanwhile, Senator Francis Tolentino gaslights the public by saying the economy is running smoothly.
I offered this rebuttal:
To be sure, high inflation beleaguers the world, not just the Philippines. But that’s not to say the Marcos gov’t is helpless.
Today’s spell of global inflation calls to mind previous episodes in the distant past:
BROKEN VOW
People are taking to task Senator Mark Villar—former secretary of public works and highways—who said in 2021 that: “By 2022, every city in Metro Manila will only be 20 to 30 minutes away.”
Needless to say, this did not come to fruition.
Here’s a timeline of Villar’s flowery statements:
Here’s what people think of Villar’s false promises:
Villar defends himself rather feebly:
A snapshot of commuting woes this Christmas season:
Commuting is so bad people are using Grindr, a gay dating app, to carpool:
A lot of Metro Manila’s traffic can be traced to the fact that for decades the government has promoted car-centric infrastructure. What if the country’s top leaders actually cared about people-centric infrastructure?
Not all is hopeless for Metro Manila:
WHO’S BACKING MAHARLIKA?
The PSE now backs Maharlika.
The DBP chief, Emmanuel Herbosa, is also supporting the proposed fund.
By the way, Marcos Jr. appointed former Supreme Court Justice Dante Tinga as DBP’s acting chair.
Among the biggest supporters of the Maharlika Investment Fund are Marcos Jr.’s economic managers. Just as many had feared, the economic team—comprising PhD economists—has deodorized the current administration. But has the fragrance faded?
My Rappler piece this week: Why the Maharlika Investment Fund poses a great threat to the Bangko Sentral’s independence.
MISCELLANY
PLDT faces financial distress.
A case of bad copyediting:
Speaking of Duterte, his pandemic playbook repeats itself in China:
A recap of VERA Files fact-checks regarding statements made by Marcos Jr.:
GRAPHS OF NOTE
A slowdown in poverty reduction due to the pandemic:
American exceptionalism:
The returns to public funding of academic papers:
Doctorates run in the family. That seems to be true in the Philippines, too.
Not a graph, but an unethical study involving overseas Filipino workers in Saudi Arabia and Hong Kong.
CHATGPT
What other innovations will arise from ChatGPT?
RECOMMENDATIONS
Recommended talk: “Maharlika? Maharliscam?” A talk where I discuss the economics of the proposed Maharlika Investment Fund. Event hosted by Akbayan Youth. Video recording here.
Recommended podcast: In a Pumapodcast yearender, my friend Dr. Cherry Madriaga—one of the members of Usapang Econ—gives her two cents on the economics of inflation in 2022.
Recommended tweet: Dominic Ligot summarizes generational woes during Christmas reunions.
Recommended series: Smiley on Netflix. ⭐️⭐️⭐️⭐️⭐️ Great gay romcom set in Barcelona.
Recommended series: Abbot Elementary on Hulu. ⭐️⭐️⭐️⭐️⭐️ So binge-watchable, and perfectly depicts the troubles faced by underfunded public schools in America.
Recommended movie: Pinnochio by Guillermo del Toro. ⭐️⭐️⭐️⭐️⭐️ Another superb offering from GDT. He’s on a roll, after Cabinet of Curiosities!
Recommended movie: Glass Onion: A Knives Out Mystery by Rian Johnson. ⭐️⭐️⭐️⭐️⭐️ Just perfect. One of my favorite movies now.
Merry Christmas, all!
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