Golden onions | #NeverForget Diary
Week 22: November 21-27, 2022
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. Photo above from US VP Kamala Harris on Twitter.)
Onions now cost a whopping P300-P400 in the Philippines.
In fact, according to one database, onions in the Philippines are the most expensive in the world.
It’s not just onions undergoing high inflation. The Department of Trade and Industry has approved price increases for Noche Buena items. Almost half of those items they identified had price increases of more than 10% relative to last year.
This is what P1,000 worth of groceries might look like these days:
Sugar prices, too, may further rise:
Remittances from OFWs are supposed to cushion inflation. But inflation is just too high, and in fact the peso is gaining strength against the USD of late (we’re now back to P56/USD) owing to the interventions of the BSP in the local currency market.
To try to offset the effects of inflation, there’s a new proposal to more than double the monthly minimum wage. But this may prove inflationary, too.
Persistently high inflation may push more Filipinos into poverty. The government’s latest list of poor households, called Listahanan 3, was recently launched, and it finds there are about 30 million poor Filipinos.
Speaking of poverty, the World Bank came out with a new, comprehensive report about poverty and inequality in the Philippines. Despite great strides in poverty reduction, inequality remains adamantly high.
Here’s my take on the latest World Bank report:
Despite economic headwinds, some companies are doing okay. Jollibee is set to expand its operations in China.
By the way, rumors floated that Marcos Jr. might be replacing Finance Secretary Ben Diokno (a PhD economist) with lawmaker Joey Salceda. Everyone denied this is even a thing.
President Marcos Jr. himself denied it:
Diokno said: “I’m old enough in this game to even bother about this.”
HARRIS IN MANILA
US Vice President Kamala Harris visited the Philippines this week, in a show of support to the Philippines amid rising tensions between the US and China, and a potential war over Taiwan.
A Rappler explainer on the significance of Harris’ visit:
In her meeting with President Ferdinand Marcos Jr., there was an awkward moment where Marcos said “I’m sure you’re just going to the resorts and beaches [in Palawan],” to which Harris replied, “That is not the life I’ve chosen these days.” Awkward silence ensued.
This is the awkward moment:
In relation to this, PH Ambassador to the US Babes Romualdez said Marcos Jr. (a relative of his) “doesn’t want to travel.” Really?
The president attempts to give a recap of his encounter with Harris:
Meanwhile, in a face-to-face chat with her counterpart, Vice President Sara Duterte told Harris that her “first love” is security.
Is this what security means to her?
CHANGING TUNES ABOUT THE DRUG WAR
Senator Bato dela Rosa contemplates decriminalizing drug use. A bit surprising, since he himself was one of the major implementers of Duterte’s bloody war on drugs.
They sang a wildly different tune years ago:
HOMOPHOBES IN GOV’T
A number of homophones in government displayed their homophobia in a number of instances this week.
In a House hearing on the Anti-Discrimination bill, “Bible verses were abundant.”
Medieval thinking dominated the proceedings:
#NEVERFORGET
The Marcosian golden age myth never dies:
Speaking of disinformation in the PH, that’s the topic of one of the “Pictures of the Year” of National Geographic.
By the way, Rappler CEO and Nobel Peace Prize laureate Maria Ressa launched in the UK her newest book, How to Stand Up to a Dictator (Penguin).
Opaque surveys are as good as fake. Unfortunately, media continues to share these types of surveys.
Finally, the atrocities in the Qatar World Cup are reminiscent of the edifice complex of Imelda Marcos, particularly the Manila Film Center tragedy:
MISCELLANY
Skeletal remains were found at the site of the Department of Justice in Manila.
There’s massive wastage of the country’s vaccine supply:
Senator Risa Hontiveros exposes a Chinese mafia:
The Commission on Appointments deferred the confirmation of Social Welfare and Development Secretary Erwin Tulfo:
Former executive secretary Vic Rodriguez has been expelled from Marcos Jr.’s party, Partido Federal ng Pilipinas due to “breach or loss of trust and confidence, abandonment, disloyalty and acts inimical to the party.” Wow. Where is the unity?
NBI clearances will be required of those planning to work in the executive. This, after they found out that “persons facing criminal and administrative cases were appointed to certain state agencies.” What about those who refuse to pay estate taxes?
Just confirming what we already know:
The 13th anniversary of the Maguindanao Massacre:
After 31 years on the air, drama anthology Maalaala Mo Kaya is saying goodbye.
GLOBAL ECONOMY
Elsewhere in the world, inflation continues to wreak havoc.
Despite this, there’s also revenge spending.
Renowned macroeconomist Olivier Blanchard warned against getting complacent about the “better” US inflation figures.
A new study suggests one way to reduce inflation globally (or “disinflate”):
More and more countries are facing bleaker times:
This is in large part because of the uncoordinated rate increases across countries:
In the US, higher costs of borrowing (due to higher interest rates) may spell trouble to the agriculture industry:
GRAPHS/MAPS OF NOTE
Next year, India is set to be the world’s most populous country:
Retail sales in China have not yet recovered:
Speaking of China, unrest breaks out at an iPhone plant:
Population concentration:
Importance of religion in the US vs EU:
RECOMMENDATIONS
Recommended Twitter Space: “Learning crisis at ekonomiya: Anong konek?” by Usapang Econ & PumaPodcast.
Recommended series: Choco Milk Shake. ⭐️⭐️⭐️ Korean BL with silly plot. But it gives much-needed good vibes.
The #NeverForget Diary is a free newsletter. But if you find it especially useful and informative, please consider making a small donation through GCash to help make this project sustainable. Thank you!
