The Rising Undercurrent of Dissent

Investors, both local and foreign, say the Philippine economy remains "bullish". Data from the Bangko Sentral ng Pilipinas shows a higher than usual consumer confidence in the economy. While several business analysts say the economy is "on the upswing."


Yes, I agree that foreign investor confidence has been regained. The only question is--for how long will this "confidence" last?


First, there has been a marked increase in prices of basic commodities. Two explanations--first, there is a lack or absence of government's hands in the pricing of goods, mainly due to the clear economic policy of this government--a liberal economic policy, that shuns government interference in the market. 


This administration's lax policy on private enterprises allowed this price increases. Meaning, this administration has allowed private companies to increase their prices without even consulting the Department of Trade and Industry. 


Government should at least, address these supervening events by at least consulting with big businesses on how best to implement a staggered pricing plan. For one, these increases will definitely impact on inflation. A higher-than usual inflation affects investments. 


Second, there is a rising discontent among the masses, and this is confirmed. 


Most Filipinos are suffering from extreme frustration because of the rise of commodity prices. Based on the study of several trade unions, the purchasing power of the peso has shrunk to about 40.44--meaning, if you are getting 404 pesos per day, you are actually just receiving 360 pesos or less right now, than, say, a year ago. 


There is a possibility that this frustration will eventually turn into a riot--the Argentinian scenario is not too remote at this time. If 3 million Filipino families failed to eat three times a day last year, expect this to balloon to maybe half a million Filipino families more. 


There is also an impression, albeit, a belief, that government is just feeding the Filipino People to the dogs. That, because of the rising corporatism of this government, it is now allowing Big Business to control the economy and society and lead it to whatever direction it wants.


Meaning, there is a perception of a lack or an absence of the national leadership. That government right now is on auto-pilot. That government has abandoned the masses. And that government is totally clueless and even perceived as totally stupid. 


IN this issue, government seems too distant and too unconcerned with the plight of the people. Imagine, government even publicly announced its non-support of the call of labor to increase wages by about 53 pesos due to the rising costs of goods.