Buying power of peso

If Mang Pandoy were still alive today, P-Noy might as well brag with him about the “statistics” of our country’s economy. The third president after Fidel Ramos when hit by his “noynoying” critics got more defensive: “I have the statistics”. P-Noy’s ineptitude to address the plight of the poor may spark more unrests, or worse, corrupt the people’s faith with Malacañang.

Mang Pandoy (whose real name was Felipe Natanio) wore the “face of poverty” the national government was trying to give a lift. He got media attention upon braving to exposé the sufferings of the poor. He said he was willing to get shot and be killed by any crazy gun holder just to give the proceeds to his family. To his redemption, former President Ramos took the cudgel and highlight him in his State of the Nation’s Address (SONA). Years later, not only that Mang Pandoy died still being a pauper, but he left behind a cash-strapped family worrying about his burial expenses.

To P-Noy, economic progress no matter how illusive has been met because he has the “statistics”. However, the reality is still harsh as progress is hardly felt because of the sharp decline of the purchasing power of the Philippine peso.

The country’s consumer price index (CPI) by the way has increased substantially at the rate of almost 10 percent annually. As a result, the buying power of peso weakens. What can you buy with your peso today? It is not even enough for a candy, more so a pandesal, shampoo, sugar, bath and detergent soaps, so on and so forth. Bangko Sentral ng Pilipinas was reported to have contemplated whether or not to demonetize coins below one peso for their utter lack of commercial value.

Economic experts were unanimous that in the year 2000 which was regarded as the base year in computing the CPI, the Philippine peso has been eroded by more than 40 percent nationwide. This means that what used to cost about 58.28 centavos in 2000 is now valued at Php 1.00 or what used to cost about P1.00 in 1990 is valued at around P 2.30 in 2000 and the trend continues. Take the blame therefore to the unstoppable price increases of oil products taking control in price fixing of basic commodities and services.

Earlier, in a queer “how-on-earth thing” headline story published in Philippine Star on September 10, 2011, it read: “Malacañang helpless on oil price increases”. The following day, same newspaper outfit bannered under “Breaking News”: “Malacañang not helpless in price hikes”. It immediately dismissed claims that our government is totally inutile by withdrawing its previous stand. It was so damaging that it paved a scenario akin to a funereal gloom. It did not only put the entire country into jeopardy, it was also political suicide on the part of P-Noy. But what does he care when he has only a term as a president?

What is very clear then is the position of Malacañang to closely monitor that every oil price increase in the market is justified. Therefore, it is in the “justification” contained in P-Noy’s cards which matters to him. It is not necessarily about the introduction of some fresh ideas on how this government will ward-off poverty caused by rapid oil price increases. Well, well, well..then let’s get started with some other kinds of statistics any news reporter would not escape (or would not dare) to ask, as the leh-me think, vital statistics of who else but Grace Lee? That could even be more interesting. Look at the blushing of the face of the bachelor president when asked about his seemingly blooming love life.

So sad, we are not powering our future. This crisis on oil will continue to haunt P-Noy in the entire duration of his presidency like evil monkeys in his midst. It could even be worse than facing the attacks to be hurled against him by those from the Corona Camp. Remember, Senator-judges will soon have their verdict. P-Noy better not insist on his “statistics”, especially to the grave of Mang Pandoy. That could only be a desecration of the dead. R.I.P. Mang Pandoy.