NO MATTER what stopgap measures the economic managers of the country implement, there seems to be no way inflation can be tamed and the rise in prices of basic commodities stopped.
Even the United States, which is on the top of the economic heap, can do nothing to arrest the runaway inflation and its gas prices. Worse. it has to contend with various economic forces which spell doom to its robust economic forecast: massive unemployment and much lessened purchasing power for the otherwise mighty dollar.
We have been talking about inflation but do we really know its meaning and effects?
From a common source, I got this definition: in economics, inflation is a general increase in the prices of goods and services in an economy. When the general price levels rise, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
We all know that our currency, the peso, is waging a losing battle against the mighty dollar. I remember our Bangko Sentral announcing our robust financial standing by way of our international reserves. Then, why is our peso falling to levels heretofore not seen?
It is about time our new fiscal and economic managers reviewed our financial strengths and weaknesses and come up with doable measures to beef up our economy.
We know our weak purchasing power and our monetary authorities have all the data to extrapolate figures to come up with encouraging results. Then why are they hemming and hawing uselessly instead of coming up with feasible and doable economic steps to implement in order to make our economy strong.
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President BBM just came from state visits in Indonesia and Singapore and he promptly announced that he has garnered billions of pesos in economic, security and investment details from these two countries. It is now a matter of making good these pledges he has acquired from two economically strong nations.
Next, he is bound for the United States where he probably would ask for more aid. Let's keep our fingers crossed that he will achieve something significant for the country.
And what about our territorial security, Mr. President, in the light of consistent Chinese intrusion and aggression? I just hope he can barter a good deal with the US during his visit there.
September 16, 2022
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