BEHIND the alarming annualized 6.4 percent inflation for August, a nine-year high, a bullish mindset will prevail among Filipinos.
How we arrived at 6.4% year over year inflation?
According to Neda, “the highest contributors to inflation in August are electricity, gas, and fuels, fish, rice, personal transport, vegetables, and meat.”
In 2017, inflation did not break 3.3% level on any given month. Since January this year, it steadily soared from 3.4% to 6.4%.
Last May, Ernesto Pernia, Neda director, was quick to point out the causes of surging inflation to global events, dollar vs. peso imbalance, and global oil price hikes. Meanwhile, he also said Train Law would have minimal effect on the aggregate prices.
Surprisingly, August chart of US dollar-Philippine peso exchange rate and the global prices for crude oil had dipped, before climbing again in early September.
President Rodrigo Duterte’s administration had been warned with the ill-effects of the Train Law, and the outdated pump priming scheme through infrastructure project, “Build, Build, Build” program.
Both programs will not address food security and employment, the clamor of the basic masses.
So, where’s the green shoots?
In this current economic woes, Duterte will use the worn-out but proven-and-tested tactic of finger pointing, toward his critic and the previous administration.
In fact, Senator Antonio Trillanes IV is all over the news. The subject may last for a couple of days, maybe weeks.
Trillanes’ case has its own merit as political persecution from the tyrannical rule of Duterte.
At the end of the day, the Filipinos are suffering from high prices of basic commodities, while disposable income eroded in value as a by-product.
But certainly, the predicament is uniting the broad masses to rethink, reorganize and definitely seek the power and wisdom of people’s movement.
All are optimistic for genuine change, not promises and curses.
Duterte should expect some shoots from accidental seeds.
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We should all be reminded that the common theme of people’s uprising is landlessness, over taxation, hunger and tyrannical rule.
A monarch in Europe was ended with the rallying call, "Peace, Land, and Bread!"
(This author is an activist standing for people’s empowerment and sustainable development. Email him at 2pm.negros@gmail.com)