“Countries experiencing rapid economic growth as the Philippines continue to do so, will necessarily see manageable levels of inflation in the short term.”
The yellow mob exposed its apparent strategy in ratcheting up the demonization efforts against President Rodrigo Duterte in the reply of the camp of Vice President Leni Robredo to Rody’s verdict on her as incompetent.
The target of the anti-Duterte forces would largely be economic issues based on the same template used by the mob to oust the popularly elected former President Joseph “Erap” Estrada.
Leni’s apologists cited rising inflation, the weak peso, high cost of rice and the P1.19 trillion borrowings from local and foreign creditors next year as their main rebuttal to Rody’s assessment of the Vice President.
Leni also raised the supposed failure to assert the rights of Filipinos to fish in Panatag Shoal in the West Philippine Sea and the continuing spate of killings in the country.
The National Bureau of Investigation (NBI) had released initial findings that the series of killings of local government officials was unrelated.
It has become common knowledge that the yellow mob is drawing from a financial fountain abroad mainly from rich Filipino-Americans who in turn are colluding with the US government that has been encountering endless migraine on Rody’s independent foreign policy which mended relations with China.
Rody’s assessment on Leni was induced by his offer to give way to a “younger” leader prior to the Federal Constitution taking effect as he requested the Constitutional Commission (ConCom) to include a provision to bar him from seeking even the role of Transition President.
Rody’s statement may have fed yellow ambitions about Leni taking over the reins of government that Rody immediately extinguished by stating he is not stepping down to hand over the presidency to Leni and her yellow cohorts in a silver platter.
The high inflation number in June was more the result of prices of non-essentials such as tobaccos and softdrinks in the consumer price index rather than the rise in the cost of basic commodities.
Alcoholic beverages and tobacco prices grew 20.8 percent during the period. The recently enacted Tax Reform for Acceleration and Inclusion (TRAIN) raised the excise tax on these so-called sin products to boost revenues.
Another source of the price uptrend is the rising cost of fuel that has nothing to do with government policies nor the TRAIN which the yellow mob is using as a multi-purpose weapon against Rody.
The borrowing program of the government remains prudent and did not deviate from past debt practices. The favorable grades of the country from rating firms mean that interest rates on commercial debts are lower than before.
Adam Garrie, an analyst at online publication Eurasia Future, said the economy continues to grow under Duterte’s reforms.
He said high inflation is part of a global trend where developing economies “are coming up against the reality of a rising US Dollar.”
He added “countries experiencing rapid economic growth as the Philippines continue to do so, will necessarily see manageable levels of inflation in the short term.”
On the TRAIN, Garrie said Rody “has further reformed tax laws, business permitting and labor laws in order to empower workers, small businesses and entrepreneurs while cutting down on red tape and waiting times at government offices.”
Duterte made a complete turnaround from the previous administration’s “reckless policy of confrontation with China,” he said.
“Duterte has taken a historically tense situation and transformed it into a new meaningful win-win relationship which links China to a rapidly growing south Asian partner,” Garrie added.
He said Rody remains a popular leader whose current drive for fundamental constitutional reforms will help “modernize the democratic system in the Philippines which has been susceptible to manipulation by wealthy oligarchs, cult-like political parties and corrupt former leaders.”
Leni’s weak riposte only exposed what the yellow liberals plan to launch in an effort to step up the oust-Duterte bid.
What the yellows are up against is the clear majority of Filipinos, based on the latest survey, who maintain confidence in Rody as the elected leader.