Want a quick update on the economy? Newspapers are crammed with weight loss ads and endless articles on political soap operas. Nobody writes about the facts of the economy. GDP, the value of everything bought and sold in our country, increased 6.4 percent in 2Q14 from a year earlier. The second-highest economic boom in Asia now. The median estimate of 22 economists in a Bloomberg survey was 6.1 percent. We beat the economists. Inflation is up 4.9%, driven by consumer spending up 5.3%. Prices going up because people have buying power. Everywhere on the web, we see people looking at cars, watches, traveling abroad. Earlier I posted an article about the Filipina maid drain in Singapore and HongKong. Theyre finding jobs here at home. But wait. 5,000 TEUs arrive at Manila port everyday, but only 3,500 clear the port daily. Eraps infamous truck ban created a huge backlog. Raw materials, including food ingredients and perishables, are piling up in the port. Subic and Batangas, both underdeveloped, are beyond saturation. Manufacturing output is up over 10%, creating jobs and goods for sale at a profit. But without raw materials stuck at port, its unsustainable. Erap of course was elected Mayor by the people of Manila. We have found the enemy, and he is us. We will keep Eraping ourselves. In 2016 we will Binay ourselves. The newspapers are ENTIRELY filled with weight loss ads and endless articles in political soap operas. We just love this crap. We even add to the crescendo online. Everyone has an opinion. Nobody writes about the facts of the economy. mobile.bloomberg/news/2014-08-28/philippine-second-quarter-gdp-growth-quickens-beating-estimates.html
Posted on: Fri, 29 Aug 2014 13:20:22 +0000
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