The SONA story

The narratives will depend on who the storytellers are but for sure, tomorrow’s State of the Nation Address will be an exercise in storytelling. Each stakeholder will have his or her own narrative to tell – or retell.

To the militants, it’s a platform to pounce on. Perhaps as I write this, the effigies are done and ready to be burned in thin air and the protestors, grim and determined, are all set with their placards and fervor in their hearts.

The critics will wait to hear what new remedies will be presented to address the ills – old and new – that continue to hound our country today. To the kibitzers, it’s a curious case – what indeed has the administration accomplished since June 2022?

To the ruler of the land, it is, of course, a means to inform the people about one’s accomplishment and plans for the future, whatever that may be.

There will be rounds of applause, one after another. There will be standing ovations and boisterous cheers from the crowd of lawmakers in their designer suits and barongs and bespoke Filipinianas.

To President Marcos’ team, it will be a validation and affirmation of all the hard work. To them, their Boss is the best; there is nobody quite like him; they will be giddy with excitement and they will be beaming with pride with every pronouncement.

At best, Marcos’ SONA will be a respite from Rody Duterte’s dizzying soliloquies.

Another day

But to many Filipinos, it will be just another day of eking out a living in this nation of 119 million.

Whichever it is, whether we like it or not, we will hear what President Marcos has to say. What indeed has he accomplished three years into office?

We’ve seen a lot of emphasis on Bagong Pilipinas, reminiscent of Marcos Sr.’s Bagong Lipunan. Marcos Jr. is leading with nostalgia as he strives to vindicate the Marcos name. He has been doing this by reintroducing his father’s programs – from socialized housing to Kadiwa stores – an attempt to validate the old man’s legacy.

Foreign trips

We’ve seen a lot of foreign trips, too, which some governments have welcomed.

In Brussels in March, where I had the chance to meet with economic officials of the European Union, sources told me that the EU is happy that the Philippines is “open for business,” in stark contrast to Rody Duterte’s unorthodox and unpredictable foreign policy.

True enough, our jet-setting President has visited one country after another, hobnobbing with world leaders if only to send a message to the rest of the world that investors are welcome to do business in the country.

A total of $19 billion worth of investments pledged during the foreign trips of President Marcos have already been actualized or have commenced implementation as of June this year, according to the Trade department.

The country’s economic managers also paint a rosy picture of the economy.

On the other hand, the continued weakening of the peso against the dollar pushed the country’s debt to a new record high of P15.3 trillion in May, according to the latest data of the Bureau of the Treasury.

It’s the highest level to date, and also 8.4 percent higher than the P14.15-trillion debt in the same month last year.

Theoretically, at P15.347 trillion, each of the estimated 119.9 million Filipinos is indebted by P128,455 to foreign and domestic creditors, as The STAR reported.

Fighting inflation

In the fight against inflation, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said at a recent forum that the central bank is now in the “last mile” but maintained the need to be more careful amid the risk of overdoing it.

He said there is more scope to finally ease key interest rates next month, as keeping high rates for a longer period could temper economic growth.

Inflation eased to 3.7 percent in June from 3.9 percent in May, and yes, now that inflation has eased, we can now afford to ease interest rates as higher rates have also raised the cost of money.

As for economic growth itself, Philippine GDP grew by 5.7 percent in the first quarter of the year, slower than the 6.4 percent expansion in the same period last year.

As the numbers show, it’s still a very challenging road ahead.

More importantly, the administration needs to work on how economic growth will trickle down to a great number of Filipinos living below the poverty line.

This can only happen with more jobs from both the private sector and government projects.

Corruption

Unfortunately, corruption on the ground remains a huge deterrent to doing business in the Philippines.

In fact, I heard that corruption among local government units has become so institutionalized and endemic with the “rate” of payola or grease money now higher than ever, thanks to inflation.

How can Marcos invite investors to do business in the Philippines when these unnamed costs of doing business remain prevalent?

How can businesses expand in the province if every local chieftain wants a piece of the pie?

These problems notwithstanding, a good narrative will unfold from the rostrum tomorrow. It will be a rosy story for sure.

The real gauge, however, will be the story from the most ordinary of ordinary Filipinos and for now, with inflation still their top concern according to the latest Pulse Asia survey, Filipinos don’t have a good story to tell just yet.

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Email: [email protected]. Follow her on Twitter @eyesgonzales. Column archives at EyesWideOpen on FB.