‘Mayabang tayo eh’

I belatedly read the online Bilyonaryo story so my comments on the matter may be late, but they are heartfelt, nonetheless.

The story was about how BSP Governor Eli Remolona said that part of the reason for the decline of the Philippine peso is because “mayabang tayo eh,” due to our consumption culture  that prevents us from increasing personal savings. I was tempted to go ballistic.

I am already fed up with senators calling people “stupid” and accusing them “nag ta-tanga tangahan” or feigning ignorance during the impeachment trial while other government officials deflect blame for floodings by saying Filipinos should be more disciplined with their garbage.

I found it hard to believe that Gov. Eli Remolona would be offensive or insensitive, which is unlike him. So instead of getting red-faced angry, I first googled what the English translation of “mayabang” is and the results stated: “Arrogant, boastful, proud.”

But all three did not fit the message or context of BSP Gov. Remolona. “Mayabang” as used by the governor might be better termed as “dismissive” or disregarding the value of increasing personal savings versus consumption.

Whatever the context was, the term “mayabang” is judgmental or confrontational to say the least. If the governor was trying to dumb down the principles of the negative effects of a culture of consumption, he could have done better using an analogy or parable that would not have been as hurtful or insulting because even I was stung by the phrase.

The statement of Governor Remolona was so glib it almost disregards or dismisses the day-to-day reality, pain and challenges of Filipinos, particularly housewives, employees and students, to make ends meet.

To be fair, I looked up what products Filipinos generally consume or spend their money on. Data from the Philippine Statistics Authority (PSA) report that food and non-alcoholic beverages account for 33 percent to 36 percent of total spending.

This is followed by utilities, namely electricity and water, gas as well as LPG and kerosene which is at 20 percent. Feedback from employees puts rent for rooms or small homes at 15 percent if shared by friends or family, while solo tenants pay +/-30 percent of their salary for rent.

Remember that employees are immediately deducted minimum 10 percent withholding tax, not to mention the annual income tax every April.

At this point, 93 percent of people’s income has gone into paying bare essentials. This does not include medical, educational expenses as well as loans or other financial obligations. The reality is inflation and taxation have shortchanged Filipinos who don’t make enough money in order to save money.

By the way, many if not all of us also pay P100 to thousands of pesos to be in touch through the internet or mobile phone. And in all of these purchases, the government collects “consumption tax” of 12 percent via VAT, which actually contributes to the national coffers.

Perhaps the perspective or reference point of our BSP governor is based on the bankers he associates with, the lifestyle of upper class and elite Filipinos with whom he interacts regularly or based on what he sees in malls, restaurants etc. Yes, those people definitely have a “consumption culture.”

Assuming the BSP governor knows something I probably don’t, what may I ask is wrong with having a consumption culture in order to somehow enjoy or taste what little is left of your measly salary?

As a people watcher, I know that many Filipinos buy clothes at ukay ukay, surplus stores or overruns. So many employees have disregarded personal safety riding motorcycle taxis or riding bicycles to work just to make tipid.

Many Pinoys eat more rice simply as an extender because ulam has also become expensive. From what I’ve seen in real life, Filipinos are already doing their version of “saving,” equivalent to making tipid.

They don’t have surplus cash to put in the bank. If the government wants to sustain the value of the peso, don’t make Filipinos the beast of burden.

What Governor Remolona should look into and comment on in future engagements is the consumption culture and corruption in both local and national government, if he dares.

Government officials and employees are the ones who qualify as “kasi mayabang.” They purchase expensive vehicles “befitting” their position or status while we take tricycles, jeepneys and provincial buses.

They spend so much constructing multiple new buildings, fitted with multiple air conditioners, swanky office furnishings even personal toilets for bosses.

The “mayabang consumers” are in government, traveling and dining at our expense. Why is no one talking about all the confidential/intelligence funds being spent wantonly by the Office of the President and other departments, like P500,000 a day spent for an entire floor of a luxury hotel while attending a conference.

The reason our peso is losing its value is because investors don’t trust our governance and therefore they won’t invest or establish businesses in the country. Even local businessmen openly talk about waiting for a new administration before recommitting capital in local businesses.

The peso is losing value because our national leaders rule the country like true TRAPOS lacking vision, leadership and direction as required by global economies. All they do is spend people’s money and steal people’s money. That, dear governor, is why we can’t save. Because we have nothing left to save!

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