Bobo na, magnanakaw pa

Bobo na, magnanakaw pa. (“Stupid or incompetent and a thief as well”). I declared during my Bilyonaryo TV appearance Thursday, Oct. 29.

“Bobo na, magnanakaw pa” has gone viral – 3.7 million views at this writing, 1.6 million views on Bilyonaryo TV and 2.1 million in its affiliate Abante.

Super host Margaux Salcedo invited me as a resource person in her Business 360 daily show, a business and economic program monitored by businessmen.

“We take advantage of your legendary status and longevity in business journalism,” Margaux greeted me.

A journalist for 56 years, I covered nine Philippine presidents, including the three dynastic presidencies – Diosdado Macapagal to Gloria Macapagal Arroyo, Cory Aquino to Benigno S. Aquino III and Ferdinand Marcos Sr. to Marcos Jr. With 56 years of uninterrupted journalism, I probably am the most senior journalist in the Philippines today.

Margaux interviewed me on two issues – the peso drop against the dollar and El Niño.

In 2022, I recalled, the peso depreciated by 10 percent (from 50.77 in 2021 to 56.12 per dollar). Yet the economy grew by 7.6 percent – the best in 46 years.

“A peso depreciation could be good,” I asserted, “for our 12 million OFWs or expats working abroad because right now they are doing $35 billion (remittances a year). With the rate decreasing from 60 to 65 (pesos per dollar), they are now earning on average additionally P175 billion. P175 billion that can fund/run a complete Cabinet department today, for a year.” Compare the $35 billion to a foreign direct investment (in a good year) of $9 billion.

“We are also a net importing economy, and a big factor in our inflation is attributed to the global headwinds, the Iran war, uncertainty with respect to,” Salcedo countered.

My reply: “60 percent of our problems now is the Iran war. Iran war increased the price of diesel by 77 percent. It’s only now that I have heard of diesel at P120 per liter. It used to be P10 per liter. Gasoline, in fact, used to be P1 per liter.”

Margaux asked me about the propriety of Bangko Sentral Governor Eli Remolona being called to Malacañang for a briefing. I said that under the Constitution (and the law), the BSP governor is supposed to report to the President on economic and financial developments. Remolona (the world’s highest paid central bank governor) “is experienced and an expert,” I said. “He has spent most of his professional life overseas.” Besides, BSP manages the Philippine financial system (P38 trillion in resources) which I said grew 12 percent, meaning “there is money spinning around despite GDP growing only 2.3 percent a year.”

The problem, I pointed out, “is money is being stolen. And being hidden.” “Our problem is not a shortage of money. We have plenty of money. Our savings rate is 25 percent. On a GDP of P39 trillion, “that’s more than P7 trillion – P7 trillion money hidden in suitcases, under pillows, under beds.” “The challenge is to stimulate investments,” I said. Addressing thieves in government, I pleaded, “please bring out the money.” That hidden money, I said, “is one reason why the peso is depreciating. It is being used to hoard and bring out dollars, because the crackdown has started (on the corrupt). Politicians are being put in jail. (Senators) Marcoleta, Jinggoy Estrada, (pastor Apolo) Quiboloy.”

Margaux inquired about the current political turmoil. I said “we have been in worst situations. During COVID (in 2020), the GDP went down by 9.5 percent (the deepest drop in a century), yet the following year (2021), the economy grew 5.7 percent. “The recovery was robust. This is a very strong economy. It is the 12th largest consumer market in the world, 115 million people with per capita income of $13,000 (ppp). That’s huge.”

“Will the economy follow this pattern of rebound?” Margaux queried.

“The Iran war will worsen,” I said, “because Trump has been beaten by Iran and he will exact revenge after the midterm elections. It will be his last hurrah. He will use up all his missiles on Iran.” In that event, “the outlook, at best, is uncertain over the next two years. Even if the Iran war were to end today, the problem with energy (shortages) would persist for two-three more years. The facilities to produce diesel are gone. LPG gone, oil refining facilities gone. It will take time and money to rebuild those facilities. While these facilities are out, we will have shortages.”

On El Niño-induced drought, I said “I am not at all worried. Habagat (the southwest monsoon) brought in heavy rains (volume was seven times NCR’s demand for water) and filled up aquifers, the forests and the roots of trees. “It’s a matter of harnessing that water. We have plenty of water. Two-thirds of our territory is water. Why are we so worried about water? Singapore does not have drinking water at all. Yet, it has done 7-8 percent GDP growth.”

“Singapore has enough reservoirs,” Margaux countered.

“The best reservoir that we must preserve is our brain reservoir,” I cut in, “Banong-bano tayo. We are becoming incompetent. Nabobobo tayo (We are becoming stupid). Kasi naman ang ating mga politicians, saksakan ng bobo (It’s because of the politicians. They really are stupid or incompetent). Saksakan ng bobo (Really stupid). Ang sarap patayin (What a thrill to kill them!). Bobo na magnanakaw pa (Already stupid and thieves as well).

“Yan ang problema talaga natin (That’s really the problem.). Bobo na magnanakaw pa (Already stupid and thieves as well). Ang hirap ng combination (That’s a difficult combination). Kasi hindi naiintindihan kung mali ang ginagawa niya eh (Because they don’t know what he’s doing is wrong). Tsaka, pag hinuhuli mo siya, sasabihin niya na inaapi mo siya, eh. Kasi nga bobo (“Also, when you arrest them, they think they are being oppressed. It’s because they are really stupid).

Bobo na, magnanakaw pa!

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