Hard landing or soft landing?

We don’t know how long the elevated prices and supply squeeze will last. The oil prices at gas stations keep rising and jeepney drivers are throwing in their towels and are now looking for alternative sources of livelihood. They simply can’t make ends meet. Not with this daily price hikes and horrible traffic.

And yet this stupid government is still saying the PHP 20-per-kilo-rice is doable, at the expense of poor Filipino farmers

But Federation of Free Farmers Cooperatives national manager Raul Montemayor said the DAR’s plan would only make farmers end up losing more, especially if the farm-gate price — or the selling price between a trader and a farmer — is further reduced.

Montemayor said if a kilo of rice would be sold at P20, the farm-gate price would have to be about P10 a kilo.

As a rule of thumb, the retail price of rice is at least double the farm-gate price of palay (unhusked rice), which is currently P19 a kilo.

Philippine Daily Inquirer

Meanwhile, the outgoing cabinet secretaries of Duterte admin say it simply cannot be done.

These idiots are not even coordinating their press releases 🙄

If these asshats have any iota of intelligence, then the first thing they should fix is the supply chain problems/inefficiencies/bottlenecks, which eat up 40-50% of the cost of goods, especially food, in this country. That alone has an immediate effect on the prices of food, which comprise bulk of the CPI.


I spent the day talking to this investment company that primarily provides mezzanine financing to SMEs. It slightly lifted me out of the doldrums but I’m still having a tough battle with the promotion of my people. Like what the heck?! Why is it even hard to have my good reporters promoted and have their pay raised? What the fuck is this company??? It was like defending my thesis all over again.

I was so angry this afternoon that I refused to work overtime.

I had put my ass on the line by saying that if they don’t give these people their due, they will leave the company—and one of them was already being pirated in front of me by a rival company (which was 100% true). If that happens, my work will be unbearable because I will be plugging the gap by myself and that would force me to look for opportunities elsewhere because I simply cannot overwork myself for little pay, I said.

Now I have to look for Plan B.

Being under this new parent company is much worse than being owned by a PE that squeezes the life out of a business. 🤬

Today just sucked the life out of me. I was feeling sorry for myself since last night until today and this HR issue added to the pain I’m having today.


Oppo Band. To motivate me to move. Photo by CallMeCreation.com

I’m sooooo looking forward to my break next week. I will shake off the bad jujus and tune out. I will love myself and make myself believe that I am not as horrible and unlovable as my ex-partner thinks I am.

I hit bumps like this from time to time because I’m still working through my trauma. It’s part of the process.

Anyway, I took advantage of the sale last Saturday in Glorietta and bought this smart watch that I will test this coming Saturday in Pico de Loro when I dive/swim laps.

Meanwhile, the cats managed to bring a smile to my face last night despite feeling like shit.

Chonky cat. 😻

Bye-bye freewheeling money

Lifted from a LinkedIn post.

I really don’t understand this metric. This is used by companies wanting unrealistic valuation and investors bit the bullet because…they need to close a deal and show their LPs that they’re doing “something”.

Now that startups and even the unicorns and listed tech companies are laying off people by the thousands (I just edited a story about this in Asia a few weeks ago) as funding dries up and investors begin to see reason. Gone are the days when Uber and WeWork burn money like it’s growing on trees. Things are so bad right now that those who have jumped from their stable jobs to hustle on their startups are seeing doors close on them. Cost of money is rising, with inflation hitting multiple-year record highs, hence, we see central banks looking through their tool kits to stem possible runaway inflation. Investors are now turning off the tap and begin to be more selective in their deals. Companies that I’ve talked to are preferring cash over anything else these days.

Just today, Philippines Statistics Authority reported that last month’s inflation rate was the highest in four years at 5.4%, from 4.9% in April. Gone were the days when I was reporting inflation rate at 1%, T-bills at near-zero levels, and very loose policy rates (which was boring us to tears) that banks and insurance companies were looking at alternative investment vehicles in search of higher yields.

As it stands, inflation is emerging as a big headache for the incoming administration of President-elect Ferdinand “Bongbong” Marcos Jr., who is yet to reveal his full economic plans for the country.

The BSP is racing to control prices and has already made its first decisive action to fight inflation last month by hiking rates for the first time in three years. Diokno, who will cut short his term as BSP governor to join the Marcos cabinet as finance secretary, hinted at another rate hike in June.

Philippine Star

I feel bad for my brother, who is trying to close a housing loan with PS Bank and he has been racing against time. If he can’t close the loan (because the Register of Deeds is slow in releasing the title), he has to work again on the loan with higher rates for the townhouse he is trying to buy.

This situation will squeeze small and medium enterprises with existing loans; if they don’t have fixed-rate loans, then this will hurt them so much.

Recession is very much in the offing.

I just bought vegetables and a few oranges last night and I spent PhP 1,200 that is good for four people for a week. And that’s not even the same amount of vegetables I used to buy six months or a year ago.

It hurts a middle class citizen like me but I’m luckier that I can still spend for “frivolous needs” like wheel alignment and clothes shopping because my children got bigger again and no longer fit in their clothes I bought a few months ago.

This, however, is a different story for those who belong to the lower economic strata who can barely budget their PHP 570-a-day minimum wage, which includes costly transport costs. It’s no wonder why people still gravitate towards the long queues at MRT and EDSA Carousel buses because right now these are still free. Filipinos could no longer afford basic transportation costs.

I have to be selective with the face-to-face meetings because petroleum is so precious right now. I had filled up my tank (which was already half-full) tonight for around PHP 1,700, which a year ago would be enough to fill up my car from near-empty.

Despite the high cost of driving your own car, people like me bite the bullet because there are no Grab cars (heard they decommissioned a lot of Grab cars because they’re older than 5 years already), the queues in MRT and buses are out of this world, and the traffic is much worse than pre-pandemic levels.

We are in a fucking transportation crisis.

Metro Manila is no longer livable.

I had been living here full-time for more than 20 years and I can see how things have deteriorated over time. I can’t wait to move back to my hometown (even if that means I lose my autonomy because I will be nearer my siblings who can poke their heads into my business) because I’m so tired of the drive. The driving time of my brother and mine were the same last Saturday. His 70 km vs my 14 km both for 1.5 hrs. This is really absurd.

To fight another day

“Courage will now be your best defence against the storm that is at hand-—that and such hope as I bring.”

― J.R.R. Tolkien, The Return of the King
Gandalf

I had sent messages to older friends who were high ranking government officials, CEOs, and VPs who were imprisoned during martial law. I asked for forgiveness, said sorry and that I never thought I would see another Marcos presidency.

One of them said:

Hi CallMeCreation. Thank you for your touching note. Life is just the way it is. We fight a good fight, sometimes we lose and sometimes we win. The important thing is we don’t lose the will to fight. To fight for a better future. Am pretty sure those who stood with their conviction during Martial law understand that it will be a continuing advocacy for a better PH. Thanks again.”

The other one said: There’s nothing to forgive. We just need to continue to help our country.

My tears couldn’t stop flowing. This is the only election that I was emotionally invested in and the only one I truly cared about because it is pivotal. Now we are on our road to hell.


I just attended a briefing on private equity deals in Southeast Asia this morning. The speaker said (paraphrased):

The Philippines has never been the first port of call when it comes to private equity deals (compared to Singapore, Indonesia). As for the impact of the latest political developments on FDI, FFI…your guess is as good as mine.

This is as bad as it gets. The other webinar I attended this afternoon was about renewable energy in Southeast Asia and of course they had to discuss the Philippine market. The panelists had an embarrassed laugh of some sort and one of them said, “There’s a new president now but he’s not exactly new as they had been controlling the Philippines for years now…” and then they said they do not know in what direction the policies will go.

Well, because he doesn’t have any platform. He doesn’t have any plans. Nothing.

And today the Philippines received its first investment downgrade. It would soon be a series of downgrades.

Screenshot of the PSE today.

Even the Philippine Stock Exchange couldn’t handle the madness today. The market fell 3% at some point today and is now in bear territory (I think). The website crashed and for an hour it was like that.

My siblings (two economists) and I were chatting about the macroeconomic implications and my sister asked what is the possibility of us entering stagflation.

I said:

There are too many headwinds. The companies are holding out on expansion, no growth seen in the private sector. The companies we interviewed said there are new orders, no new product launches, only core products. They’re holding cash because that’s the one they will use to buy raw materials as it is risky to borrow for capex due to climbing interest rates. We are heading for stagflation. Liquidity is the best policy. This is why I’m not buying a new car and will just have the Crosswind have cosmetic repairs since it’s not the best time to have a mortgage. I don’t know how long the BSP can keep keep its monetary policy stance when the USTr is rising, the peso is weakening.

Good luck to Filipino consumers because of the high commodity prices in the world market…palm oil, grains…because of supply chain disruptions. Even if you keep importing rice to lower the cost to fulfill BBM’s campaign promise of PHP 20/kilo rice, you have to remember we’re not the world’s biggest importer of rice (ergo we cannot dictate the price)—it’s China and it’s hoarding supplies. The run up in palm oil prices is a result of the protectionist stance of Indonesia because they banned palm oil exports to keep local prices stable. All countries are being protectionist now due to supply issues.

Soon there will be capital flight.

This is scary. The vote for Leni is not just for ego and not just to fight Marcos’ evil reign. It is also the fight for investor confidence, better macroeconomic policies.

It’s just so sad that all the things I fought for all my life have come to naught. I taught high school students in Mindoro so they can enter UP, climbed mountains in Batangas to fight for farmers’ lands, climbed mountains for indigenous people so they can have a better shot in life… Cambridge Analytica, Facebook, and Tiktok took that all away.

It’s exhausting.

Many will lose their jobs, many will go hungry. But of course, they do not understand the implications of what they did. You tried to explain to them, but then they just have thrown dirt at your face and accuse you of elitism and “respect my opinion” shit.

Now they’re bringing you down with them.

It was a struggle editing today. I cried. I slept. Tried to finish tasks at hand. I need a mental health break (because you know, heartbreak is heartbreak) but I can’t because I’m a manager and I can’t just be a wuss.

I worked through my heartbreak for 15 months. How many heartbreaks can I take? How much more can I endure? How many dark tunnels must I walk through?

Whenever I get upset, I go back to my favorite books for comfort.

‘But in the end it’s only a passing thing, this shadow; even darkness must pass.’ – Samwise Gamgee

J.R.R. Tolkien
Art and photo by CallMeCreation.com

My childhood and the dying sakada child

I was reading my old blogs and deleting spam comments when I encountered two comments that prompted me to resurrect this blog today.

The entry was about Joel Abong, the symbol of poverty in the Philippines, the poster child of the sufferings of the sakadas in the 1980s. He haunted my childhood, changing me forever and ever. (No, he’s not the reason why I am fat today. Let’s just say I’m scarred forever because there will always be a part of me that would hanker for a meaningful job, instead of getting rich and have a happy ignorant life.)

One of the comments in my old blog directed me to Kim Komenich‘s page devoted to his coverage of the Philippines during the tumultuous Marcos regime leading to Cory Aquino’s ascent to presidency.

Photo by Kim Komenich/San Francisco Examiner) Young tuberculosis/malnutrition victim Joel Abong is among the hardest-hit of the children at The Corazon Locsin Montelibano Memorial Hospital in Bacolod City, Negros Occidental. The hospital is home to a clinic where about a dozen kids are being treated for third degree malnutrition as a result of lack of food due to sugar layoffs. Joel’s father, a fisherman, cannot make enough money to feed Joel and his six siblings. It is doubtful whether Joel, photographed on May, 4, 1985, will recover. (revolutionrevisited.com/remember)

I remember Joel Abong as a sakada child whose emaciated body was plastered all over the newspaper’s front page (and for the life of me I cannot remember what newspaper was that because I’m not sure if it was right before or after EDSA I). Now I don’t know if my parents mistook him for a sakada child, the newspapers mistook him for a sakada child or, as one of the commenters in my old blog claimed, his parents were paid by the photojournalist to pass him off as a sakada child.

Little did I know that this child — skin and bones and all — would haunt me for eternity.

My mother always showed me the newspaper clipping of Joel Abong whenever i threw tantrums and didn’t want to eat. I was really a picky eater then. She often reminded me that I was fortunate that I had something to fill me up whereas this child did not. (Don’t get me started–my parents didn’t care about the psychological repercussions of my harsh education as long as I grew up to be a compassionate and mulat na Filipino).

Because of that, I could not forget that image and his name.

His memory was again resurrected in my head when I watched Maalaala Mo Kaya four years ago featuring a sakada family. Two of the letter sender’s siblings died of hunger and neglect, because of their parents’ ignorance and because their situation was further aggravated by their father’s abusive nature and irresponsibility. I cried towards the end of the episode and I couldn’t pinpoint the exact reason why… Maybe because the drunkard, abusive father asked for forgiveness from his son whom he banished more than 15 years ago or because of the plight of the letter sender’s family.

When MKK showed the ashen corpse of the letter sender’s youngest sibling, the image of Joel Abong suddenly flashed through my mind. No, they didn’t look alike but their lasting impression on me was the same: it was that of horror.

At the back of my mind I know people like them die everyday and stark realities like these every now and then get shown on TV. I’m angry that a child could die like. What makes me more frustrated was that I don’t know if my being a journalist is making any dent to their situation. I don’t know if I am making a difference. Our housekeeper that time asked me (she was watching MKK with me that time when we were having dinner) if it’s true that such things happen. Yes, I replied. It happens everyday. And I don’t know if I am doing anything about it.

We, the burgis crowd, are lucky we don’t know the realities of what this woman lives with everyday. We only get to do stories about them. We only get to read them. Like poverty pornography in print.

I remember my friend of so many years became so disillusioned with multilateral/bilateral projects/grants/loans after being part of one of those “aid” projects in the country. Part of her job was going around the country, to the most depressed places you could think of, and see the areas that needed “development”, to put it simply.

She met a family from a province down south who cut and gathered firewood for a living. All of the children had to work alongside their parents day in and day out so that they could earn a maximum of P250 a day. Collectively. for a day’s work each of them only earned P50.

In contrast, her bosses — the project consultants — were earning at least P350,000 a month. She complained that some of them weren’t even reporting to the office and weren’t doing any work at all since most of the “work” just piled up on other people. As if these consultants were just milking the project of those much-needed dollars that should be going to these impoverished families. She knew they weren’t doing anything much to help solve the poverty problem and all of what they were producing were papers, recommendations — those sort of stuff that wouldn’t really put food in those wood gatherer’s stomachs.

She asked whether there were any sense at all in these projects. She asked me, why can’t these multilateral or bilateral agencies just use the P350,000 paid to each of those “consultants” to help the wood gatherers and their kind instead?

She was so distraught and disillusioned. She resigned from her high-paying job (at that time) and wandered around for a while until she found herself again.

I couldn’t blame her. I would be questioning my raison d’ etre if I were put in her shoes.

Was my father right all along? The debate still continues if these loans do really help the poor.

And now back to the sakadas, I wonder about the sugar workers of the azucareras in the south. I wonder what happened to Joel Abong, his family. I wonder about the farmers who continue to suffer, with climate change, with the failure of WTO agreements and the so-called safety nets that economists promised two decades ago.

I wonder about where I will be going.