The inflation dog show
That was quite a dog show. Inflation came in still scorching hot at 8.7 percent in January even as our economic managers said last year, the number had already peaked in December.
Just five days ago, for instance, Finance Secretary Benjamin Diokno said inflation had reached its long-awaited peak.
But lo and behold, January inflation blew past expectations, hitting a new 14-year high at 8.7 percent from 8.1 percent in December.
Government economic managers miscalculated or were simply overzealous. The Bangko Sentral ng Pilipinas’ forecast range was at 7.5 to 8.3 percent.
Against this backdrop, we can expect our monetary authorities to deliver a punchy rate hike in its meeting next week.
President Marcos said inflation is already as high as it could get. We hope the government is correct this time. Clearly, we need the government to step up efforts in slaying inflation.
Filipinos are desperate for relief. With inflation cutting into our purchasing power, where can P537 a day bring our daily wage earners?
The government needs to act faster on supply issues to bring down prices of agricultural goods. The smugglers, too, aren’t helping at all, so President Marcos must crack the whip on these unscrupulous traders, some of whom reportedly have ties to the Palace – yes, this too must be straightened out.
Off to Japan
It’s another big business delegation – over a hundred businessmen – that will accompany President Marcos to Japan.
There’s tycoon Alfred Ty, the face of PhilippinesJapan business relations. We all know that the Ty’s GT Capital Holdings has brought to the country decades ago some of the biggest Japanese names – from automotive giant Toyota and, more recently, Japan’s Mitsukoshi.
And then there’s tycoon Manuel Pangilinan whose many businesses have Japanese investors. Isidro Consunji will also join the trip but on behalf of Dacon Corp., the Consunji family’s privately-held business, which also has business deals in Japan.
Others in the business delegation include Ramon Ang, president and CEO of San Miguel Corp; Sabin Aboitiz, president and CEO of Aboitiz Equity Ventures; Lucio Tan III, chief operating officer of LT Group; Capt. Stanley Ng, president of Philippine Airlines; Eric Recto, chairman of PBCOM and Megawide’s Edgar Saavedra and Louie Ferrer.
From the government side, Frederick Go, newly appointed presidential adviser on investment and economic affairs, will also join the trip.
Others include Speaker Martin Romualdez, Trade Secretary Alfredo Pascual, Energy Secretary Raphael Lotilla, Transportation Secretary Jaime Bautista and Presidential Communications Office Secretary Cheloy Garafil.
During the trip, at least seven key agreements are expected to be sealed, including cooperation on infrastructure development, defense, agriculture and information and communications technology. There will also be exchange of notes on loan agreements on infrastructure, namely the North-South Commuter Railway from Malolos, Bulacan to Tutuban, Manila and the North-South Commuter Railway Extension from Malolos to Clark International Airport and Tutuban to Calamba, Laguna.
The JVO Scholarship Fund
Roberto V. Ongpin will be laid to rest in his beloved Balesin Island on Feb. 10, in a private family-only ceremony. His remains will be cremated in Manila then brought to the island. A one day public viewing was held yesterday at Heritage Park.
Some time in the late afternoon of Feb. 28, a celebration of RVO’s life, legacy and lasting contributions to Philippine history will be held in his other showpiece, The City Club at Alphaland Makati Place, said Atty. Rodolfo Ma. “Pong” Ponferrada, president of Alphaland.
In lieu of flowers, the family instead requests donations to the Jaime V. Ongpin Scholarship Foundation, founded by RVO in 1993.
RVO, an Ateneo de Manila high school scholar and a Business Administration graduate, put up the Foundation in gratitude for the scholarship he was granted to attend high school at the Ateneo.
The JVO Scholarship Fund, a scholarship endowment, started with P1.5 million in 1993 for 10 scholars, and has grown to P297.5 million to date, said Atty. Ponferrada.
Every year, 200 JVO scholars in seven Ateneo high schools all over the Philippines as well as Xavier School Nuvali receive six-year full tuition, fees, miscellaneous and books scholarships.
The fund has, to date, granted scholarships to a total of 2,207 students who excel academically but would otherwise not have the means to attend the Ateneo.
Not many people knew about RVO’s scholarship foundation. Perhaps, he didn’t care about publicity but was merely paying it forward.
He was eternally grateful for the scholarship that funded his Ateneo high school education.
“I would not have been anywhere where I am today if I did not get a break. And one of the priests at the Ateneo got one of his relatives to fund me,” RVO once said.
His mystery benefactor was Father William Francis Masterson, a Jesuit priest and Ramon Magsaysay Awardee, who spearheaded the transfer of the Ateneo’s campus to Katipunan from Padre Faura.
At the time, he was the dean of the high school department of Ateneo, said RVO.
“From San Juan, I had to go to Padre Faura – three jeepney rides – and I could eat only one hot dog sandwich a day, which is why I have this foundation, named after Jimmy, the JVO Foundation,” RVO said in 2011.
Thus, with the death of RVO, his family requests donations to keep the fund alive.