What is this thing called inflation? The man on the street cares less for the word than for the price of galunggong on his table, but they are one and the same. Simply put, inflation measures price increases –- and whether you live in Forbes Park or on Gov. Forbes Ave. (pronounced For-bes), it’s a worry.

But how does it compare with other problems Filipinos are facing? What weighs heavier on your mind?

a) Inflation or oil prices
b) Inflation or corruption
c) Inflation or the poor quality of education
d) Inflation or lack of jobs
e) Inflation or national poverty
f) Inflation or your waist line
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Gotcha!

Here’s a snappy secret from publishers. Use words like “how to get rich in ten simple steps” or “secrets of wealthy people” in title and promotional materials. Never use “retirement.” Malayo sa bituka. (Far from the gut).

Like everyone else on this planet, Filipinos don’t like to think about the future. But think of this: it wasn’t too long ago when Bill Gates was a young upstart who started Microsoft in his garage at 17 years old. Yesterday, he clocked in his last full day of work at the office after 33 years of building that icon of technology.
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UPDATE: Editor’s note: Added video of Abby Sarmiento taken by INQUIRER.net business editor Ma. Salve Duplito.

Filipinos spend too much on staying connected. When you don’t text, you’re not a good friend. When you don’t call, you’re a bad daughter. Husbands know full well the wrath of a woman untexted.

These days, cutting costs will have to include taking a second look at alternatives to the high cost of getting connected. In our household, only my 7-year old and the toddler don’t incur costs. There are six mobile phones in our household (two for the hubby), a landline and a DSL service.

This should be interesting for financial voyeurs . On a monthly basis, this is what we pay telcos :
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When “El Kapitan” was buying the government’s stake in Philippine National Bank more than 10 years ago, my teammates and I (in another publication) wrote a special report on him. While doing my research, I must have read truckloads of literature about the man -– from urban legends to PR-ish articles. Sadly, most of those publications are not available by Googling.

He has been painted as the best rags to riches story this side of the planet, to the most “well-connected” tycoon and everything in between. Lucio Tan is an enigmatic figure. The fact that he is one of Asia’s richest billionaire is not as interesting as how he got his billions.

I would have loved to a one-on-one interview 10 years ago, if only to ask him how he could remain unscathed after every Philippine president he has been closely linked to went down in political flames. But of course, we all know the answer to that.
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Vote:

a) Of course not! Subsidies are baaad.
b) It’s a source of corruption. Mark my words!
c) It’s a band-aid solution, but a few pesos are better than nothing.
d) Everybody’s doing it. The US and other countries are giving subsidies. Sige na nga, pwede na (It’s okay).
e) Hey, let’s not look a gift horse in the mouth!

A lot has been said about the government’s decision to give out cash transfers or subsidies to the poor. Comments range from the totally absurd to pure wisdom.

There have been three forms of subsidies thus far: the P500 cash transfer to households that consume at most 100 kilowatt hours a month which will cost government P2 billion, a P2-per-liter discount for drivers of jeepneys and other public utility vehicles, and a P300 subsidy for every child that goes to school.
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Inflation clocked in at 9.6 percent in May, a 9-year high, says our banner article today. Citigroup expects inflation to reach 8.3 percent for the entire year. At the core of this economic indicator are two basic things: prices are skyrocketing and our savings and investments are getting squeezed.

Should you be worried? What does a 9.6 percent figure mean?

First, it’s just a hair’s breadth away from double-digit inflation and is the highest since January 1999.
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Do you listen to economists? They will have kilometric things to say about the 5.2 percent gross domestic product announced by the government yesterday. Listen closely and see if they sound like this hilarious interpretation of Alan Greenspan’s latest comment on the economy by one of my favorite bloggers and Fortune columnist Stanley Bing.

“First we have Alan Greenspan whose further additions to his previously stated opinions about the situation is dutifully reported in the Financial Times and quoted in today’s Daily Briefing. Apparently we have a 50% chance of being in a recession… It seems, he says, that there is data indicating things are stabilizing, but it’s too early to tell. If we do have a recession, it won’t be that bad though, probably. He says. Unless, you know, a bunch of other stuff happens, in which case things could get worse.

Nyahaha. Sounds familiar?
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All these talk about Meralco and the high cost of electricity has made me wonder what the average Filipino household’s power bill looks like.

To make the comparison fair, why don’t we divide our electricity bill with the number of persons living in the house, including babies. I think the little darlings consume a bigger amount of electricity compared with the average person (need for airconditioning etc.)

For April, I paid P805.88 per person.

How does that compare with yours?
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(Photo from Agence France-Presse)

We hardly think about the few mouthfuls of rice left on our plate. Taken together, this daily rice wastage average 15 grams per head, or 1,280 tons per day and cost Filipinos P23 million. Did I say “daily”?!

Mind-boggling.

These are official figures from the Food and Nutrition Research Institute (FNRI), the principal research arm of the government on food and nutrition, that I caught this morning from the television show “Mornings on ANC”.
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Eight things you should not miss this week:

1. George Soros’ new book to be launched tomorrow on why the global economic collapse he predicted in 1998 that never came is now at our doorsteps. The New York times article here and International Herald Tribune here. You can even watch an exclusive CNBC interview with Soros himself. (I love TV on demand through the Internet)

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