Inflation further eased in October, with the inflation rate slowing to 3.1 percent, from 3.6 percent in September and 3.8 percent in August, marking a four-month low in the consumer price index (CPI).Malacañang attributed the improvement to good governance and equitable and inclusive economic growth.“We have always maintained that good governance results in good economics. The effects of our reforms have already manifested in the lives of our countrymen,” said deputy presidential spokesperson Abigail Valte.“This is reflected in the exceptional public trust, satisfaction and support for the President and his administration,” she said.
Does the Philippine government consider stealth redistribution of resources from society to the political class, the promotion of asset bubbles and the gambling culture (via the shortening of time preferences or orientation) as representing good governance and good economics?
Inflation, to sum up, is the increase in the volume of money and bank credit in relation to the volume of goods. It is harmful because it depreciates the value of the monetary unit, raises everybody's cost of living, imposes what is in effect a tax on the poorest (without exemptions) at as high a rate as the tax on the richest, wipes out the value of past savings, discourages future savings, redistributes wealth and income wantonly, encourages and rewards speculation and gambling at the expense of thrift and work, undermines confidence in the justice of a free enterprise system, and corrupts public and private morals.