It was funny, if it was not more tragic, that PGMA and JDV (last year) fed the dung to Filipinos that we are on the road to being a First World Country.

It was vaudeville - a show, a circus - to desensitize the current hunger of a huge chunk of Pinoys who live on P45 a day for a family of four.

The PGMA Team (last week) then crowed in Tokyo, that the administration had created 6 million jobs abroad from this country that cannot nurture their dreams of economic atability. One of eight Filipinos is an OFW, good gracious, at a high social cost of broken marital relationships and children growing up under single parents.

There are no meaningful jobs here because investments are scarce in this least preferred investment-nation in the Far East. It is so scarce that the president will scamper for a photo opportunity when an existing investor like Texas Instruments merely decides to expand a decades-long business in the country.

There was something uncanny about the timing of business events immediately following the elections. Even before the senatorial election results were settled and some critical local areas remained under turbulent protests (from both sides), the Team had already announced that the fresh mandate of two thirds of Congress and majority of local LGUs are an endorsement of the Filipino people of an extremely unpopular president.

"Orderly" was the Team's description of an election marred by massive vote-buying marked by even fake peso bills (shades of Marcos' stealthy win over Osmena in 1969 that shot inflation skywards) even in Bohol. "Generally peaceful" it described an election where people, driven by extreme poverty auctioned their soul and bartered their dignity for a few pesos more during the polls.

"Democracy at work" was how spin masters described Philippine elections which, two weeks after, had not finished the manual counting - a process that India could have done in one day with more voters there.

The Team trumpeted the Philippine stock market Index shot an all-time high in 80 years, attracting foreign reportedly investors. The problem with an administration (whose legitimacy is still under doubt) without clear long-term vision is it becomes opportunistic. And therefore attracts the same (opportunistic) kind of business investors (primarily to the stock market) to have short-term goals. They bring in hot money in pursuit of quick profits and liquidity - and will not invest in capital goods and equipment, that are the ones which create jobs.

Let us watch the billions in Japanese investment supposedly coming in the country after PGMA's visit. Already the very strengthening of the peso to the dollar (P45:US$1) had precisely made more expensive the cost of doing business in the Philippines-in the sense that you need more dollars now (to invest here) than otherwise (at a different exchange rate).

The Team prided itself that the Philippine currency had the second greatest appreciation of currency in the region to date. The problem with that is too steep a climb (P55 to P45) or (20% appreciation) in so short a time is a sign of volatility and not stability of currency that investors, exporters and importers (both) would rather have.

With the 20% currency hike, exporters are losing their shirts. That is the reason the Government established the P280-Million Export Promotion Fund to cushion the impact of the currency play. Let us not forget that only our top exporters (electronics and garments) are partly insulated because of their import-dependency in raw materials.

The (majority) 80% of exporters made up of small and medium firms are the ones in deep shit because of their local content.

Meantime, the Government is encountering Customs revenues (collection shortfall) since there is less peso equivalent of imported items that are now subjected to tax.

Besides, inflation is soon to rise to 2.8% (Banko Sentral's own admission) because of high energy cost and the summer drought.

These sudden surges in foreign exchange rate and the stock market have been broadcast by the Administration as indicators of powerful Philippine growth. ADB (Asian Development Bank) thinks otherwise since our GDP (Gross Domestic Product) had been hovering at 6% p.a., a percentage short of the magic number of 7% required for a meaningful impact on the poverty-stricken populace.

This emphasis on abstract macroeconomic concepts does not impress Juan de la Cruz any as he throws away his last Lucky Me noodles - tired of his daily diet of more of the same.

The impetus to make our agricultural industries more efficient is more important in a country as dependent as it is on agriculture.

The move to make LGUs understand fiscal planning and make them fund generators and managers is more crucial.

Educating the fisher folks, farmers, sari sari store and small businessmen on credit discipline and granting them supervised credit (at subsidized interest rate) is more "filter down" than those propagandized by Makati and Ortigs-based economic financial spin masters.

This public affairs foray into the minds of Filipinos to cast their lot on very "flash in the pan," ephemeral gains in the exchange rate, stock market and so-called foreign direct investments is a high priced propaganda tool.

Because the consequences of rising expectations - encouraged by such propaganda - only heightens Juan de la Cruz' frustration once the mirage disappears and he is back to his daily Lucky Me Noodles through every day of his wretched life.