Rising poverty, for example, remains a big problem here. What do data on GDP, housing starts or money supply say about the fact that more than 40 percent of Filipinos struggle with poverty? Or for businesspeople who are vulnerable to the whims of consumer sentiment? Very little.
The economic signals here could become even less clear going forward as President Gloria Macapagal Arroyo and her team works to retool the economy. The hope is that through education and government initiatives, entrepreneurship will increase in the years ahead. The Philippines also wants to be seen as an information-technology hub.
If Manila succeeds, economic data from the ground up will be more important than ever. That's why Jollibee might consider publishing its own monthly economic report. Call it the "Jollibee Indicator."
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