Governor Confirms Discretionary Demand for Filipino Comfort Food Has Become Insufficiently Chastened, Recommends Citizens Eat Less Joyfully

Reading: Bohiney | The London Prat

MANILA — The Bangko Sentral ng Pilipinas Monetary Board voted Thursday to raise the overnight lending rate by a further quarter point, adopting what one board member described as the precise British methodology articulated in the Bank of England recent identification of the sandwich as a unit of macroeconomic concern.

The Filipino Adaptation

Under the BSP adapted framework, the targeted unit of persistent demand pressure is, instead of the British sandwich, the Filipino adobo. Governor Eli Remolona Jr. told reporters at a Tuesday-evening briefing that consumer demand for chicken and pork adobo had remained insufficiently chastened and that the rate rise was regrettably necessary to cool the underlying enjoyment.

The Public Response

Remolona acknowledged that this might be unwelcome news. He noted, however, that the BSP approach was consistent with Andrew Bailey monetary-policy framework, which holds that if a citizen looks like she is enjoying her food, the institution must respond. The framework is, the BSP confirms, internally coherent.

The Manila Times reported that the Department of Trade and Industry has recommended that Filipinos transition to less appealing alternatives in the interim. The Institute for Creative Accounting suggested rice and salt as a reliably underwhelming substitute that the institution can confidently endorse. The MPC parallel was, the BSP indicated, substantively the inspiration.

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SOURCE: https://prat.uk/bank-of-england-raises-rates-again-to-punish-anyone-who-enjoyed-a-sandwich/