Manila, Philippines (The Adobo Chronicles) – In his most recent State of the Nation Address (SONA) last July, Philippine President NoyNoy Aquino touted his administration’s accomplishments in the areas of economic and infrastructure development, modernization of the military and reforms to combat government corruption.
Aquino takes great pride in the fact that during his administration, the Philippines has been transformed from being the “sick man of Asia” to the region’s “new economic tiger.”
Today, Aquino told reporters he was extremely elated over a new world record attained by his country. The Philippines just made it to the top 21 list of “Most Miserable Countries.”
The list, put together by Bloomberg News, was based on a “misery index” developed by the late economist Arthur Okun. The index takes into account a country’s inflation and unemployment rates. The index was extremely popular during the Jimmy Carter and Ronald Reagan administrations.
The Philippines was number 16 on the list of 21, earning a misery index score of 11.90% (4.9% inflation rate and 7.0 % unemployment).
Aquino said, “Every Filipino should be very proud because we are the only country in Asia that made the list.”
Venezuela, the Philippines’ toughest rival in international beauty pageants, was number one on the miserable list.
Les Miserables, Philippines!