Prominently featured on the obverse of the 20-Piso coin is Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language; created the National Economic Council, the precursor of the National Economic Development Authority; and worked passionately to regain Philippine independence.
On the left-hand side, I show this measure together with an index of current inflation perceptions that weighs those households that perceive prices to have “risen a lot” with those who perceive them to have “fallen” over the past 12 months.