THE defenders of Mr. Aquino have been shaking their heads in endless frustration. They point to the intersection of two figures, the first of which was about a milestone feat for the Philippine Stock Exchange: it reached a historic high, the 8,000 territory. Meanwhile the SWS, the polling firm, reported that the satisfaction rating of the president has dived to an all-time low, a precarious 11 percent.

Plus, with the findings of a US-based think-tank, which boldly asserted that the Philippines is now the most resilient emerging economy in the world, the defenders are at a loss explaining what seems to be a great disconnect: a president pushing growth to the limits and the people’s lack of appreciation for the work of their beloved president. Are Filipinos that ungrateful?

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