Inflation affects buying power of consumers in Iloilo, says IBC

The continued increase in prices of commodities has affected the purchasing power of Ilonggos, according to the Iloilo Business Club (IBC).

IBC Executive Director Lea Lara said high inflation slightly weakened the buying ability of consumers in Iloilo.

The country’s inflation or the increase in the prices of goods accelerated to 6.7 percent last month from 6.4 percent in August.

“The prices are really high now,” Lara said.

Weaker purchasing power leads to lower consumption, which is not good for the economy.

“Diri sa Iloilo, we have a lot of new restaurants pero nubo ang consumption,” Lara said.

“We really need to further promote our new establishments. Overall, Iloilo is doing okay but kinanglan tapa i-increase ang aton economic activities and improve ang purchasing power,” she added.

IBC urged the government to speed up the construction and rehabilitation of roads and bridges not only in the Iloilo but also in the whole Western Visayas.

The business group also suggested the improvement of facilities in terminals, airports and seaports.

“These are the things that we have to do to make the movement of goods faster and more efficient,” Lara said.

“If our roads are good, products will come in easily. Mabuhinan ang gastos sa pagtransport, so ang prices manubo,” she explained

Last week, IBC conducted Business Prospects 2018: Surviving the Challenge of Change and Economic Uncertainty at Seda Atria Hotel in Mandurriao district.

Discussed during the forum were issues on the economy like the rising food prices and inflation, assessment on the implementation on TRAIN 1, and the highlights of the proposed TRAIN 2, among others.

SOURCE: Iloilo Metropolitan Times

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