MARCOS SONA 2023: Cebu business leaders hope inflation can be eased further

CEBU CITY, Philippines – When President Ferdinand ‘Bongbong’ Marcos Jr. delivered his second State of the Nation Address (Sona) last Monday, July 24, he opened his speech with the biggest challenge his administration faced: Inflation.

With this,  the business community here hopes that the national government will continue to work on addressing this.

Leaders at the Cebu Chamber of Commerce and Industry (CCCI) and the Mandaue Chamber of Commerce and Industry (MCCI) agreed that inflation should be further eased to give the country’s economy a much-needed boost.

According to Charles Kenneth Co, president of CCCI, inflation, which pertains to the general increase of commodities, has adversely impacted business performance.

Measures the national government introduced to increase interest rates to control spending and borrowing have also negatively affected trade, he said.

“Businesses have been affected by the fiscal policy of high-interest rates to stabilize the peso. Trade has slowed down. We still need to do more in attracting foreign investment if we are to revive our manufacturing competitiveness,” explained Co.

Kelie Ko, MCCI president, also shared the same sentiments.

“[Easing inflation] will mean better buying capacity for our people, more investments in business and a less restive labor force,” Ko said.

President Marcos Jr. sat in office at a time when prices of commodities and other goods skyrocketed.

In his Sona last Monday, the President mentioned world events that fuel inflation, including the war in Ukraine and the lingering effects of the COVID-19 pandemic.

As of June, inflation in the Philippines was at 5.4 percent.

Programs

On the other hand, business leaders in Cebu said they looked forward to the implementation of the President’s new programs.

For their part, CCCI said were pleased to hear that Marcos Jr.’s administration continues to push for digitalization.

“We are pleased to hear that priority programs of BBM’s administration such as digitalization to speed up the ease of doing business, food security, and lowering the cost of power are being attended to because as a Business Chamber, we have been pushing for these advocacies,” said Co.

MCCI also said they were ‘excited’ about the President’s plans to boost the agriculture sector.

“We need to make sure that whatever policy strategies the government will implement should trickle down to the benefit of every Filipino,” Ko said.

/bmjo

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