By Prince Golez
Malacanang expressed confidence that business conditions in the country will improve in the coming months.
“The President has kept an ear on the ground and matched this with his strong political will and decisive action in responding to our people’s concerns,” spokesperson Salvador Panelo said.
His statement came after the Bangko Sentral ng Pilipinas (BSP) reported that Filipino businessmen and local consumers turned less optimistic in the last quarter of this year and the first quarter of 2019.
BSP said that economic optimism eroded due to “rising raw material costs and global oil prices; weakening peso; higher interest rates (i.e. borrowing costs); decrease in volume of sales and orders; and lack of supply of raw materials.”
According to Panelo, the government is taking steps to address these inflation issues.
“The prices of commodities are already stabilizing, with inflation going down from 6.7% in October to 6% in November,” said the Palace official.
“Fuel prices have likewise dropped for the eighth consecutive week, with local oil firms implementing a P2.00 rollback in their products. We also expect a turnaround in the peso this month,” he added.
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