Metro Manila (CNN Philippines, June 17) — Presidential Adviser for Entrepreneurship Joey Concepcion on Friday said the rise in prices of goods will be the country’s big problem moving forward.
“Ang malaking problema na papunta sa atin ay itong rising prices [The big problem coming towards us is the rising prices]. ‘Yun talaga ang [That’s the] situation I see moving forward. And that rising prices will affect consumer demand for our products at [and] will cause a slowing down of the economy if this continues,” Concepcion said during the Laging Handa briefing.
He explained that the ongoing conflict between Russia and Ukraine is creating a lot of increases in the prices of commodities.
“Lahat ng presyo, ang laki ng itinaas at nakakatakot siya kasi this can lead into a slow down in purchasing power of consumers kasi they have a limited basket that they can afford,” he said.
[Translation: All prices have increased a lot and this can be frightening because this can lead into a slow down in purchasing power of consumers as they have a limited basket that they can afford.]
“Kung tatamaan ang consumer, hihina ‘yung consumption nila, then our growth rates will not be attained,” he added.
[Translation: If the consumers will be affected, their consumption will lessen, then our growth rates will not be attained.]
On CNN Philippines’ The Source, Concepcion said that at present, the country should ensure that domestic production of agricultural products steps up to avoid things from worsening.
“It is time for our farmers to shine and hopefully, rice and corn will do well this year,” he said.
