Prices of goods and services are only going up toward the end of the year as companies account for more
expensive raw materials, higher salaries, and the spike in petroleum products, a survey of local business owners revealed.
“Philippine business leaders have faced serious threats, but they have risen to the occasion and found new opportunities for growth through creativity and innovation. The pandemic has forced them to adapt to the changing business landscape, and they have emerged stronger and more resilient than ever before,” she said.
“In view of the storm damage and the oil price hikes, it’s still possible to see inflation pick up to around 5.7 [percent] this month,” said RCBC Chief Economist Mike Ricafort in an ABS-CBN news interview. The inflationary threats mean prices of “noche buena” goods such as Christmas hams would also rise, Roderick Danao, chairman of PwC Philippines, said in a television interview.
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