Business sector optimistic despite rising inflation rate

TAGUM CITY, Davao del Norte—The business sector has allayed fears on the impact of surging inflation.

Although considering surging inflation as among the vulnerabilities of the country which threaten its economic growth, Ma. Alegria S. Limjoco, president of the Philippine Chamber of Commerce and Industry, said 6-8 inflation rate “is not really alarming” based on a previous study.

Limjoco, however, said there must be steps to ensure that the inflation rate will go down.

The administration of President Rodrigo R. Duterte has been criticized for the failure of its economic team to taper off the surge in the inflation rate.

Last month, the country’s inflation was at 6.4% or 2.6% higher than what was reported in the same month last year, the Philippine Statistics Authority reported.

Speaking during the Mindanao Business Conference here Thursday, Ms. Limjoco added the sector is looking at the provisions of the second package of the Tax Reform for Acceleration and Inclusion (Train 2).
She said among the key salient points that the sector is “keenly looking at” at the lowering of corporate taxes and rationalization of fiscal incentives even as the House of Representatives passed its version this week.

She said most of the members of the business organization have not been granted business incentives for their investments.

She pointed out that being among the most prominent business organization in the country, her organization believes “in the importance of open, constructive and objective dialogue in pursuing long term and sustainable programs to pursue inclusive growth.”

“Our mantra is to solicit viable and pragmatic solutions to support more businesses to thrive – through focused advocacy, market support linkages and direct interaction and assistance to micro, small and medium enterprises,” she added.

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