MANILA - Prices of imported goods will rise by at least 10 percent as the Philippine peso continues to depreciate against the US dollar, an official of a major local business group said on Wednesday.
Federation of Filipino Chinese Chambers of Commerce and Industry Inc (FFCCCII) vice president Cecilio Pedro said once businessmen exhaust their inventories, consumers should expect to pay more for imported goods.
"Ang negosyante hindi pwedeng malugi 'yan. 'Pag nakitang mataas ang cost, itataas nila ang selling price nila para makabawi," he continued.
(Businessmen will not absorb losses. If they see that the cost is going up, they will raise prices to recoup their costs.)
As prices of imported goods are expected to rise further, Pedro, who is the president and owner of Lamoiyan Corporation, said this may be an opportunity for local goods to grab market share.
Local manufacturers should improve the quality of their products to measure up to their imported counterparts, he said, but consumers must also play a role in patronizing local products.
"It's about time to switch brands. Pag-aralan natin kung anong nakakatulong hindi lang sa atin, kundi sa bayan (Let's study what will benefit not just us but the country as well)," he said.
The FFCCCII also lauded the government's Public-Private Partnership program, saying it is the key to self-sufficiency for an import-reliant country amid rising prices of imported goods.
Pedro, who sat down last September 30 with other members of the FFCCCII with President Ferdinand Marcos Jr said that the government must look at what areas to prioritize.
The FFCCCI backed Marcos Jr.'s plans to industrialize the agriculture sector, to ramp up productivity. This, Pedro said, can help battle inflation.