Biz leaders laud gov’t efforts to curb inflation

Leaders of three of the country’s most influential business groups have recognized inroads made by the government in easing price pressures.

Their sighs of relief came when the Bangko Sentral ng Pilipinas (BSP) reported that headline inflation decelerated further to 6.1 percent yearon-year in May from 6.6 percent in April.

In an interview on Friday, Francis Chua, chair emeritus of the Philippine Chamber of Commerce and Industry

(PCCI), said the BSP’s policies have “evidently been effective in controlling the flow of money.”

“The May inflation rate, the lowest so far this year, can be attributed to the Monetary Board’s decision to raise key policy rates, and then finally keep them steady at 6.25 percent,” he said.

Chua, who founded the International Chamber of Commerce’s domestic chapter, also noted the Marcos administration’s efforts to bring down the prices of basic commodities by addressing supply deficiencies.

“So far, so good,” said Sergio Ortiz-Luis, Jr., president of the Employers Confederation of the Philippines, referring to the BSP’s monetary policy-making. “The BSP’s target of slowing inflation down to 4 percent or less later this year is looking more attainable.”

By a stroke of fortune, the declining price of petroleum in the international market also seems to be cooperating with domestic efforts to address inflation, he added.