“No price increase after typhoon”

CEBU, Philippines - As typhoon Pablo started to sweep across the Visayas region including some areas of Cebu yesterday, local business leaders said that the private sector is geared up in preventing disruptions that could badly affect economic activities.

Business chamber officials also reminded consumers that there is “more than enough” supply of the basic necessities and other commodities among retailers and entrepreneurs.

Robert Go, director of Philippine Retailers Association – Cebu Chapter, said that in times of disasters, businessmen have learned to prepare for floods and other interruptions to avoid what happened when typhoon Ruping hit the country way back in 1990.

Such disruptions, he added, will cost billions of pesos for the industry and alter the flow of economic activities that might affect the entire populace.

“All the businesses are very well-prepared, even shipping and power companies. Hopefully, the storm will not be a bad news for us particularly the agriculture sector that could be greatly affected with the calamity,” he said during the 888 News Forum yesterday at Marco Polo Cebu Plaza Hotel.

Go further noted that consumers need not worry on the possibility of panic buying and price increase since the city government, business chambers, retailers and other related agencies have overseen the needs of the consumer group ahead of time.

“There will be no panic buying or price increase in Cebu City. That is a thing of the past. It only happens in a small town with only one store. But Cebu is already in a different situation right now with the growth of the retail industry,” he continued.

He also pointed out that businesses have prepared early even without the typhoon because the holiday season is at its peak. He cited that at present, retailers have supplies that are good for 120 to 180 days or three or four times above the average stocking level of goods which is only up to 45 to 60 days.

He explained that entrepreneurs only tend to increase when there is scarcity of supply but he noted that in present situations, they do not miss the opportunity to sell in the cheapest prices during times of high demand in the market.

In the world of business, he added that entrepreneurs consider running out-of-stock as a mortal sin in the industry. 

“Cebu is enjoying the cheapest of the cheap in products and services especially now that discounts, sales and promos could be observed. Price increase will never happen. As a matter of fact, retailers sell products below than the suggested retail price with the sufficiency of goods. Consumers are the happiest here in Cebu,” Go stated.

He said that relief goods are also prepared in advance as member companies of the business chamber have donated voluntarily to help those who will be affected by the cyclone. 

— (FREEMAN)