NEGROS Occidental Governor Alfredo Marañon Jr. has agreed to convene the Local Price Coordinating Council (LPCC) in the province this week amid apprehensions raised by business and labor sector concerning the impact of surging inflation.
This was revealed by Metro Bacolod Chamber of Commerce and Industry (MBCCI) chief executive officer Frank Carbon, who met with the governor at the sidelines of the signing of the memorandum of agreement for the P1.7-billion P4 (public-private partnership for the people) project with Dynamic Builders and Construction Company Inc. at Seda Hotel in Bacolod City Monday, September 10.
Marañon chairs the LPCC in the provincial level, with member-agencies like the Department of Trade and Industry (DTI) and Department of Agriculture (DA), and National Economic Development Authority (Neda), among others.
Carbon said the governor has asked them to arrange the meeting with Provincial Administrator Lucille Gelvolea and Provincial Agriculturist Japhet Masculino, which will be scheduled within the week.
“The governor has agreed to our sentiments that there is an urgent need for the council to convene,” he said, adding that “we have to move quickly.”
The business leader stressed that measures should be put in place prior to the typhoon expected to hit the country this week.
“With this reportedly strong typhoon, we could expect another surge especially on the prices of fish products,” Carbon said.
Aside from the DTI and DA, the council will invite the National Food Authority (NFA) as rice is currently one of the commodities with rising costs, he added.
Other members of the council include sectorial representatives from agriculture, manufacturing, and retail, who are appointed by the governor.
Bacolod City, a highly-urbanized city, also has its own price coordinating council also chaired by the chief executive.
In terms of inflation, or the sustained increase in the general price level of goods and services, data obtained by SunStar Bacolod from the Philippine Statistics Authority (PSA) showed that rate in the province for August surged to 8.7 percent.
The figure is higher than the national average inflation rate of 6.4 percent for the said month.
As one of the indicators of economic well-being, inflation is inversely proportional to the purchasing power of the peso. This means that as inflation increases, the purchasing power decreases.
PSA-Negros Occidental records showed that the purchasing power of the peso in the province as of last month is P0.82.
Using 2012 as the base year, Negrense’s P100 six years ago can only buy goods worth P82 today, the agency said.
Believing that rising inflation continues to erode the purchasing power of the workers, labor group General Alliance of Workers Association (Gawa) has considered the filing of another wage hike petition for minimum wage earners in the region.