Weakened purchasing power causes 20% drop in Panaad Festival sales

The present situation of low or weakened purchasing power especially by the middle class is a factor in the 20 percent drop in the total sales of this year's Panaad sa Negros Festival compared to last year, Governor Eugenio Jose Lacson said Monday, April 22.

Lacson cited the situation told to him by Frank Carbon, executive director of the Metro Bacolod Chamber of Commerce and Industry (MBCCI), that there is now a low purchasing power, especially by the middle class, which was also seen in some grocery stores that even cut the number of tellers or cashiers because of the situation.

But Lacson described the recently concluded Panaad Festival as successful which is also reflective of some messages he received congratulating the province.

"People could adjust to the heat but their purchasing power has gone down," he said.

As of Sunday, April 22, the reported sales were P19.2 million, which is about P4.4 million less than last year's total sales of P23.6 million.

"There were also many young people who strolled around the festival site so you don't expect them to buy," Lacson said.

Lacson also said that certain events like the concerts and festival dance competitions, Lin-ay sg Negros pageant night, and Pop Dance Competition were filled to the rafters and people went out to watch them.

However, the concerts did not draw a crowd compared to last year, he admitted, adding, "We try to live within our budget."

"It was well attended," he said.

The governor also said the pageant night had 1.2 million viewers online.

He said they will try to make Panaad better in the coming years.*