MISAMIS OCCIDENTAL (PIA) — The inflation rate in Misamis Occidental dropped from 1.9 percent in August 2024 to 0.4 percent in September 2024, meaning people can buy more with their money because prices are lower, according to the Bangko Sentral ng Pilipinas (BSP).
A peso in 2018 is worth 80 centavos in September 2024, further explaining that the same basket of goods and services worth P100 in the year 2018 is worth P125.6 in September 2024.
During a press conference on Consumer Welfare Month in Ozamiz City, Ramonnetto S. Gervacio, the acting bank officer, and a regional economic affairs staff from the BSP Mindanao Regional Office shared that the province’s lower inflation, compared to the government’s target of 2-4 percent, enables consumers to purchase more, thereby increasing the purchasing power of pesos.
He explained that when the inflation rate is within the target range, it means that prices are stable; however, he also shared that too low inflation could be detrimental to farmers and producers.
“Dili man pwede nga atong presyo, ubos kaayo, because dili na siya maka-encourage sa atong producers, example ang mag-uuma ubos kaayo ang presyo sa particular crop, dili sila magtanom adto kay alkanse man,” he said.
(We can’t set our prices too low because it won’t encourage our producers. For example, if the price of a particular crop is too low, farmers won’t plant it since they will incur losses.)
As the BSP highlights consumer protection mechanisms during October in celebration of Consumer Welfare Month, Gervacio explained that consumer welfare is a shared responsibility, with one being the consumer, the second being the service provider, and the third being the regulator.
BSP has partnered with agencies, particularly the Department of Trade and Industry (DTI) and the Department of Agriculture (DA), together with the media to tell consumers that if they have complaints, there is a mechanism to address them.
“Kung sila adunay reklamo, kabahin sa financial institution nga gina-supervise sa Bangko Sentral, pwede sila moreklamo pinaagi sa website sa BSP ug ikaduha pinaagi sa official Facebook page sa BSP,” he said.
(If they have a complaint about a financial institution that is supervised by the Central Bank, they can complain through the BSP website, and secondly through the official Facebook page of the BSP). (JMOR/PIA-10/Misamis Occidental)
