Press Release
September 16, 2023

Tolentino urges businesses to set pro-consumer prices this Christmas season

MANILA -- Senator Francis "Tol" N. Tolentino urged businesses to be considerate of consumers especially this Christmas season by avoiding steep prices of products.

"Ang ma-underscore ay yung social responsibility ng mga kumpanya. Huwag naman masyadong taasan ang presyo dahil papasok na ang Christmas season, para na rin sa ating mga consumer, ating mga mamimili," Sen. Tol said in his weekly DZRH program on Saturday.

This comes after the pronouncement of accounting firm PwC Philippines Chairman Roderic Danao that one possible mitigating measure of companies amid high inflation is to make the prices higher.

While Danao clarified that this is only a possibility, he did not deny that consumers will bear the brunt of price hikes.

Citing the data of PwC that the Philippines is the 24th largest consumer economy in the world with 70% of the Gross Domestic Product (GDP) driven by consumption, Sen. Tol said: "Kayo na po ang nagsabi na consumer-driven. Kung wala ang ating mga consumers, wala rin ang ine-expect na pag-rebound ng ating ekonomiya."

News Latest News Feed