THE start of the so-called “Ber months” in the Philippines is giving hope to businesses as they work on recovering from their losses and stimulating buyer spending.
According to Philippine Retailers Association (PRA) spokesperson Robert Go, business owners are looking forward to heightened spending beginning this month until December.
“As we move from general community quarantine to modified general community quarantine (MGCQ), and from a gloomy second quarter with a negative 16.5 percent gross domestic product (GDP) growth, hopefully we will have a single digit for the third quarter and we can start our ‘Yuletide’ recovery,” he said.
Go said they remain hopeful that with the easement to MGCQ, Cebu’s local economy will again show progress despite being hard-hit by the Covid-19 pandemic.
The holiday season in the Philippines is said to be the longest as Filipinos begin spending as early as September.
Amid losses, Raki Urbina of the PRA Cebu Chapter said the pandemic also brought out bright spots in the economy.
“Seventy percent of the GDP is consumed by household. So our households in the Philippines are pretty much consumptive so if we notice during the pandemic season there are a lot of people buying ingredients in bulk to cook at home and also buying vitamins as well,” he said.
With the PRA Cebu Chapter spearheading the Great Cebu Sale, Urbina said the event is expected to increase spending, especially for consumers to start buying luxury goods again because products are on sale.
“We expect that segment to grow during the sale season. I think the sale will help stimulate businesses and consumer spending as well,” he said. The Great Cebu Sale will run from Sept. 15 to Oct. 31, 2020. (JOB)