Many businesses in the PHL are closing at a rate of 90 or more per day. This is according to one soc media post and as evidenced by many posts of businesses thanking their customers for their patronage the years before.
Many cite as causes: 1. declining sales 2 (due to increasing hardship from inflation on the part of the customers they are holding back 3. decline in cash flow arising from 4. unavailability of credit 5. Vat pwd and sc discount which do not have govt support. #5 contributes to higher prices which lead to No. 1.. 6. Higher borrowing rates due to BSP increase of interest to combat the 7.8% inflation. (Which came first, the inflation or higher interest rate?)
So this all add up to 7.8% inflation rate (latest) the decade or so business closures, and the sad lowest GDP growth of only 2% for the last quarter. What happened to the economic managers, and the PHL leadership?
