Because of the vibrant business process outsourcing (BPO) sector and remittances from Filipinos working abroad, Cebu will be able to cushion itself from the impact of rising inflation and the weakening peso, according to Mandaue Chamber of Commerce and Industry (MCCI). MCCI President Stanley Go has urged businesses, however, to implement measures to further protect themselves from the effects of inflation – such as the increase in cost of raw materials – by striving for greater productivity improvement through employee training and technology. MCCI Vice President for External Affairs Steven Yu also noted that the depreciation of the peso against the US dollar has already dented the country’s growth momentum because it has led to an increase in interest rates. Still, growth in BPO sector income, remittances, coupled with construction and tourism receipts, will compensate for the negative impact of rate hikes.
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