This post has seen at Soc Media a gallery of pictures saying good byes to their customers as they are closing down: resto, coffee shops, meat shops garment store and the like. A never ending parade of buienss closures. Now many are not so sure of what happens next.
The barber where this post went to for hair cut says business has been bad - people scrimping on their haircut. Visa has been complaining of decline in CC purchases from the Philippines.
What could be behind this? Lack of available credit and working capital for MSMEs. The scarcity has placed interest rate for MSME at 3-4% per month. (Thats 36 to 48 % pa) The BSP increase in rate has something to do with this (to combat inflation).
The govt focuses too on ayudas on flood control, on persecution of top officials enemy... Tsk tsk not the exchange rate and which happens despite a think tank and sky high salaries...
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