Strategies to survive amid soaring prices of goods | New Day - video Dailymotion

CNN Philippines

What could be the best defense of businesses and consumers amid soaring commodity prices?  A financial expert gives tips on keeping a budget and taking out a loan in this report from Xianne Arcangel.   Visit our website for more #NewsYouCanTrust: https://www.cnnphilippines.com/  Follow our social media pages:  • Facebook: https://www.facebook.com/CNNPhilippines • Instagram: https://www.instagram.com/cnnphilippines/ • Twitter: https://twitter.com/cnnphilippines

Transcript

00:00 Lani Bercero has raised the prices of food at her eatery as the cost of vegetables and meat increase.

00:05 The serving of rice has also been reduced.

00:08 Some people complain but we explain to them.

00:12 Because they know that the prices are increasing.

00:17 The management of this coffee shop also plans to increase prices of drinks soon.

00:22 Their expenses grew on the back of high power and fuel costs.

00:26 Maybe just a minimum of 5 pesos so that customers won't have a hard time.

00:32 Financial planner Christopher Cervantes says incremental price increases are preferred

00:36 over one-time take-time hikes and the reason for the hike should be known to the customer.

00:41 His other tips to business owners, diversify the supply chain,

00:45 use digital marketing to promote the business,

00:48 invest in employee well-being and create contingency measures.

00:52 Having a well-thought-out plan can help you respond effectively to changing market conditions.

00:58 Consumers are also finding new ways to stretch their budget.

01:01 We need to budget so everything should be on the list.

01:06 We cook instead of eating outside.

01:08 Cervantes says individuals must prioritize needs over wants for spending,

01:13 get a sideline or start a small business for additional income,

01:16 and have an emergency fund equivalent to six or more months of expenses.

01:21 If you don't have a side for emergencies,

01:24 believe me, you'll have to bear the hardships of inflation.

01:27 Cervantes says people should think twice about taking out loans,

01:31 particularly through lending apps promising easy cash.

01:34 Refrain from getting a loan to repay an existing debt since payments could pile up.

01:39 This is the best time for you to save.

01:41 If you don't need it, don't take it unless you use that loan to create more income.

01:48 With better financial planning, people and businesses could survive and thrive in these challenging times.

01:55 See you in Arkang Hill, CNN Philippines.

Strategies to survive amid soaring prices of goods | New Day

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