Save money now, ICCC warns
THE Independent Consumer and Competition Commission (ICCC) is urging the public not to do wild shopping and over spend this festive period but save money because the prices of goods and services are increasing.
“We need to keep something for the rainy days ahead because the exchange rate is going down and importers will be relying heavily on the kina to buy more to bring more into the country,” ICCC chief executive officer Paulus Ain said.
“We will see some prices change on the shelves so be mindful of how you spend.”
Ain said with the exchange rate now drawing to AU$0.39 (K1.01) at the moment, the future for PNG would have to be downstream processing and less on imports.
“We are an import reliant economy,” he said.
“Businesses are spending more to bring products into the country, and to put it on the shelves for us and in trying to recover this cost, they are pumping up prices.
“And once they do that, we are complaining that they are trying to rip us off, no they are spending more kina to bring this onto the shelves and we have to dig deeper into our pockets.”
He said ICCC was looking into the exchange rate factors on what was the likely outcome for next year.
“We are factoring the fuel price, exchange rate and build projections,” Ain said.
He said agriculture would always be the sector to turn to.
“All our garden food and sea are freely readily available, why are we always going for processed and import food, then we start complaining to ICCC to control the price,” Ain said.
“If we start controlling the prices, these businesses will suffer in their returns and they will start packing up and leaving the country.”
He said ICCC was calculating the cost and the profits.
“We are in a position where we are making sure that the businesses continue to recover their investments, the consumers are fairly charged. The company’s profit is used to pay the salary, bills, rent, security, tax so eventually the company is left with some margins to keep the business running.”
12 comments
We are a natural resource full county and i support that we should look in to our fish in the seas or rivers and our garden foods we are rich in land we shouldnt be complaining. We have to put our focus right.
This is the result of having a big ego surrounded by small er ones in parliament.
You said it sir. When the prices of goods and services have been increasing every year with the authorities seemingly not concerned or not doing anything to curb the increases how does anyone expect the people to save.? Do something about this and help us, please!
Thank you ICCC for this advise. And, those Politicians who are running from camp to camp. I hope they know what will happening to us, the people. We will suffer big time while they enjoy eating and drinking using those corrupt monies the got. Sorry for us, the people. Our leaders do not have the heart for us so we will continue to suffer.
So what actually causes this downturn in exchange rate?? This issue can be solved right?? Do something about it…In 2018 and early 2019 the exchange rate was around0.4 and was stagnant around .4. But during 2020 it went down to 0.3…There’s a way we can rectify this issue and stop telling us to save up to accept the fact that prices are increasing because of the exchange rate issue. PNG is rich with natural resources please do something
Cut down on the wage/tax na mipla can save up, please!
Day in day out working my ass off just to pay more in tax so that the government will miss use it! KAIKAI KAN NA CUTTIM DOWN TAX!
If goods and services increasing everyday, can the Government of the day increase the low minimum wages for its citizen. we are feeling the heat now.
concern citizen for grass roots.
It is unfair advice to employees who pay a hefty Personal Income Tax.
We are already into paying high costs of goods and services with not much to save for bad weather and next year’s price increase will only put us into hell. The government must now consider reducing taxes and make pay increments to cater for the day to day price hikes.
TWO SOLUTIONS:
1. MASSIVE AWARENESS AND CAMPAIGN FOR THE POPULATION TO GO BACK TO CONSUMPTION OF GARDEN PRODUCE [BAIM KAIKAI BLO MAMA LONG PLES SO MONI SPIN NAMEL LONG YUMI YET]
2. LEVEL THE TAX DISCREPANCIES–PUBLIC/PRIVATE EMPLOYEES PAY HUGE TAXES WHILE MPS PAY LESS THAN 5%..THIS IS UNFAIR AND SO THIS GOVERNMENT MUST INTRODUCE POLICIES RELATIVE TO FAIRNESS…
[WOKMAN-MERI SAVE LUKAUTIM PLANTI OL FAMILI LONG PLES]
VERY GOOD ADVICE ICCC ,PLEASE TAX KILLIM MIPLA OL INOCENT PUBLIC SERVANTS AND OTHER EMPLOYEES FROM THE PRIVATE SECTOR , CAN YOU ADVISE THE GOVERNMENT OF THE DAY REGARDING THIS MATTER AND SERIOUSLY IMPLEMENT OR EFFECT REDUCTION OF INCOME/SALARY OR WAGES TAXES FOR BOTH PUBLIC/ PRIVATE SECTOR EMPLOYEES SO WE CAN HAVE ENOUGH TO TAKE HOME PAY TO MEET OUR FAMILY NEEDS.
WITH THAT GOD BLESS PNG….!
At the helm of existing adversities cluttered by the effect of global pandemic upon our economy, PNG sees fit to shut down mining and other business operations amidst this very critical juncture, thus the shortfall of foreign currencies causing exchange rate to fall.
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