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Economic uncertainty amid COVID-19 still weighing on household spending — report

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'For the Philippines, the proportion of households with savings has dropped remarkably,' says ANZ Research in its latest report looking into the country's household demand, along with Indonesia's and Thailand's amid the COVID-19 crisis.

The uncertainty of when economies will fully reopen in countries such as the Philippines has affected demand among households, according to a think tank.

"We now risk a durable suppression in household demand in Indonesia, the Philippines and Thailand. The scope and scale of pent-up demand waiting to be unleashed upon reopening could disappoint," ANZ Research said. "The Philippines stands out with more than a quarter of its labour force un/underemployed for six straight quarters," the report read. The country's joblessness and underemployment figures have risen amid the pandemic as workers deal with firm closures, limited hours, and dampened consumer behavior.

 

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