Customers look for cheap clothes at a market in Taytay, Rizal. — PHILIPPINE STAR/ MICHAEL VARCAS
“We think consumption in ASEAN will slow in 2023 but in varying degrees; consumption in the Philippines will likely slow down the most, while Vietnam, Malaysia and Singapore may show some resilience,” HSBC said. Inflation remained elevated in the Philippines, averaging 5.6% in 2022. In January, headline inflation further accelerated to 8.7% from 8.1% in December, in contrast to downward trend in most ASEAN countries.
“The Philippines saw the purchasing power of its wages decline significantly, wherein the rise in the cost of living almost doubled compared to the rise in wages. This deterioration will likely take a toll on consumption in 2023 as households find their way around to make ends meet amid the squeeze in household budgets,” HSBC said.
HSBC expects the BSP to raise rates as high as 250 basis points above pre-pandemic levels, which may hurt borrowing and consumption. Domestic consumption remained strong as the economy reopened. It expanded by 7% in the fourth quarter, slightly slower than 8% in the third quarter and 7.5% a year earlier. For the full year, household consumption rose by 8.3% from a year earlier.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Filipinos see climate change, unemployment, military tensions as top challenges in Southeast Asia — studyBeyond the COVID-19 threat, Filipinos saw climate change, unemployment and economic recession, and increased military tensions as the top three challenges faced by Southeast Asia in 2023, the latest State of Southeast Asia survey found.
Source: CNN Philippines - 🏆 13. / 63 Read more »
Philippines one of most at risk countries to ecological threats - BusinessWorld OnlineThe Philippines scored 5 (out of 5) in the third edition of the Ecological Threat Report (ETR) by the Institute of Economics and Peace. This meant that the country is at “extremely high” risk of natural disasters, food and water insecurity, and rapid population growth.
Source: bworldph - 🏆 9. / 68 Read more »
Michelle Dee submits application for Miss Universe Philippines anewMichelle Dee submits application for Miss Universe Philippines anew DeePaTapos
Source: gmanews - 🏆 11. / 68 Read more »
In the Philippines, animal lovers book Valentine’s dates with shelter dogsMANILA — Philippine government worker Mary Grace Burgos, 24, had several cute dates lined up for on Valentine&039;s Day with one thing in common: they were all dogs up for adoption. Burgos
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Onions put Philippines in a stew over food price inflation - BusinessWorld OnlineMANILA – Putting quality over profit during inflationary times, Manila restaurant manager Ely Cundangan has refused to mess with her signature beef marrow stew – the same amount of onions must go in the pot no matter what. “Our ingredients have become so expensive that we are almost earning nothing. But we can’t change the […]
Source: bworldph - 🏆 9. / 68 Read more »
Philippines still not free of H5N1 bird flu - BusinessWorld OnlineTHE Bureau of Animal Industry (BAI) said the Philippines is still subject to outbreaks of type H5N1 avian influenza, first detected in February 2022. The BAI said it has detected six cases overall since the first outbreak. The cases were reported in Candaba and Masantol, Pampanga; Sta. Maria, Bulacan; the Cagayan Valley; Sultan Kudarat, and […]
Source: bworldph - 🏆 9. / 68 Read more »