ACCORDING to the Asian Development Bank, the Philippine economy is expected to pick up in 2024. The forecast for the 2024 gross domestic product is maintained at 6.2 percent with household consumption and public spending on infrastructure and social services contributing to the country’s economic expansion.
Additional data from the CPS Q4 study seems to support their forecast. Aligned with saving, Filipinos are looking to cut on forms of non-essential spending such as cars and appliances and even digital services .WITH Filipinos choosing to save more, I see this proactive approach to be an encouraging sign that our countrymen are looking to take better control of their finances. By building up higher savings reserves, people have a better cushion to help absorb rising expenses.
These findings show existing challenges prevent more Filipinos from enjoying the benefits of greater financial inclusion. For institutions within the formal financial sector, here lies an opportunity to help Filipinos build greater financial resilience by educating them on credit and expanding access to the products they need.FINANCIAL resilience is the ability to withstand planned or unplanned life events that significantly impact one’s income or assets.
Source: Financial Digest (financialdigest.net)