eseoulpost
BusinessPhilippines
PHL unemployment decline, hefty remittances buoy consumer spending
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.08.06  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

MANILA -- The declining number of unemployed as well as a hefty inflow of foreign remittances are seen to support local consumer spending in 2018 until 2019, a Fitch Group unit reported Friday.

Fitch Solutions’ industry trend analysis on consumer and retail noted that spending of Filipino consumers between 2018 and 2019 remains optimistic despite rising inflation due to higher excise taxes, increasing global oil prices, sustained high credit growth.

“Our favorable outlook for the Philippine consumer is further underpinned by an improving labor market,” Fitch Solutions said.

Data from the Philippine Statistics Authority showed the country's unemployment rate declined to 5.5 percent in June 2018 from a high of 6.6 percent posted in March 2017.

Fitch Solutions mentioned that wage growth will also back consumer spending in the domestic market as the Department of Labor and Employment is set to announce minimum wage hikes in several more regions.

But the think tank said best consumer prospects will remain concentrated in urban retail areas such as Manila, Quezon City, and Davao.

Moreover, the strong remittances from overseas Filipinos will continue to support consumers' purchasing power in 2018 and 2019.

Fitch Solutions has seen the strengthening of United States dollar against Philippine peso to back remittances inflows and spending.

“With over 2.5 million Filipinos living and working in the US, Philippine households will continue to receive a large share of remittances in US dollar and therefore depend on the strength of the US dollar,” Fitch Solutions said.

“Philippine households receiving remittances denominated in US dollar will see purchasing power rise with the US dollar appreciating against Philippine peso, buoying essential spending categories such as food and clothing,” it added.

But it also noted that inflationary pressures will remain a risk to consumer spending.

But even with a pickup in inflation, Fitch Solutions said consumer confidence in the Philippines remains high.

Its MasterCard Consumer Confidence survey in December 2017 showed that consumer confidence in the Philippines stood at 94.5, higher than the 91.6 index in December 2016.

Filipino consumers’ confidence is also one of the strongest in Asia, scoring higher than China’s 92.2, Cambodia’s 92.2, and Myanmar’s 91.7.

“The consumer outlook for the Philippines remains bright on the back of a strong economic growth trajectory, high levels of remittance inflows and falling unemployment,” Fitch Solutions stressed.

“Nonetheless, the Philippines remains one of the strongest consumer growth markets in Asia and this continues to present significant opportunities for consumer-facing companies,” it noted. (PNA)

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
In U.S. visit, Taiwan's Tsai quotes Reagan's remarks on freedom
2
National Media Council, SONY organise photography workshop
3
African Leaders Hold Summit for a Conflict-free Africa
4
African Gov’t, Civil Society Resolve All-out Cooperation and Participation for a Peaceful Africa
5
Dubai Cares launches gender equality programme in Central America
6
Dubai Cares launches gender equality programme in Central America
7
UAE-funded fishing boats' berth in Khokha, Hodeidah, back to business
8
ICCA Congress 2018 to support Dubai eyesight charity
9
Dubai Tourism participates in environmental campaign
10
Silver lining for PH economy seen amid Q2 slowdown
Photo News Green Biz
Etihad ESCO plans to reduce more than one million tonnes of carbon dioxide by 2030
Etihad ESCO plans to reduce more t...
min
Sharjah Municipality, MOCCAE discuss cooperation to protect environment
Sharjah Municipality, MOCCAE discu...
min
Earth Hour 2018: Lights out across UAE as Earth Hour is marked
Earth Hour 2018: Lights out across...
min
Suqia plays key role in enhancing UAE's global efforts to address water challenges
Suqia plays key role in enhancing ...
min
UAE Innovation Month: Innovative Initiatives by Sharjah Development Forum to Serve UAE’s Technical Sector
UAE Innovation Month: Innovative I...
min
Photo News Sports
S. Korean golfer Kim Sei-young sets LPGA scoring records to win Thornberry Creek Classic
S. Korean golfer Kim Sei-young set...
min
Italy to host 25th UAE President’s Cup World Series for Purebred Arabian Horses
Italy to host 25th UAE President’s...
min
(World Cup) S. Korean World Cup team returns to warm welcome after shock win vs. Germany
(World Cup) S. Korean World Cup te...
min
(World Cup) S. Korea stun Germany on way out of World Cup
(World Cup) S. Korea stun Germany ...
min
(World Cup) S. Korean president to attend match vs. Mexico, meet nat'l players
(World Cup) S. Korean president to...
min
Al Majaz Amphitheatre to Host Special Tent for Media and Public to Enjoy Football World Cup
Al Majaz Amphitheatre to Host Spec...
min
S. Korea crack top 60 in latest FIFA rankings ahead of World Cup
S. Korea crack top 60 in latest FI...
min
(World Cup) S. Korea release squad numbers for Russia 2018
(World Cup) S. Korea release squad...
min
Photo News World
S. Korean golfer Kim Sei-young sets LPGA scoring records to win Thornberry Creek Classic
S. Korean golfer Kim Sei-young set...
min
Italy to host 25th UAE President’s Cup World Series for Purebred Arabian Horses
Italy to host 25th UAE President’s...
min
(World Cup) S. Korean World Cup team returns to warm welcome after shock win vs. Germany
(World Cup) S. Korean World Cup te...
min
(World Cup) S. Korea stun Germany on way out of World Cup
(World Cup) S. Korea stun Germany ...
min
(World Cup) S. Korean president to attend match vs. Mexico, meet nat'l players
(World Cup) S. Korean president to...
min
Al Majaz Amphitheatre to Host Special Tent for Media and Public to Enjoy Football World Cup
Al Majaz Amphitheatre to Host Spec...
min
S. Korea crack top 60 in latest FIFA rankings ahead of World Cup
S. Korea crack top 60 in latest FI...
min
(World Cup) S. Korea release squad numbers for Russia 2018
(World Cup) S. Korea release squad...
min
Photo News Opinion
Koreas to have more consultations to determine date for Sept. summit: official
Koreas to have more consultations ...
min
Gov't bans operation of uninspected BMW vehicles
Gov't bans operation of uninspecte...
min
Moon-Kim summit logistics likely to be decided on at high-level talks Monday
Moon-Kim summit logistics likely t...
min
OECD warns S. Korea is facing some stiff challenges
OECD warns S. Korea is facing some...
min
N. Korean coal, pig iron illegally shipped to S. Korea: customs office
N. Korean coal, pig iron illegally...
min
Koreas to hold high-level talks next week to discuss holding summit
Koreas to hold high-level talks ne...
min
Samsung aims to overcome biz hurdles through 180 tln won investment
Samsung aims to overcome biz hurdl...
min
N. Korea repatriates S. Korean citizen: ministry
N. Korea repatriates S. Korean cit...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com