Most Filipinos are optimistic about securing higher salaries this year despite half of the population believing that the country will enter into a recession in 2023, reflecting mixed sentiments in a culture known for being happy despite hard times.
According to a fourth quarter consumer pulse study conducted by global information and insights company TransUnion, 80 percent of the 1,005 adults surveyed from Nov. 3 to 15 said they expected their household income to increase in the next 12 months.
In contrast, 17 percent said they expect it to remain the same, while the remaining 3 percent see it declining further this year.
Despite this optimism, 42 percent of Filipinos expect the country to enter a recession in 2023.
Eighty-two percent also said they were highly concerned about the inflation rate in the Philippines.
The study further noted that 72 percent plan to reduce spending while 69 percent are looking to save up for challenges during the year.
“Consumers’ mixed sentiments reflect the complex dynamics facing the Philippines along with many other nations, as the world continues to recover from more than two years of disruptions,” TransUnion Philippines chief operating officer Amrita Mitra said, offering an explanation to the seeming disconnect.
“Filipinos are, on one hand, bullish on their household income on the back of strong growth momentum and a growing job market in the past year. On the other hand, there are also high inflation and rising interest rates seen both domestically and worldwide that will continue to weigh on the national economic outlook and consumer spending,” the TransUnion executive explained.