DESPITE elevated inflationary pressures and high levels of debt weighing on consumer spending, a Fitch Group unit said that the outlook remains positive with a projected growth of 6.4 percent for this year.
'We have a positive outlook for consumer spending in the Philippines with an acceleration in real household spending growth,' BMI Country Risk & Industry Research said.The Fitch Group unit expects consumer spending to accelerate to 6.4 percent this year, up from previous projections of 6.3 percent.It, however, warned that spending will continue to be affected by persistent high inflation and by the burden of high debt and associated servicing costs.
0 percent in 2023 to 3.9 percent in 2024.'While the central bank will likely be in a position to cut rates, we expect it to be a follower to the US Fed,' BMI said.'Any delays in rate cuts in the US will directly impact the timing of rate cuts in the Philippines. This has implications on the outlook for peso,' it added.BMI noted that consumers still need to adjust to higher-than-usual inflation in the short term.
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