Despite a slight increase in consumer confidence, Filipinos remain concerned about rising inflation and dwindling savings.
Though there is some improvement, Filipinos remain generally pessimistic about their finances as their savings dwindle. Inflation remains their top concern. MANILA, Philippines – Filipino households are stepping into the holiday season with less doom and gloom about their finances, though optimism still feels like a distant dream. The Bangko Sentral ng Pilipinas (BSP) reports that the consumer confidence index (CI) for Q4 2024 improved to -11.1%, up from -15.6% in the previous quarter.
It’s still negative — meaning there are more pessimistic consumers than optimistic ones — but the gap is narrowing. To put this in perspective, the CI hit a historic low of -54.5% in Q3 2020 during the height of the pandemic and has been climbing since. However, it has yet to recover to the pre-pandemic levels of late 2019 and early 2020, when optimism was the norm. This “less negative” sentiment stems from expectations of higher incomes, more job opportunities, and additional sources of income according to the BSP’s survey. TransUnion’s latest Consumer Pulse Study echoes this, with 44% of Filipinos reporting income gains and another 40% saying their income has held steady. Inflation continues to loom large. BSP data show consumers expect inflation to hover around 6.2% over the next 12 months — well above the government’s 2% to 4% target. Households are particularly concerned about rising food prices, utility bills, and limited supplies of goods. TransUnion’s study also points to similar concerns, with 80% of Filipinos listing inflation as their top concern for the months ahead, followed by job security and rising interest rates. Filipinos have also been saving less. According to the BSP, only 25.6% of households reported having savings in Q4 2024, down from 29% in the previous quarter — the lowest level in over three year
CONSUMER CONFIDENCE INFLATION SAVINGS PHILIPPINES ECONOMY
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