‘Consumer spending to pick up next year’Scenes in the streets of Marikina City during the rush hour on February 9, 2023. MANILA, Philippines — Consumer spending in the Philippines is expected to pick up further next year on the back of easing inflationary pressures and healthy employment, according to BMI Country Risk & Industry Research. For this year, the research arm of the Fitch Group sees consumer spending growing by 5.5 percent to P12 trillion. “We hold a positive outlook for consumer spending in the Philippines over 2024, as the economic recovery feeds through to strong real consumer spending growth over the year. Our consumer spending outlook will be more positive, relative to 2023, as economic growth persists and consumption level normalizes,” BMI said.

Source: Philippine Star November 07, 2023 07:20 UTC