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Filipinos consumers remain upbeat despite the global
financial crisis, even as the more affluent worry about a global
recession, a survey revealed Thursday.
The Philippines was one of only
seven out of 51 that did not experience a drop in consumer
confidence this year, according the online survey conducted by
research group Nielsen Co. from September 22 to October 6 in 52
countries with 26,202 respondents.
“Filipinos’ spare cash [is]
increasingly going into vacations, new clothes, paying off debts,
home improvements [and] retirement,” it said.
Nielsen Philippines Managing
Director Benedicto Cid said the poll that included 500 respondents
in the Philippines found the country scored 102 on the Nielsen
consumer confidence index, which saw a flat three-point increase on
the previous survey in the first half of the year.
The global average is 84, and
South Korea had the lowest rating with 36.
Filipinos also showed more
optimism than most Asia-Pacific countries about job prospects,
personal finances and spending, the survey revealed.
“There’s a bit of optimism
among affluent Filipino consumers as the prices of food and fuel are
going down,” Cid said.
The survey also revealed that 67
percent of Filipinos believe the country is in recession. And 17
percent of the respondents said they think that the country would be
out of economic recession in the next 12 months.
Some 43 percent of the
respondents said the country would not weather the recession.
Cid said this may reflect the
experience of families that are not receiving remittances and may
also be a sign of concern over news of economic developments abroad.
“People see a lot of signs of
economic distress. They worry about that. For them, a recession
means bad economic news but personally, they are not feeling it
yet,” he said.
“Technically, we are not in a
recession, but what they [respondents] see is the higher inflation
and economic slowdown,” Cid said, adding that if the global
recession persists, the Philippine economy would be negatively
affected.
Good feeling
The Nielsen executive said
Filipino consumers have yet to feel the impact of the global
financial crisis. “People feel good about spending money.”
Cid credited the confidence on
the increased remittances of the eight million Filipinos working
overseas, saying this cushioned the country from the effects of the
financial crisis.
He said each Filipino working
overseas likely supports a family of four, benefiting the entire
country as a whole. The recent strength of the US dollar has also
encouraged these Filipinos to send more money home.
“People who make money from
remittances are the ones keeping the economy afloat,” he said.
The fall in fuel and rice prices
had also boosted local optimism, he added.
Survey details
The survey said 36 percent of the
Filipino respondents are optimistic on consumer spending, ranking
fourth in Asia Pacific.
Cid said the country ranks sixth
among Asia Pacific countries in terms of the consumer’s tendency
to save spare cash.
In terms of major concerns,
Filipinos are mostly worried about job security, with 16 percent
saying so. This was followed by political stability, with 3 percent
expressing anxiety over the matter and 6 percent of the respondents
are concerned about health.
The same survey also revealed
that India got the highest consumer confidence score of 114;
Indonesia, 110; Australia, 104; New Zealand, 98; and Vietnam, 97.
--AFP And Darwin G. Amojelar
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