Filipino consumers’ “revenge spending,” which propelled the Philippine economy to grow faster than widely held expectations in the third quarter and probably all of 2022, is seen losing steam in 2023. | RonWDomingoINQ /PDI
How much longer the spending binge will last is linked to “how much longer will savings support this splurge as Filipinos were likely forced to dip deeper into the cookie jar to augment stretched incomes,” he added.
“We believe that the Philippine economy ‘cashed in its chips early,’ front-loading growth to 2022 with revenge spending powering growth well-past target to 7.8 percent full-year growth,” Mapa said.“Next year however could see households rebuilding savings … as inflation stays above target and the negative fallout from multiyear-high interest rates finally surfaces,” he added.
Mapa said that a reversal of revenge spending, along with reluctance to make a concerted investment push due to elevated borrowing costs, will limit moderate growth to “roughly 5 percent” in 2023.
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