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GDP Preview: Domestic headwinds prove challenging
The Philippines’ third-quarter GDP is expected to show some resilience despite global struggles
By Maria Kaila Balite, Marian Monette Florendo, Yoshitaka Hirakawa, and Joaquim Pantanosas
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Slower growth in government spending and private investment is seen restricting GDP growth.
Households to hold momentum
According to the latest Consumer Expectations Survey (CES) conducted by the Bangko Sentral ng Pilipinas (BSP) in early July, consumer expectations in the 3rd quarter were less pessimistic compared to the preceding quarter and compared to the same period last year.
The improved outlook reflects the lagged impact of the BSP’s monetary easing, with lower interest rates providing room for consumers to spend more.
However, consumers remain tied up with debt, with outstanding personal loans still increasing by more than 20% year-on-year. This, along with elevated prices despite easing inflation, could limit the average consumer’s capacity for discretionary spending.
Given this,
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