36% of Surveyed Filipinos Struggle With Rising Costs

A recent survey highlights the impact of rising prices on Filipinos, leading to significant adjustments in their financial situations.

According to the survey, 36% of Filipinos struggled to meet monthly expenses.

The survey was conducted online by Synergy Market Research + Strategic Consultancy and YouGov and involved 3,479 adult respondents from the Philippines between March 29 and April 5.

Synergy, a local firm, is the exclusive partner of the respected research organization YouGov in the Philippines.

During the latter part of the first quarter, Filipinos grappled with escalating prices for goods and services.

In March, inflation rose 7.6% compared to the previous year, indicating a slower growth rate than the preceding month but a significant increase from a year ago when it stood at 4%.

The surge in inflation, reaching its highest level in 14 years, can be attributed partially to supply chain bottlenecks, rising fuel expenses, a weakened currency, and the gradual relaxation of mobility restrictions at the end of the previous year.

The easing of restrictions sparked a resurgence in consumer spending, which hadn’t been seen since the pandemic caused a severe economic downturn.

The continuous upward trend in inflation erodes the purchasing power of the public as businesses and companies pass on the burden of increased costs to consumers.

Nevertheless, the survey results indicate a noteworthy shift in public spending habits, showing an improvement compared to the figures from the September 2022 survey that revealed a striking struggle of 52%.

Back then, the economy faced record lows in the value of the peso and surging fuel prices.

Additionally, the survey revealed that seven of ten Filipinos anticipate reducing household expenditures in the coming year if inflation does not improve.

Germaine Reyes, the president and CEO of Synergy, cautioned against potential price hikes for goods and services due to wage increases, despite expectations of declining inflation.

Nonetheless, analysts predict a gradual alleviation of inflation by the end of the year, bringing hope for improved prospects in households.

Experts project that inflation will fall within the 2-4% target set by the Bangko Sentral ng Pilipinas by September or October.

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