{"id":18349,"date":"2024-04-18T03:00:47","date_gmt":"2024-04-18T03:00:47","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/slowing-phl-remittances-may-weaken-consumption\/"},"modified":"2024-04-18T03:00:47","modified_gmt":"2024-04-18T03:00:47","slug":"slowing-phl-remittances-may-weaken-consumption","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/slowing-phl-remittances-may-weaken-consumption\/","title":{"rendered":"Slowing PHL remittances may weaken consumption"},"content":{"rendered":"
\n

By Beatriz Marie D. Cruz, <\/b>Reporter<\/i><\/p>\n

PHILIPPINE domestic demand could ease this year as remittance inf<\/span>lows are muted by reduced overseas hiring, Pantheon Macroeconomics said.<\/p>\n

\u201cDomestic demand in the Philippines is continuing to struggle, reflecting in large part the oppressive headwinds facing consumers,\u201d Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco and Senior Asia Economist Moorthy Krshnan said in a report.<\/p>\n

It noted that remittances, which have slowed this year, might fail to boost domestic demand in the coming months.<\/p>\n

\u201cRemittances have saved the day in the past, such as in 2022, when they helped to fuel the post-pandemic release of pent-up demand,\u201d according to the report.<\/p>\n

Filipino consumers, who have been battling rising prices of commodities such as rice, meat and oil, rely heavily on remittances sent home by relatives abroad.<\/p>\n

\u201cWe see no prospect of this savior making a comeback in 2024, if the first two months of the year are anything to go by,\u201d Pantheon said.<\/p>\n

Cash remittances in February rose by 3% to $2.65 billion from a year earlier. It fell by 6.7% month on month.<\/p>\n

\u201cThe year-over-year increase \u2014 in local-currency terms \u2014 would fall back into the red in the middle of this year if this rate of growth persists,\u201d it said.<\/p>\n

Pantheon also noted that overseas placements, which slowed to 28% year on year in January and have dropped since early 2021, could also a<\/span>f<\/span>fect remittance <\/span>f<\/span>lows. <\/span><\/p>\n

Borrowing remains a driver of household spending, as consumer credit remained above average since late 2022, Pantheon said. It jumped to 25.2% in February, as credit card and motor vehicle loans rose by 30.1% and 19.1%, respectively.<\/span><\/p>\n

Pantheon said rampant borrowing is \u201cfundamentally unsustainable and likely to result in a more painful payback for the economy down the line.\u201d A \u201cclimbdown\u201d in consumer credit is likely to take place this year, it added.<\/p>\n

Based on Pantheon\u2019s computations, the share of Philippine households with savings recovered \u201conly modestly\u201d to 31.9% in the f<\/span>irst quarter from 30.1% a quarter earlier.<\/p>\n

\u201cMeanwhile, the proportion of those who could set aside any savings has seen lower lows and lower highs in the past two surveys,\u201d it added.<\/p>\n

Philippine unemployment dropped to a two-month low of 3.5% in February, which is expected to of<\/span>fset still-rampant borrowing and lower remittances. But Pantheon said the downtrend in job openings is a risk.<\/p>\n

Pantheon said Philippine gross domestic product (GDP) growth in the <\/span>f<\/span>irst quarter was likely one of the fastest in the region at 5.8%, behind Taiwan (6.1%) and ahead of Indonesia (5%) and Singapore (2.7%). <\/span><\/p>\n

The Philippines would outpace its peers in the second quarter with 6.2% GDP growth, over Indonesia (4.4%), Taiwan (3.6%) and Singapore (2.6%), it added.<\/p>\n

The Philippine Statistics Authority will release f<\/span>irst-quarter GDP data on May 9.<\/p>\n

In<\/span>f<\/span>lation could quicken to 3.8% in June before cooling to 2.7% in September, but could speed up to 3.1% in December, Pantheon said.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PHILIPPINE domestic demand could ease this year as remittance inflows are muted by reduced overseas hiring, Pantheon Macroeconomics said.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,17422,170,11354,15658,17424,17423],"class_list":["post-18349","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-consumption","tag-may","tag-phl","tag-remittances","tag-slowing","tag-weaken"],"yoast_head":"\nSlowing PHL remittances may weaken consumption - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/slowing-phl-remittances-may-weaken-consumption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slowing PHL remittances may weaken consumption - 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