THE Philippines is lagging in consumer spending recovery in Asia as weak productivity growth and slowing remittance inflows continue to hold back household consumption.
“Asia’s consumer is showing signs of recovery. But it remains uneven rather than broad-based, with increasing differentiation across the region,” ING Economics regional research head Deepali Bhargava said in a commentary on Tuesday.
She said that Asia’s private consumption was gradually recovering as inflation eases, oil prices decline and household purchasing power improves.