queen777 1 in 2 Filipinos feel ‘better off’ than before COVID-19

Almost half or 49 percent of Filipinos say they are better off economically than they were before the pandemic, reflecting a positive sentiment that is higher than the global average of 33 percent.

This is one of the findings of the report entitled “Cost of Living Monitor” by market research company Ipsos which covered 32 countries, including the Philippines, to examine how the public feel about their finances and the economy.

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The study involved online interviews of 22,720 respondents, 500 of whom are from the Philippines. Data were collected between Oct. 25 and Nov. 8, 2024.

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Findings show that 17 percent of Filipino respondents said they are “much better off” and 32 percent said they are “a little better off.”

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Also, 25 percent said they were “neither better nor worse off,” 17 percent said they are “a little worse off,” and 7 percent said they are “much worse off.”

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“Thirty-seven percent across 32 countries say they are worse off than before the pandemic, and this figure rises to 43 percent for G7 countries,” a statement from the company said.

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Despite the much better view in the Philippines, 80 percent of Filipino respondents said they expect the inflation rate to rise over the next year.

“Two-thirds (65 percent) think the rate of inflation will increase in their country in the next 12 months. This figure is up seven percentage points since April and this is the highest figure we’ve recorded since November 2022,” the company said, citing the less pessimistic global sentiment.

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Additionally, 52 percent of Philippine respondents said they would prefer taxes to be cut even if it meant less money for public services.

“Across 32 countries people say they prefer tax cuts even if it means less money for public services than spending more and paying greater taxes. However, this masks big differences across countries,” Ipsos said.

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“Türkiye, Romania and the Philippines back tax cuts, while Indonesia and Sweden want better public services,” added the company.

Traders and analysts remain uncertain about how sharply the Fed will lower its benchmark lending rate from the current 23-year high of between 5.25 and 5.50 percent.

Wall Street had a tepid day, with many investors keeping their powder dry until the Fed’s decision and boss Jerome Powell’s post-meeting statement later Wednesday.

The top five perceived cost-of-living drivers for Filipinos are the interest rate in the country (79 percent), businesses making excessive profits (77 percent), the COVID-19 pandemic (74 percent), the state of the global economy (63 percent), and the Russian invasion of Ukraine (69 percent).

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