Despite resilient remittance flows ensuring dependent households have money to spend amid a prolonged pandemic, economists said COVID-19 containment would play a bigger role in reviving weak consumer spending.
“Strong remittance flows, in the past, helped support solid household consumption spending but the current pandemic has weighed heavily on consumer sentiment. According to the latest BSP (Bangko Sentral ng Pilipinas) consumer confidence survey Report for the fourth quarter of 2020, a proportion of OFW (overseas Filipino workers) households that allotted part of their remittances to purchase of big-ticket items declined. Consistent with the consumer behavior shift that happened b…
Keep on reading: Remittances not enough to revive spending, economists say