Consumer Pulse Q1 2022

Economy performed better than expected 

The Philippines economy is better than expected; reports in late Jan. showed its gross domestic product grew 7.7%¹ year-over-year in Q4 2021. With COVID-19 cases down², the government reopened its borders to international travelers on Feb. 10³ and expects this will further support the recovery and growth of the Philippine economy.

Household income is expected to improve

Potentially due to the reopening of borders and economic improvements, significantly more consumers (69 percentage points) expected their household income to increase in the next 12 months than decrease. Respondents planned to increase spending in some areas, which should further drive economic recovery.

Credit health monitoring and alternative data 

Credit is an important way to empower consumers to achieve financial goals. While consumers welcome the use of alternative data to help lenders make loan decisions, they’re also cautious about sharing personal information due to concerns regarding privacy and identity theft.

¹  https://www.reuters.com/markets/currencies/philippine-gdp-grows-77-yy-q4-beats-forecast-2022-01-27/

² https://www.gmanetwork.com/news/topstories/nation/822687/philippines-posts-another-record-low-of-new-covid-19-cases-at-1-019/story/

³ https://www.ttrweekly.com/site/2022/02/philippines-optimistic-on-inbound-arrivals/