More Philippine households saving, not spending: UK-based think tank

MANILA (Philippine Daily Inquirer/Asia News Network): The harder times wrought by the prolonged Covid-19 pandemic have forced more households — including those receiving cash remittances from overseas Filipino workers (OFWs) — to save instead of splurge, resulting in slower economic recovery due to weak domestic consumption, UK-based think tank Pantheon Macroeconomics said.

In a report on Monday (Sept 20), Pantheon Macroeconomics senior Asia economist Miguel Chanco noted that remittance inflows beat expectations in July as these grew 2.5 per cent to a seven-month high of US$2.85 billion, defying most economists’ expectations of a year-on-year decline.