Despite economic challenges, Filipinos remain positive about their financial outlook, with many taking on extra jobs or starting businesses to boost their income, according to a study by marketing and data analytics company Kantar. Conducted from February to April 2024, the survey of 2,000 households revealed that 52% of Filipinos expect their financial situation to remain stable over the next 12 months, while 41% believe it will improve.
The study also found that 70% of respondents manage their needs by seeking additional sources of income, either through side jobs or entrepreneurial ventures. However, this has led to a “hustle culture,” with less time for personal activities.
Laurice Obana, consumer and shopper insight director at Kantar Philippines, noted that the rise of multiple income streams reflects the resilience of Filipinos in extending their resources. Meanwhile, the report highlighted a five percent increase in Fast Moving Consumer Goods (FMCG) purchases, especially beverages and snacks. However, households continue to shop more mindfully, cutting back on unnecessary expenses.
While 19% of households describe themselves as struggling due to job cuts or reduced hours, this is a slight improvement from last year. Eight percent feel comfortable with their current economic situation, showing a positive shift despite ongoing difficulties.
