A 2024 survey by international research firm Ipsos revealed that 77% of Filipinos see businesses making large profits as a major factor driving up the cost of living.
The global study, conducted in November 2024 across 32 countries, found that despite inflation slowing in some regions, prices continue to climb. Other key factors cited by Filipinos contributing to rising costs include interest rates (79%), the state of the global economy (73%), and national government policies (68%).
The survey also found that 80% of Filipinos expect inflation to persist, while only 10% believe their standard of living will improve. When asked when they expect living costs to return to normal, 28% believe it may never happen, while 30% think it could stabilize by 2026.
Despite concerns about the economy, most Filipinos still consider their personal financial situation manageable. Only 9% describe themselves as living comfortably, while 37% say they are doing alright. Meanwhile, 26% are just getting by, 20% find it difficult to make ends meet, and 9% struggle significantly.
The survey, conducted from October 25 to November 8, 2024, included responses from 22,720 individuals aged 18 and above.
