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Article: FILIPINO CONSUMER SPENDING FORECAST TO BE RESILIENT IN 2009.
- Article from:
- AsiaPulse News
- Article date:
- May 15, 2009
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MANILA, May 15 Asia Pulse - Despite the global financial crisis, Filipino consumer spending is likely to be resilient this year, driven by growth in overseas Filipino workers remittances and low inflation rate, an official of the National Economic and Development Authority (NEDA) said.
"Subsiding inflation augurs well for consumer spending in the second quarter to fourth quarter (of the year)," Dennis M. Arroyo, director of NEDA's national planning and policy staff told reporters.
The National Statistics Office earlier reported that consumer prices in April slowed down to 4.8 per cent from 8.3 per cent in the same period last year.
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