Random ramblings from a national democrat.
Without a doubt, increasing wages, lifespan, quality of education and productive industries are the markers of economic growth.
With the recent 7.1% increase in GDP by the Philippines, a recent report by Nielsen appears to support such claim of economic development within the country.
More ‘optimistic’ to consume
According to the Neilsen report, the Philippines placed second in the world in terms of increments in consumer confidence.
But what does this mean? Simple — Filipinos are now more willing/optimistic to spend more money, instead of saving because of an economic crisis.
Sounds like a good thing right?
However, even with the recent GDP increase, a lot of us were asking still — are we really feeling the development in the household level?
Blind-spots in report?
Much more, a closer look at the methodology of the study shows a possible blind-spot to this study — it only took survey respondents with internet connections.
In a September 2012 article in the Philippine Daily Inquirer, the United Nations (UN) agency Broadband Commission for Digital Development reveals that only 3 out of 10 Filipinos have actual internet connections. Due to this, it is very likely that the respondents of the said survey is not representative of the Filipino population at all, but ignored 7 out of 10 of the population.
Unemployment in the Philippines is at its highest in recent years, reaching 7%, more than double the regional average of 3.2%.
“The State of Food Insecurity in the World 2012,” a global assessment of nutrition levels, revealed that a total of 16 million Filipinos were considered undernourished from 2010 to present, all at a time when hunger rates in other southeast Asian nations have dropped.
At present wage boards, the minimum wage for workers in the National Capital Region (NCR) is still pegged at Php 419.00,
If indeed there are more people willing to spend in this economy, it’s because they’re only getting paid at almost subsistence levels. In short, there might not be enough spare money to save after all.