FILIPINOS are now more confident about job security and making major purchases, according to the latest survey data released by global analytics firm Ipsos.
And, they are considered among the most optimistic in Southeast Asia in terms of seeing an improvement in their finances in the next six months.
However, Ipsos Philippine Country Manager Vicky Abad told the BusinessMirror, this may change given the uncertainty brought about by the Delta variant. This could also affect the country’s efforts to “return to normalcy.”
“To be honest, this new Delta variant scare is likely going to bring a new wave of uncertainty—especially at the current roll-out rate of vaccinations,” Abad told this newspaper in an e-mail on Thursday.
“Already our SEA counterparts have experienced case surges in the last two weeks and we are currently under a new phase of community quarantines so really can’t say at this point,” she added.
Nonetheless, based on the data, Abad said Filipinos’ optimism will not wane based on the level of optimism recorded after the Covid-19 case surges post-Holy Week.
Based on Ipsos data, around 23 percent of the survey respondents were “more or less comfortable” in their jobs in June 2021 compared to the 13 percent recorded in February 2021.
In terms of making major purchases such as a house or a car, 12 percent of Filipinos were “more or less comfortable” to make these purchases in June 2021.
This is slightly higher than the 10 percent recorded in February 2021 or the 7 percent registered in September 2020.
“What I know for sure is that as soon as we are able, Filipinos are now more optimistic about their future—even with the case surges that we experienced just after Holy Week [pre-Delta],” Abad said.
“This tells me that it is the sense of uncertainty that will be most against our return to normalcy with precautions,” she added.
Bullish on finances
Further, Ipsos data showed the Philippines is the most optimistic in the region when it comes to seeing their finances improve in the next six months.
Data also showed 79 percent of Filipino respondents felt their current personal financial situation is good or fair. This is above the 76 percent average recorded in the region but still lower than the 83 percent recorded in Singapore.
The data showed that 51 percent of Filipino respondents believe there was an improvement in the country’s economic conditions in June 2021 compared to 26 percent in February 2021.
“I think it’s the positive outlook of the Filipinos that’s actually gonna help. There’s a lot of eagerness to go back to normal, eagerness to spend, be with family, go back to your malls, that’s actually gonna be the catalyst for more consumer spending in the next couple of weeks and months,” Abad said in the briefing on Thursday.
“We just have to be mindful though that we might actually be at the forefront of another surge because while we lagged behind the other markets in Southeast Asia on the impact of delta, it’s seemingly upon us,” she added.
Prioritize health
Moving forward, Filipinos along with other Southeast Asian citizens expect their governments to prioritize health by keeping everyone safe from Covid-19 infections; control the prices of goods and services or inflation; and provide cash assistance to households.
In terms of business or private sector priorities, Filipinos and other Southeast Asian respondents believe they should also prioritize efforts to keep everyone safe from Covid-19; paying the wages and salaries of their employees; and controlling the prices of goods and services.
The latest findings from the Ipsos 4th wave of the study conducted in June 2021 was based on the responses of 3,000 adults in Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam.
In the Philippines, there were 500 respondents nationwide. The survey was conducted using their internal online panel.