A recent national survey of the Social Weather Stations has revealed that around 48 percent of Filipinos aged 18+ believe that the country’s economy will improve over the next 12 months.
The survey was conducted from December 10 to 14, 2022. It showed that 33 percent of Filipinos said the economy will stay the same, while only 9 percent said it will worsen over the same period.
The December 2022 survey yielded an “excellent” Net Economic Optimism score of +40, which was 1 point below the excellent +41 in October 2022.
The Net Economic Optimism was highest in Metro Manila (+47), followed by Mindanao (+45), Balance Luzon, (+40), and the Visayas (+27).
The Social Weather Stations spokesperson said,
“Net Economic Optimism tends to be higher among those with more years of formal education. It is higher among those who either graduated from college or took post-graduate studies.”
Meanwhile, the same survey found that 49 percent of Filipinos are optimistic that their quality of life will improve in the next 12 months, 37 percent said it will stay the same, 5 percent said it will worsen, and the remaining 8 percent did not give an answer.
The survey also noted that net economic optimism is higher among personal optimists.
Social Weather Stations also revealed that 34 percent of Filipinos said their quality of life was better than 12 months before, 26 percent said it got worse, and 39 percent said it was the same compared to a year ago.
The 4th Quarter 2022 survey used face-to-face interviews with 1,200 adults on a nationwide basis.
It had sampling error margins of plus or minus 2.8% for national percentages and + or – 5.7% each for Balance Luzon, Metro Manila, Visayas, and Mindanao.
Why are Filipinos optimistic about 2023?
Filipinos have strong reasons to be optimistic about the economy in 2023. Many Filipinos have accomplished big socioeconomic gains since the outbreak of the global pandemic, including an increase in purchasing power and a decrease in poverty rates.
In addition, the country’s economic indicators are pointing to positive growth, with increasing investments in infrastructure, substantial foreign direct investments, and a healthy shift toward digital services.
In 2023, Filipinos are expecting to experience greater labor market security, increased wages, better working conditions, and improved access to education and healthcare.
Despite the unique challenges posed by COVID-19 over the past few years, Filipinos remain hopeful for an even brighter future ahead, thanks to policy reforms and measures accelerating economic recovery in 2022.
Source: THX News & The Philippines News Agency.