FILIPINOS are still grappling with inflationary pressures despite government statistics showing inflation easing up, a poll by technology firm InVenture Capital Corp. (DBA “Tala”) revealed.
“As the cost of living continues to rise, it is evident that inflation is placing a heavy burden on Filipinos. Our survey findings highlight that inflation continues to affect Filipinos’ ability to afford basic necessities such as food, rent, and utilities,” Tala Global Customer Experience Operations Senior Director Iona Iñigo-Mayo said.
Tala’s poll revealed that 45 percent of respondents reported experiencing a 10-percent to 20-percent increase in utility costs, while 42 percent having noted a 10-percent hike in utility bills. Overall living expenses went up to 84 percent, with 59 percent citing it as their top financial challenge in the past six months, the poll revealed.
Likewise, unexpected medical costs (44 percent) and seasonal expenditures like education (32 percent) add to their burden. With more than one-third (38 percent) seeing their expenses outpacing their income, Filipinos are forced to make tough choices, according to Tala.
An astounding 89 percent have had to cut back on other expenses just to reach basic necessities, with food and groceries suffering the most (87 percent). To cope up with the situation, 58 percent have taken on an extra work or a part-time job, the poll revealed.
Amid their difficulties, a sense of optimism among 72 percent of the participants as the survey said they feel armed with the tools and resources to manage their finances.