Malacañang on Friday welcomed a survey by the Mastercard Well-Being Index showing the Philippines is No. 2 in the consumers’ overall well-being among Asia-Pacific countries.
“We welcome the November-December 2016 survey of [the] Mastercard Well-Being Index which showed that the Philippines ranked No. 2 in terms of consumers’ overall well-being among countries in the Asia- Pacific,” said presidential spokesman Ernesto Abella told reporters.
He said the Philippines got an overall score of 73 on the survey that covered the following: Work and Finances, Safety from Threats, Personal and Work Satisfaction and Personal Well-Being.
Abella said the Fitch, a global leader in credit ratings and research, had given an investment grade of “BBB-“ or “good credit quality” on the Philippines’ capacity to pay for its financial commitments due to the constant drive of the Duterte administration to improve the country’s economic growth.
This meant that the Philippines was able to enter a bigger market for debt offerings and international lenders could be confident in offering loans to the Philippines, Abella said.
Fitch also noted the Philippines’ strong economic growth, external creditor position and low debt levels. The Philippines could join the global market without much cost, he said.
Abella also welcomed Moody’s 6.5-percent forecast on the Philippines’ gross domestic product.
“Despite the political noise, the global debt watcher, Moody’s Investors Service, stated that this year’s Philippine gross domestic product is expected to reach 6.5 percent by maintaining domestic demand which includes increasing government expenditures and attracting more foreign direct investments,” Abella said.
Moody’s also reported that the Philippine economy had a very low chance of stagnating, he said.
“Also, today for women for most sectors, indigenous, urban poor, women with disability, women sectoral leaders from 82 provinces and 144 cities and OFW representatives today will be the culminating activity for the President to spend time with ordinary women who have contributed to nation building,” Abella said.
Filipino consumers were among the more resilient and satisfied individuals among emerging markets in the Asia-Pacific region during the last quarter of 2016, according to the latest MasterCard Well-Being Index, with the Philippines placing second.
According to MasterCard’s Well-Being Index, which covered the November to December period, most emerging market economies in the Asia-Pacific region are still positive towards their overall well-being, with a score of 65.5 in an index of 100, in which the Philippines ranked second (73.0 on the index) behind India (75.0) and with Indonesia placing third (71.4).
The index surveyed 9,123 people living in the Asia-Pacific region and asked about their economic, social and financial outlook that covered four components, namely: Work and Finances, Safety from Threats, Personal and Work Satisfaction and Personal Well-Being.
“Findings from this study show that consumers’ outlook on their overall well-being is invariably shaped by the reality of their everyday lives, as well as social, economic and political conditions. In addition, we also see that strong opportunities for growth can imbue optimism and hope for the future as exemplified by Asia’s emerging economies like India, China and Indonesia, where their higher well-being scores correlate with growing GDP (gross domestic product) rates,” Mastercard Asia Pacific Senior Vice-President Georgette Tan was quoted as saying in a statement on Monday.
“Such insights are crucial to Mastercard’s work in the region where we’re committed to driving inclusive growth. It gives us a holistic view that complements economic activity, and provides us with a clearer understanding of the progress to be made,” she added.
