A new research from TransUnion found that 93 percent of Filipinos surveyed saw their household income negatively impacted by the COVID-19 pandemic.
About 65 percent of consumers said their household income is being negatively impacted by the pandemic, and a further 28 percent said they had been negatively impacted but not currently. Almost half (49 percent) of the respondents expected their household income to be negatively impacted by the pandemic in the future, the TransUnion study said.
TransUnion initiated the Consumer Pulse study, covering adults in the Philippines and abroad, to better understand the financial impact of COVID-19 on consumers. The initial Philippine survey conducted from March 5 to 22 this year of 865 adults marked the first by TransUnion in the country.
“Whether it’s their financial health, financial wellbeing, or changes in day-to-day living, the lives of millions of people in the Philippines and abroad have changed dramatically because of COVID-19. The Philippines, like many other countries, has had extended periods under lockdown, and we continue to manage the ongoing impact as the number of cases remains high,” said TransUnion Philippines president and chief executive Pia Arellano.
