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Vendors attended to their customers buying various food items from their stalls inside the Commonwealth Market in Quezon City on November 22, 2024.
STAR / Miguel De Guzman
MANILA, Philippines — Businesses making large profit margins are among the key drivers of rising living costs, according to 77% of Filipinos in a 2024 survey by international research firm Ipsos.
The survey, conducted in November 2024 across 32 countries, found that while inflation is starting to decline in several areas, prices continue to rise. It also explored respondents' views on disposable income and attitudes toward taxes.
The study asked respondents about the following factors contributing to the rise of prices of goods:
- State of the global economy: 73%
- National government policies: 68%
- Interest rate levels: 79%
- Businesses making excessive profits: 77%
- Russian invasion of Ukraine: 69%
- Immigration into the country: 59%
- Workers demanding pay increases: 64%
The survey also revealed that 80% of Filipinos believe inflation will continue to rise, while only 10% think their standard of living will improve.
When asked about expectations for living costs returning to normal, only 6% believe costs have already normalized, while 7% think it could happen within the next three months. Around 5% expect normalization within six months, 26% foresee improvement within 2025, 30% believe inflation could subside by 2026, and 28% think it will never abate.
Ipsos noted that the average Filipino perceives the economy as struggling but still considers their own financial situation manageable.
Regarding their current financial status, only 9% say they are living comfortably, while 37% feel they are doing alright. Around 26% are just getting by, 20% find living difficult, and 9% find it very difficult.
Pandemic. Filipinos were also asked about how the pandemic affected their financial situation. Around 17% think they are much better off, 32% say they are a little better off, 25% feel neither better nor worse, 17% feel a little worse off, and 7% believe they are much worse off.
Methodology. The Ipsos survey was conducted across 32 countries, with approximately 22,720 respondents interviewed between October 25 and November 8, 2024.
Participants were aged 18 and above and were interviewed by researchers.
