00:00 The number of consumers are cutting down on unnecessary expenses because of soaring prices.
00:05 It's too expensive to buy now. It's not practical anymore.
00:11 Despite people slowing down on spending, the economy still expanded in the third quarter.
00:16 The Philippine Statistics Authority said the Gross Domestic Product or GDP growth expanded to 5.9 percent in July to September.
00:24 The Philippine economy continues to grow despite several major headwinds that we have experienced and continue to experience.
00:34 This makes the Philippines the fastest growing among major emerging economies in the region.
00:40 The growth drivers are wholesale and retail trade and repair of motor vehicles, financial and insurance activities, and construction.
00:47 At the retail level, however, a supermarket group says consumer sentiment seems different from the economic data.
00:54 Definitely not at this point because this is what we call lean months.
01:00 People think it's Christmas already because it's still a Christmas. People don't buy food right now.
01:06 The year-to-date average growth is at 5.5 percent.
01:09 This means the economy needs to expand at least 7.2 percent in October to December to reach the government's full-year target of 6 to 7 percent.
01:19 The National Economic and Development Authority says it expects the coming holiday spending to give that needed boost to reach the full-year growth goal.
01:27 We don't have a budget. The salary is too low. It's too expensive to buy.
01:32 We're still preparing but it's not as good as before.
01:37 I'm working hard. I'm selling so that I can save money and have something to prepare.
01:44 Balisacan points out inflation will be a key factor as well.
01:48 Inflation or the rate of increase in prices of goods and services slowed to 4.9 percent in October from 6.1 percent in September.
01:56 The focus is ensuring that the reduction, that decrease in inflation reported for October 2023 will be sustained in the coming months.
02:15 We have more confidence in that now happening partly because we are off the typhoon season.
02:28 But in case the Philippines falls short of the full-year growth target, Balisacan says 5.8 or 5.7 percent is still okay as most countries grapple with global developments and challenges.
02:40 AC Nichols, CNN Philippines.
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