BANKS and retailers are seen to have outperformed other listed companies in the fourth quarter of 2022 as the economic reopening provided a needed boost to loan demand and consumer spending.
The Bangko Sentral ng Pilipinas raised the benchmark interest rate by 350 basis points to a 14-year high of 5.5% in 2022. The central bank will have its first policy meeting for the year on Thursday. “For the fourth quarter, consumer companies could still have surprises given that the last quarterly gross domestic product report indicated household spending was robust despite inflationary pressures,” said Mr. Limlingan.
“The easing of pandemic-related travel restrictions has also allowed a gradual reopening of domestic and international tourism,” he added. “Overseas worker remittances, which remained resilient, were also an important factor in supporting domestic consumer spending,” he added.
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