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Sales volumes in the Philippines are plateauing below the pre-pandemic level, disconcertingly.
The Covid-era scarring in households was severe; people were borrowing more just for daily goods.
Remittances are perking up, especially in peso terms, but this cash is being used less for spending.
credit, gdp growth, government, labour, labour force, labour market, loans, q2, sales data, savings, unemployment, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence