Creative Idea Powerhouse

Master Card recently published a study paper on Asia Consumer Confidence Index. Out of all the major developing and developed countries in Asia, Japan is one of the country that suffer badly from the economy downturn, follow by South Korea. It is understandable that these two countries required more time to recover. However, one of the surprising fact is that Philippines also suffered badly and been the country after Japan, to have negative consumer confidence level among the other countries. Out of the survey conducted, Filipino response on the job employment with 43% response that employment in Philippines is getting worse. Is this the real fact, or the after effect of Typhoon Ondoy causing the people who did the survey feel hopeless and helpless and response with such negative result? As my observation from my stay in Manila during past 3 months, I noticed that the Pinoy spending power is much stronger compare to our Malaysia market. Their earning is 30% lower compare to Malaysiabut their spending power is either equal or even higher then our people working in KLCC area! Average spending per meal in Makati is approximately RM30 per person on average, and the occupation of their restaurant is mostly 80% full!

Is this a signal that Philippines require more time to recover? the people are lossing confident on overall job market? or the pinoy is waiting for the new president in this coming election to make a change to their living standard? Is it a good sign from economic point of view as more opportunities will arise in Philippines in next 3 years? Or otherwise? Worth a moment or two to think about it.