Home›Global Markets›Emerging Markets›Philippines urged to target middle class as prices and…

Philippines urged to target middle class as prices and borrowing bite

The Asian Development Bank Institute said the country should bolster middle-class purchasing power, which underpins most household consumption.

Reported · Written up by our desk · Emerging Markets

Households across Southeast Asia are facing rising prices, higher borrowing costs and insecure jobs, and analysts say governments are not doing enough to protect the middle class, which can be overlooked by social protection systems built mainly for poorer households, according to SCMP Economy.

SCMP Economy reports the focus has sharpened in the Philippines, where the Asian Development Bank Institute urged the government in September to provide targeted support for the middle class to protect purchasing power and prevent a drag on economic growth.

The outlet says Bambang Brodjonegoro, ADBI dean and CEO, told local media that officials should concentrate on the middle class because it makes up the bulk of household consumption, adding that attention is needed to increase purchasing power and avoid the middle class shrinking.

More like this

Sources