Pinoys worried US recession may cut jobs in RP - study

A United States economic recession will bring about a deluge of concerns among Filipinos, foremost of which are job cuts, political instability, inflation, civil conflict, higher interest rates and strikes, the latest study by polling firm Nielsen Company showed.

The latest Consumer Confidence Concerns and Spending Survey of Nielsen Company showed that the Filipinos' top concern with a US economic slowdown is unemployment, with 70 percent of respondents listing this as an answer, political instability (50 percent), inflation (43 percent), civil conflicts and rising interest rates (both 22 percent).

“We have seen so much of them (unemployment, political instability, and civil conflicts and strikes) in the past. They worry people apparently," Benedicto Cid Jr., Nielsen managing director said.

The survey results revealed that the Filipino concerns almost mirrored the regional average in the Asia Pacific.

The poll showed that the Top 5 most worrisome for people living in the Asia Pacific following a possible downturn of the US economy are inflation (56 percent), unemployment (56 percent), political instability (28 percent), rising interest rates (26 percent), and falling property rices (17 percent).

There were about 500 Filipinos included in the online poll, which has a margin of error of about 4 percent. The study was held from October 24, 2007 to November 7, 2007, before the Manila Pen siege on November 29 last year, and the revelations by Engr. Rodolfo Lozada on alleged corruption surrounding the national broadband network contract with ZTE Corp.

The Filipino respondents belonged to upper and middle class and have an age range of 18 and up. The poll sought to measure their expectations for the year 2008 based on their past experiences and their outlook.

The study also showed that the Philippines was one of the biggest gainers in consumer optimism with a score of 108, up by 5 points compared to the 103 score it had in the 1st half of 2007.

Among 48 countries included in the global poll, the Philippines ranked 12th, tying with Ireland.
The Philippines had a score of 65 percent, up 6 percent from the last study.

The main reason for the Filipinos' confidence was the better job prospects that they had in the second half of 2007.

“Filipinos are increasingly optimistic about job prospects. The Philippines has the largest increase in rating job prospects as excellent/good in Asia Pacific," the study added. - Cheryl Arcibal, GMANews.TV

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