What role does economic stability play in shaping the purchasing power and habits of Filipinos?
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Economic stability plays a significant role in shaping the purchasing power and habits of Filipinos. The impact of the COVID-19 pandemic has caused a drastic drop in aggregate output, leading to a downturned economy that has affected households in the Philippines . Consumer confidence, which is heavily influenced by economic stability, income levels, purchasing power, and access to financial instruments, plays a crucial role in the fluctuations of the Philippine economy in the short- and long-run . Additionally, monetary policy interventions, such as those implemented by the Bangko Sentral ng Pilipinas (BSP), contribute to stability and resilience in the Filipino context following the pandemic. These interventions aim to preserve price stability, control systemic risk, and foster the growth of financial markets, which are essential for long-term recovery and economic stability . Therefore, economic stability is vital in determining the purchasing power and habits of Filipinos, as it affects consumer confidence and the effectiveness of monetary policy interventions.
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