Overseas news
US retail sales went up by just 0.2% in February, as consumers continue to hold back on discretionary spending. Uncertainty brought by tariffs and federal government layoffs likely affected spending activity.
The slight increase follows January’s revised data, which showed a 1.2% decline and marked the steepest drop since November 2022.
Meanwhile, US stocks closed higher for a 2nd consecutive session on Monday. This happened as investors sought bargains and assessed the latest economic data to gauge the impact of the Trump administration’s current policies.
“Bargain-hunting” for stocks typically happens after sell-offs. Some investors see low prices as an opportunity to buy certain stocks for less than they’re believed to be worth.
In China, retail sales grew by 4% in the January-February period, indicating higher domestic consumption despite the rise in joblessness and a slowdown in factory output.
Local developments
Remittances made by overseas Filipino workers (OFWs) through banks rose by 2.9% to reach $2.92 billion in January. In the same month last year, $2.84 billion was sent.
However, remittances fell by 13.7% month-on-month. Money sent home by OFWs provide a crucial financial flow to the Philippines as it helps increase the amount that is spent and saved locally.
Meanwhile, the volume of goods traded domestically declined 25.9% year-on-year to 6.23 million tons in Q4 2024. This is equivalent to P246.22 billion in value, dropping from P326.56 billion in the same period of 2024.
The data comes from the Philippine Statistics Authority (PSA)’s Commodity Flow in the Philippines report. It tracks the movement of commodities within the country by mode of transport.
The latest figures may hint at subdued consumer demand and reflect the challenges affecting local supply chains.
Today’s news shows no signs of big changes happening immediately. Maintaining a steady strategy may be a good idea for now.
