Christmas seen to still be ‘OK’ this year–Sy
Despite “political noises” that the Philippines is experiencing this year, Christmas for Filipinos will remain “okay,” said billionaire Teresita Sy-Coson, vice chair of the shopping mall and banking giant SM Investments Corp.
“Christmas will still be okay because we’re Filipinos,” Coson told reporters on the sidelines of the Management Association of the Philippines (MAP) general assembly on Monday, where her brother, Hans Sy, was named MAP “Management Person of the Year.”
Among the greatest concerns within business circles this year was the corruption scandal involving flood control projects, which, in the third quarter, dragged down infrastructure spending, leading to an anemic gross domestic product growth.
Household consumption also slowed down to a four-year low of 4.1 percent in the same period, dampening overall spending and economic activity.
Coson, who also chairs BDO Unibank Inc., said that while the Philippines may see some softening in economic indicators, businesses would have to push through.
“There’s always some softening, but we’ll be okay because remember, we’re Filipinos and we always celebrate Christmas,” she said. “After, maybe the people will not buy so much, but kaunti lang.” (There’s always some softening, but we’ll be okay because remember, we’re Filipinos and we always celebrate Christmas. After, maybe the people will not buy so much, but only a bit.)
“We just continue with whatever plans we’re doing. Whatever political noises, we just have to continue,” she added.
Not just corruption
In an earlier statement, the Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, said that apart from corruption, the string of typhoons that hit the country in November could also temper economic growth.
“Recent typhoons including Typhoon Uwan, caused damage in several regions, prompting households and businesses to adjust their spending away from typical holiday purchases,” the PCCI said.
“Combined with current political challenges, constraints in public spending and global economic uncertainties, these factors may slow consumer activity,” it added.
Consumer spending
However, the PCCI expressed optimism that consumer spending would steady and give a year-end boost to the economy, which it hoped would be sustained until next year.
It urged businesses to maximize the holiday surge.
“Despite these challenges, PCCI remains confident that the 2025 Christmas season will provide meaningful uplift to local enterprises, particularly MSMEs (micro, small and medium enterprises), which rely heavily on increasing year-end demand,” the chamber said.
“The organization is hopeful that the Christmas season will not only uplift Filipino communities but also reinforce the momentum needed to usher in a stronger economic performance in the coming year,” it added.
