Most businesses reported strong recovery in 2022 as the so-called consumers’ revenge spending lifted sales. Know more:
Most businesses reported strong recovery in 2022 as the so-called consumers’ revenge spending lifted sales. This phenomenon continued in the first quarter of 2023 and will likely persist if we can keep Covid cases manageable, without resorting to border restrictions again.
Many other industries have benefited from revenge spending. It lifted the income and revenues of restaurants, banks, retailers, property developers, transportation companies, tourism establishments, car dealers, utilities and even government-owned and controlled corporations. Filipinos are also now traveling abroad. VFS Global, an outsourcing and technology services provider for the travel sector, reported that the number of visa applications in the Philippines this year is now close to pre-pandemic levels because of easing health protocols not only in the country but also overseas.
The IT & Business Process Association of the Philippines, a group of BPO companies, anticipates that more than 1 million employees will join the sector in the next five to six years. That will require an entire city of skyscrapers to accommodate. As more cars were on the road, Nlex Corp., which operates the North Luzon Expressway and Subic-Clark-Tarlac Expressway, posted a 35-percent growth in net income in 2022 as revenues rose 29 percent. Higher traffic figures because of revenge travel and toll rate adjustments boosted its bottom line.
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