MANILA, Philippines—A record-high six in 10 Filipino adults are feeling the economic crunch and pessimism is spreading to levels unseen by Social Weather Stations (SWS) pollsters since 1983, a financially turbulent year marred by the assassination of opposition leader Benigno "Ninoy" Aquino.
An SWS survey for the second quarter this year showed 62 percent of respondents saying their quality of life became worse. Only 12 percent said it improved, for a gainers-losers gap of minus 50, the worst since the second quarter of 1983.
The gainers-losers gap hit record levels in the Visayas (minus-61) and Luzon, excluding Metro Manila (minus-45). It was also marked among the poorer socioeconomic classes D (minus-50) and E (minus-53).
SWS conducted the nationwide survey among 1,200 adult Filipinos from June 27 to 30.
Optimism fell by double-digit levels in all regions except Metro Manila compared to the same period in 2007.
Thirty percent of respondents expected their personal quality of life to deteriorate in the next 12 months, while 24 percent were optimistic about it, for a net personal optimism rate of minus-6.
This is over 10 points lower than the previous quarter's rate of plus-6, and 28 points lower than last year's rate of plus-22.
Net personal optimism tumbled in the Visayas (from plus-3 last March to minus-17), Luzon excluding Metro Manila (from plus-14 to plus-1) and Mindanao, (from plus-two to minus-nine).
It stayed at minus-nine in Metro Manila.
Optimism also declined in all socioeconomic classes, with the decrease ranging from eight points among members of the upper class ABC (from plus-22 to plus-14) to 12 points in the lowest class E (from minus-1 to minus-13).
As regards the economy, 52 percent expected it to get worse in the next 12 months and 12 percent expected it to get better, for a net economic optimism rate of minus-39, or 10 points lower than last quarter's rate of minus-29.
Net economic optimism rate fell in all regions, with the decline ranging from five points in the rest of Luzon to 18 points in the Visayas, and among all classes, from eight points among class D respondents to 25 points among those in class ABC.
"It is normal to be more optimistic about one's own quality of life than about the economy as a whole," the SWS said.