In its fourth quarter report, ANZ Research said household consumption accounts for over 70% of gross domestic product (GDP), but “growth in borrowings for asset creation (that is, mortgages) has been relatively muted, underscoring household concerns over income prospects. Philippine GDP grew 5.5% in the second quarter, supported by a rebound in agricultural production and an acceleration in household spending. ANZ Research flagged sluggish retail and auto sales as “frequency indicators” of weaker domestic demand in the region. “As we have stressed in the past, the post-pandemic nature of job creation has been concentrated in low-paying jobs in segments like food and accommodation, which in turn has impacted consumption,” ANZ Research added. Meanwhile, credit card loans rose 29.2% year on year in July from 29.9% in June.