According to Fitch Solutions Country Risk & Industry Research, Filipinos will likely spend over a third of their household budget on food by 2025. In general, they will be buying more meat and poultry products, while cutting back on rice consumption. Fitch Solutions noted Filipino consumers will be diversifying their diets by adding more meat, vegetables and fruits.
“The average Filipino household will spend 34.5% of the total household budget on food in 2025, increasing by 4.8 percentage points from 29.8% in 2006,” Fitch Solutions said in a note titled “Philippines Dietary Shift Analysis”. Fitch said that, as wages and disposable income rise, the average Filipino household can afford more than just basic food items.
“[…] we note that food spending will grow by an annual average of 8.9% compared to the annual average inflation rate of 3.5% over the same period, indicating real growth in food spending over this period. As a result, there are several instances of shifts in dietary spending stemming from income growth, with consumers spending a lesser proportion of their food spending on staple food items such as rice, instead opting for animal protein,” Fitch Solutions said.