Perceived Effects of COVID-19 Crisis on Budget Consumption of Filipino Families

Abstract

This study was conducted to determine the effects of the COVID19 crisis on the Budget Consumption of Filipino Families during the Enhanced Community Quarantine in some regions of Luzon, the Philippines, using the descriptive-inferential research methods. 237 Filipino families were the respondents of this study. It determined the families' profile, daily spending, and its test of significant difference before and during the Luzon-Wide Enhanced Community lockdown; the perceived effects of COVID19 Crisis on Budget Consumption; and its test of significant difference. It was revealed that: majority came from Region 5, from a family with 1 or more family members are government employee, student, with only one family member is working with irregular source of income, with an average combined monthly income of less than P10,000, and living together with 4-6 persons at home; the average daily consumption of the respondents before and during COVID19 crisis was within P100.00-P500.00; there was a highly significant difference in the daily spending of Families before and during Luzon-Wide Enhanced Community lockdown; they Moderately Agree that  Food consumption expenses; quantity of consumption of goods; income supplements were affected; and realized the importance of savings; they Agree that the COVID19 crisis changed their budget consumption preferences;  and Fairly Agree that they incurred loans and borrowings due to the Luzon-Wide Enhanced Community lockdown; there were significant difference on the Perceived Effects of COVID19 Crisis on Budget Consumption of Filipino Families among the regions, source of income and average combined monthly income of the family.