While businesses were less optimistic consumer confidence improved in the second quarter of the year.
This is according to results of the Business Expectations Survey (BES) and Consumer Expectation Survey (CES) of the Bangko Sentral ng Pilipinas (BSP).
The overall confidence index of businesses in April to June plummeted to 1.4 percent from 17.4 percent in January to March, Senior director of the BSP Department of Economic Statistics, Redentor Paolo Alegre Jr., said.
“If we compare the Philippine sentiment with other countries, we are similar to businesses in the United States, Bulgaria, Chile, and China. Their businesses there were less optimistic,” Alegre said.
Business sentiment fell in the second quarter of the year due to the upsurge in coronavirus disease 2019 (Covid-19) infections, reimposition of stricter community quarantine in the National Capital Region (NCR) Plus (Metro Manila, Bulacan, Cavite, Laguna, and Rizal), and elevated inflation due to supply constraints, he added.