PH business confidence slips in Q3
MANILA, Philippines - Business confidence in the country fell in the third quarter, according to the Bangko Sentral ng Pilipinas' business expectations survey.
The survey showed overall confidence index was lower at 42.8% in the third quarter, compared to the all-time high of 59.9% in the second quarter survey.
"The lower but positive confidence index indicates that the number of optimists declined but continued to be greater than the number of pessimists during the quarter," the BSP said.
Survey respondents attributed the slightly less buoyant outlook to expectations of lower seasonal demand in the third quarter; stiffer competition, especially from products from China; and peso volatility.
"Uncertainties in the global economy such as the impact of the anticipated exit from quantitative easing in the US also contributed to their lower optimism," the BSP said.
On the other hand, business outlook rose sharply for the fourth quarter, reaching an all-time high of 60%, on expectations of faster economic growth.
Respondents attributed the bullish outlook to more business during Christmas season; more orders and projects; and expansion of businesses.