Businesses, consumers turn more optimistic for Q4

MANILA, Philippines — Filipino consumers and business turned more optimistic for the fourth quarter, according to the results of the latest surveys conducted by the Bangko Sentral ng Pilipinas (BSP).

Redentor Paolo Alegre Jr., senior director of the BSP’s Department of Economic Statistics, said in an online press briefing that the overall consumer confidence index for the fourth quarter increased to 7.8 percent from the previous quarter’s 4.6 percent.

Based on the 2023 third quarter Consumer Expectations Survey (CES), Alegre said the respondents attributed their increased optimism for the October to December period to expectations of more available jobs, additional sources of income, higher income, increase in salary and stable prices of goods.

Alegre said consumer sentiment on economic condition, family situation and family income improved for the fourth quarter.

For the current quarter, Alegre said consumer sentiment improved marginally to reflect the decrease in the percentage of pessimists due to more available jobs and permanent employment, higher wages and remittances as well as additional working family members.

He said that Filipino consumers were less pessimistic for the country’s economic condition, more pessimistic for the family’s financial situation and steady for family income for the July to August period.

For the next 12 months, Alegre said Filipino consumers were less optimistic as the confidence index slipped to 18.9 percent from the previous quarter’s 20.5 percent.

According to Alegre, the less upbeat sentiment was traced to faster increase in the prices of goods and higher household expenses, fewer available jobs, lower income as well as the effectiveness of government policies and programs on