Pessimism still dominant

MOST CONSUMERS remain pessimistic but their numbers have not significantly increased, the Bangko Sentral ng Pilipinas (BSP) yesterday said.

Consumer confidence for the current quarter, the central bank said, “was broadly steady” at -24.1% from -23.1% three months earlier.

“This means that the pessimists continued to outnumber the optimists but the margin was almost unchanged from that of a quarter ago,” the BSP said in reporting its latest Consumer Expectations Survey.

The confidence index is computed as the percentage of households that answered in the affirmative minus those that replied otherwise.

“The current quarter outlook stemmed from the counterbalancing of the number of respondents that reported higher family incomes with those that indicated that they were negatively affected by the high cost of petroleum products and higher prices of goods and services,” the central bank added.

The outlook carried forward to the next quarter, with the index dipping to -7.8% from -6.2% in the previous survey.

Sentiment regard to the year head was positive, however, improving to 4.4% from 1.2% a quarter ago on expectations of stable prices, better employment opportunities and higher pay alongside an end to civil unrest in the Arab world.

Read more at Business World


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