Businesses, consumers more bullish for Q4

Businesses and consumers are more optimistic for the fourth quarter, according to the latest surveys conducted by the Bangko Sentral ng Pilipinas (BSP).

- KEISHA TA-ASAN

Redentor Paolo Alegre Jr., officer-in-charge of the BSP Department of Economic Statistics, said in an online press briefing that the overall business confidence index (CI) for the fourth quarter increased to 56.8 percent from the previous quarter's 43.7 percent.

"The current-quarter CI has considerably improved since the peak of the COVID-19 effects in the third quarter of 2020, when it registered at -5.3 percent," Alegre said.

"However, it has not yet reached its pre-pandemic average level of 41.6 percent and has just been hovering above 30 percent since then," he said.

Based on the 2024 third quarter Business Expectations Survey (BES), Alegre said the respondents attributed their increased optimism to expectations of higher demand for products and services during the holidays, lower interest rates, easing inflation and better economic conditions.