Filipino entrepreneurs’ business sentiment turned more optimistic in the second quarter this year but notably less confident for the third quarter and in the next 12 months with a weak peso and high inflation, according to a Bangko Sentral ng Pilipinas quarterly survey.
For the second quarter or April to June however, BES showed a CI declining to 46.4 percent compared to 59.7 percent in the previous quarter. The peso lost ground three times in June, it depreciated further to the P53, P54 and P55 levels in a span of three weeks. Inflation as of May was at 5.4 percent and the forecast for June is 5.7 percent to 6.5 percent, way above the two-four percent target for this year and in 2023.
Meanwhile the survey said trading firms are generally more upbeat in the second quarter but less positive in the near term. By sector, sentiment is mostly mixed in the second quarter by less bullish for the next quarter and the next 12 months As for capacity utilization, this improved in the second quarter, particularly for the industry and construction sectors.
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