At the press briefing on Friday, BSP Department of Economic Statistics head Redentor Paolo Alegre Jr. said the confidence index of the Business Expectations Survey showed that it decreased to 26.1% from 35.4% in the second quarter.
Alegre said business firms’ less optimistic sentiment in the third quarter of 2022 due to higher inflation, rising fuel prices, decline in sales and demand, peso depreciation, and continuing public health threat of COVID-19. Alegre, however, said firms are looking forward to hiring more people in the fourth quarter of 2022 and in the next 12 months.Alegre said consumers were more pessimistic due to faster increase in the prices of goods and higher household expenses, low income, and fewer available jobs and working family members.