Consumer and business confidence have recovered in the last three months of 2020 from a record slump, the Bangko Sentral ng Pilipinas said, drawing optimism from looser quarantine restrictions.
The BSP attributed the lift to the reopening of businesses, an expected uptick in demand over the holiday and milling seasons, and an increase in sales and orders. All bank on the further easing of quarantine restrictions as government now wants to perk up the economy after months of lockdowns. Business confidence is on its way up, with survey respondents seeing better prospects for the next year and the rest of 2021 . Companies expect"gradual recovery" from the pandemic, including the availability of vaccines, to revive demand.More business owners also said they are likely to hire more people in the first quarter of 2021 and the year ahead, a welcome respite for millions of Filipinos left jobless by the pandemic.
More people had a sanguine outlook for the New Year, with the confidence index turning positive to 4.3%. Optimism likewise surged for the entire 2021 at 23.6%, as people foresee better family finances and income as well as the country's economic condition.