HIGHER consumer demand for various products and services as well as the reopening of the economy made businesses in the country optimistic about the next 12 months, according to the Bangko Sentral ng Pilipinas .
“Business firms expressed stronger confidence in the economy for Q1 2023, Q2 2023 and the next 12 months as the overall confidence indices [CIs] during these periods significantly increased from the previous quarter’s survey result,” the BSP said. In terms of inflation expectations, businesses said they expect inflation to breach the upper end of the national government’s 2 to 4 percent target for 2023 and 2024.
“The CIs [Confidence Indices] of all sectors [i.e., industry, construction, services and wholesale and retail trade sectors] increased in the first quarter 2023, suggesting a more optimistic business outlook for the current quarter,” BSP added.
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