Businesses were less optimistic about the Philippine economy in the first quarter of 2020, said the Bangko Sentral ng Pilipinas on Wednesday.
Among the reasons cited by respondents are the negative effects of the Taal Volcano eruption, the COVID-19 pandemic and African swine fever outbreaks, concerns on government policies such as the travel ban and non-renewal of mining rights, and the termination of the Visiting Forces Agreement with the United States.
Businesses also experience a seasonal slack in demand after holiday season, which only added to pessimism. Meanwhile, all sectors have bleak outlook except for construction, with firms expecting a spike in the volume of projects because of the Build, Build, Build program and new prospective clients.
Looking forward to it.
Really. No kidding. I wonder why?