MANILA — Business confidence dropped in the third quarter of 2023, according to a survey released by the Bangko Sentral ng Pilipinas .
The central bank said business confidence fell to 35.8% between July and September, from 40.8% from April to June.That decline was attributed mainly to weather-related disruptions and other seasonal factors, higher prices of raw materials and production costs, elevated inflation and interest rates, and peso depreciation.
Broken down by sector, the confidence index of the industry, services, and wholesale and retail trade sectors decreased, while that of the construction sector increased.Businesses expect a firmer peso, and higher inflation and interest rates for the rest of 2023. More specifically, they see inflation at an average at 5.9% for the third and fourth quarters, and at 5.7% for the next 12 months.
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