Bangko Sentral ng Pilipinas: ‘Consumer confidence soars to record high!’

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Consumer confidence soars to record high: central bank | by Warren de Guzman, ABS-CBN News

MANILA – Consumer confidence in the fourth quarter rose to a new all-time high, sustaining a turnaround, as Filipinos looked to improved peace and order and more jobs under President Rodrigo Duterte, the central bank said Friday.

The Bangko Sentral ng Pilipinas consumer confidence index reached 9.2 percent in the October to December period, from 2.5 percent in the previous quarter.

The index was negative from 2007 until the second quarter of this year, indicating that pessimists outnumbered optimists. It recovered in the third quarter when Duterte assumed office.

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“It’s the holidays and also the end of the harvest season so people, even in rural areas, have money in their pockets,” BSP deputy governor Diwa Guinigundo said.

Duterte assumed office on June 30, promising to rid the country of crime by destroying drug cartels, end illegal labor contracting, and spend more government resources on the countryside.

Higher costs for electricity, fuel, medical care, transportation, and personal care are expected in the coming year. The respondents also forecast a weaker peso against the US dollar in 2017.

© 2016 ABS-CBN Corporation. All Rights Reserved.

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