Amid elevated inflation and global issues that impact economies, local businessmen are still optimistic and hopeful that pandemic-related normalcy and robust domestic consumer demand will translate to increased profits for the entire year. ManilaBulletin
The Bangko Sentral ng Pilipinas , in its latest Business Expectations Survey for the first quarter 2023, said Filipino companies have a higher confidence indices for the first two quarters and the next 12 months compared to the previous BES review which was the last quarter of 2022.
The optimistic business sentiment led to an overall CI rising sharply to 34 percent from 23.9 percent in the fourth quarter 2022 BES. This means that the percentage of optimists increased and outweighed the percentage of pessimists during the quarter. The BES indicated that businesses expect an average inflation rate of seven percent for the first quarter, 6.9 percent for the second quarter and 6.6 percent for the next 12 months. In February, the inflation rate stood at 8.6 percent from January’s 8.7 percent.
Alegre said the business sentiment across all sectors such as industry, construction, services and wholesale and retail trade sectors all have higher CIs in the first quarter which “suggests a more optimistic business outlook for the current quarter.”
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