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By APD writer Melo M. Acuna
MANILA, Nov.29 (APD) - The business outlook on the economy rose for the Fourth Quarter of 2017 with the overall confidence index (CI) rising to 43.3 percent from 37.9 percent for the Third Quarter of the year.
It was also learned business confidence was supported by strong domestic and external demand.
In a statement released by the Bangko Sentral ng Pilipinas today, it was said the number of optimists increased and continued to be greater than the number of pessimists during the quarter.
“The confidence level is also higher compared to its year-ago level,” the statement disclosed.
The respondents cited several factors behind their more bouyant outlook during the fourth cuarter which included the expected increase in orders and consumer purchases during the Christmas holidays, the increasing number and expansion of businesses, higher disbursements for the government’s infrastructure and other development projects along with the favorable macroeconomic conditions in the country, particularly the manageable inflation and low interest rates.
The respondents also disclosed that the expansion of export markets and stronger demand for Philippine products increased the prevailing business confidence.
“The sentiment of businesses in the Philippines reflected the more bullish business outlook in Australia, Canada, Germany and Indonesia but was in contrast to the less favorable views of those in the United States of America, United Kingdom, Hong Kong, South Korea, New Zealand and Thailand, and the steady outlook in France,” the statement further revealed.
Exporters’ confidence remained at record-high as they maintained a significantly high confidence level for the second consecutive quarter at 50%. Domestic-oriented firms and importers were considered to be more optimistic.
Business confidence was highest in the services sector followed by wholesale and retail trade though it was found that those in the industry and construction sectors were less favorable.
The companies’ sentiment across sectors were less optimistic for the First Quarter of 2018 because of the usual slack in demand after the holiday season, except “that for the construction sector which turned bullish.”
The survey results manifested businesses’ anticipation for an increase in inflation but was expected to remain within target. They also expect the Philippine peso to depcreciate as interest rates to increase for the current and next quarters.
The Fourth Quarter BES was conducted from October 2 to November 20 with some 1,473 firms surveyed across the country.
Respondents were drawn from the combined list of the Securities and Exchange Commission’s Top 7,000 Corporations in 2010 and Business World”s Top 1,000 Corporations in 2015 composed of 585 companies in the National Capital Region and 888 firms in Areas Outside the National Capital Region (AONCR) which covered the country’s 16 different regions.
It was also found out that the survey response rate for this quarter was higher at 84.3 percent from 80 percent in the previous quarter and the AONCR was at 86.4 percent compared to 86 percent in the previous quarter.
(ASIA PACIFIC DAILY)
