Filipino businessmen are still optimistic about growth, demand and sales prospects for the third quarter and in the next 12 months due to easing inflation and improved economic activity, according to a central bank survey.
Besides easing inflation, businesses also anticipate continued post-pandemic recovery, a fully reopened economy, and seasonal uptick in demand for certain goods and services during the hot dry season. Based on the BES report for the next 12 months, business sentiment was less upbeat with a CI that dropped to 58.5 percent from previous quarter’s 61.9 percent. High inflation, an expected decrease in sales due to weaker demand, and the perceived slow rollout of government infrastructure projects were some of the reasons. Other concerns are high interest rate and the adverse effects of El Niño.
He said firms expect the peso to be relatively steady at P55 in the next quarter and in 12 months. However they also expect that the peso may appreciate in the third quarter.
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