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Business Confidence In Philippine Economy Eases In Q1
The latest Business Expectations Survey (BES) showed that overall confidence index (CI) eased to 37.8 percent in the first quarter from 52.3 percent in the fourth quarter of last year.
The central bank said the CI in the first quarter was the lowest in two and a half years.
Businesses were less confident about the economy due to expected decline in demand after the holidays, peso depreciation and rising oil prices.
Despite the lower CI, the bank said businesses' outlook on the economy remains favourable.
The survey showed that businesses are more optimistic about the economy in the second quarter as the CI is projected to go up to 50.8 percent.
This is due to anticipated increase in demand during the secondary harvest season and the expected influx of local and foreign tourists during the summer season, the bank said.
More than 1,200 firms were involved in the quarterly survey.
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