| Business confidence in economy up in 2nd quarter (philstar.com) May 25, 2012 |
MANILA, Philippines (Xinhua) - Businessmen in the Philippines are more confident about the prospects of the country's economy due to the seasonal increase in demand for their products and the increase in government spending, the Philippine central bank said today.
Results of the recent business expectations survey done by the central bank showed that overall Confidence Index (CI) in the second quarter rose to 44.5 percent compared to 40.5 percent in January to March.
"The increased confidence of businesses suggest that a faster pace of economic expansion could be expected in the second quarter, " the central bank said.
Businessmen cited the increase in orders and new projects, expansion of product lines, increased government spending and seasonal uptick in demand during summer and enrollment as reasons for their optimism.
"Also contributing to businesses' improved sentiment were lower interest rates and manageable inflation as well as the steady growth of overseas Filipinos' remittances," the central bank said.
All business sectors were bullish about the economic prospects for the second quarter. Firms in the construction and the services and industry sectors were among the most upbeat.
The survey also revealed that businessmen will remain optimistic about the economy in the third quarter with the Confidence Index projected to reach 44.6 percent.
The quarterly survey involved more than 1,000 respondents, culled from a list of leading firms provided by the Philippine Securities and Exchange Commission. The survey, done from April 2 to May 11, is one of the data used by Philippine monetary officials in setting policies and macroeconomic targets.
Results of the recent business expectations survey done by the central bank showed that overall Confidence Index (CI) in the second quarter rose to 44.5 percent compared to 40.5 percent in January to March.
"The increased confidence of businesses suggest that a faster pace of economic expansion could be expected in the second quarter, " the central bank said.
Businessmen cited the increase in orders and new projects, expansion of product lines, increased government spending and seasonal uptick in demand during summer and enrollment as reasons for their optimism.
"Also contributing to businesses' improved sentiment were lower interest rates and manageable inflation as well as the steady growth of overseas Filipinos' remittances," the central bank said.
All business sectors were bullish about the economic prospects for the second quarter. Firms in the construction and the services and industry sectors were among the most upbeat.
The survey also revealed that businessmen will remain optimistic about the economy in the third quarter with the Confidence Index projected to reach 44.6 percent.
The quarterly survey involved more than 1,000 respondents, culled from a list of leading firms provided by the Philippine Securities and Exchange Commission. The survey, done from April 2 to May 11, is one of the data used by Philippine monetary officials in setting policies and macroeconomic targets.
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