Bilyonaryo - Business

Consumer confidence remains subdued in the Philippines amid economic concerns

June 24, 2023

Bilyonaryo.com

The second-quarter Consumer Expectations Survey (CES) conducted by the Bangko Sentral ng Pilipinas (BSP) painted a cautious picture of consumer sentiment in the country as Filipinos continued to grapple with concerns over high inflation, dwindling income, job scarcity, and the lack of financial aid for the underprivileged.

The CES showed that consumer confidence remained on the negative side, with the overall confidence index (CI) experiencing a marginal shift from -10.4 percent in the first quarter to -10.5 percent in the second quarter.

Consumer outlook was generally pessimistic across all segments. The low-income group, earning less than P10,000 per month, displayed the most pessimism. Their concerns revolve around the higher costs of goods and the financial strain faced when not all family members are employed.

On the other hand, the middle-income group, with earnings up to P29,000, maintained a relatively steady outlook due to minimal changes in their financial situation and income levels.

Interestingly, the high-income group, comprising individuals earning P30,000 and above, showcased a shift from pessimism to optimism. Factors contributing to this positive outlook include higher income from wages, salaries, remittances, and other sources, as well as an increase in job availability and permanent employment opportunities within their families.

Related News Tags: Bangko Sentral ng Pilipinas, Consumer Expectations Survey (CES), economy, inflation

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