Filipino consumers are gearing up for the holiday season, buoyed by the promise of higher pay and improved job prospects, which traditionally begin as early as September with a boost in income sources.
According to the latest findings from the Bangko Sentral ng Pilipinas’ (BSP) third quarter Consumer Expectations Survey (CES), there has been a notable improvement in overall consumer confidence.
The confidence index (CI), while still residing in negative territory, has seen a positive shift, narrowing down from -10.5 percent in the second quarter to -9.6 percent in the current quarter.
During a press briefing last Friday, BSP senior director Redentor Paolo M. Alegre Jr. revealed that consumers are generally adopting a less pessimistic outlook due due to several key factors, including the availability of more jobs and permanent employment, increased income from wages/salaries, remittances, and other sources, as well as additional family members joining the workforce.
Looking ahead to the fourth quarter, consumer sentiment continues to improve, with the confidence index (CI) rising to 7.8 percent from 4.6 percent in the previous survey. However, when it comes to the outlook for the next 12 months, consumers have grown slightly less optimistic, with a CI of 18.9 percent compared to 20.5 percent in the second quarter.
The survey findings indicate that consumers have become less pessimistic about the country’s economic condition, more pessimistic about their family’s financial situation, and steady in their outlook for family income.