Consumer confidence improved in the fourth quarter from the previous quarter, amid expectations of brisker business with the onset of the holiday season, according to the results of a survey conducted by Bangko Sentral ng Pilipinas in October.
Bangko Sentral’s consumer expectations survey for the fourth quarter showed that while the consumer confidence index remained in the negative territory, it improved to -8.1 percent in the fourth quarter from -11.6 percent in the third quarter.
This was also the highest result since reaching -7.9 percent in the third quarter of 2013.
Among the reasons cited by respondents were expectations of more jobs and increase in the number of working family members, higher salary due to Christmas bonus and 13th month pay, stable prices of commodities, improvements in infrastructure, brisker business activities and effective government policies.
“The higher [but still negative] confidence index for the fourth quarter means that the number of households with an optimistic view increased but was less than those who think otherwise,” Bangko Sentral said.
It said for the next quarter (first quarter of 2016), consumers’ optimism was sustained as the index was broadly steady at 5.7 percent, compared to the previous quarter’s survey results. “This indicates that the optimists continued to top the pessimists for the next quarter,” it said.
Consumer confidence in the fourth quarter improved across income groups due largely to their more favorable outlook on the country’s economic condition which prevailed over their mixed views on family income and financial situation.
The survey was conducted on Oct. 1 to 12, 2015, with a sample size of 6,020 households nationwide. Bangko Sentral has been conducting the survey since 2007.