On the other hand, consumers turned more upbeat for the first quarter of 2025 and the next 12 months on expectations of higher income and more available jobs.
Based on the fourth quarter 2024 Business Expectations Survey (BES) of the BSP, the overall confidence index declined to 40.3 percent compared to a quarter-ago level of 56.8 percent.
The central bank attributed the respondents' less optimistic outlook for the quarter to the post-holiday decline in demand for products and services and business activities as well as stiff foreign and domestic competition.
Firms were also less optimistic amid increased economic uncertainty leading up to the midterm elections, the peso's depreciation against the dollar and higher costs of production.
This story is from the December 21, 2024 edition of The Philippine Star.
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This story is from the December 21, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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