RTTNews - Consumer confidence in the Philippines decreased slightly in the second quarter, after showing an improvement in the first quarter, the Bangko Sentral ng Pilipinas said. However, it increased from the previous year.
The overall confidence index stood at minus 34.2% in the second quarter, down 8.5 index points from the first quarter. However, the index was up 9.6 points from the previous year. The report said the weaker consumer outlook in the second quarter was mainly due to the softening labor market and lower family incomes, owing to the recessionary conditions in the global economy.
Meanwhile, consumers did not expect conditions to improve in the near term, with the confidence index dropping 7 index points to minus 13.2 on a sequential basis in the second quarter. The confidence index for the next twelve months decreased further, to minus 7.6% in the second quarter from minus 2.3% in the preceding quarter. However, consumers were more optimistic about the future compared to a year ago, the central bank added.
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