CONSUMER confidence rebounded in the second quarter following a dive during the first three months of 2018, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
The overall confidence index (CI) climbed to 3.8 percent compared to the 1.7 percent recorded in the first quarter (down from 9.5 percent at the end of 2017) and the 13.1 percent posted 12 months earlier.
In a statement, the BSP said the improved outlook was due to expectations of improved peace and order, additional income, the availability of more jobs, effective government policies and an increase in family savings.
The outlook for the next quarter and the year ahead remained generally steady, the central bank said, with the respective CIs dipping to 8.7 percent and 23.1 percent from 8.8 percent and 24 percent previously.
“The relatively steady outlook for the next quarter and the year ahead stemmed from the counterbalancing of the number of respondents that reported more positive views on the economy, in anticipation of more jobs and additional income, versus those with negative views due to expectations of higher prices,” the central bank said.
The latest Consumer Expectations Survey, which measures sentiment on the country’s economic condition, family financial situation and family income, was conducted from April 2 to 14. It covered 5,517 households nationwide.
“For Q2 2018, the improved consumer sentiment on the country’s economic condition and family financial situation outweighed the less favorable outlook on family income,” the BSP said.
“For the near term and the year ahead, consumer confidence on economic condition of the country was more optimistic while outlook on family financial situation and income turned less positive compared to the previous quarter’s survey results,” it added.