NextGen Day

Results of the Bangko Sentral ng Philippines (BSPfirst )’s quarter 2023 Business Expectations Survey (BES) show that investors’ confidence has increased as a result of the Philippine economy’s full reopening.
Redentor Paolo Alegre Jr., the officer in charge of the BSP Monetary Policy Sub-Sector, stated in a briefing on Thursday that the confidence index (CI) for the current quarter, the following quarter, and the upcoming year greatly increased.

Alegre also attributed the improvement of business firms’ CI to higher consumer demand for goods and services, increased business activities and sustained economic recovery, and expansion and new business opportunities in the healthcare, manufacturing, and construction subsectors, in addition to the complete reopening of the economy and the lifting of all travel restrictions.

The current quarter’s CI increased from the prior quarter’s 23.9 to 34.

The CI for the following quarter improved slightly from 31.3 to 49, while the index for the following year increased from 46.2 to 61.9 during the poll in the final quarter of 2022.

Around 1,554 companies from around the nation participated in the poll, which ran from January 13 to March 6, 2023.

The most recent BES data also revealed a little increase in average capacity utilization in the industry and construction sectors, from 72.1 percent a quarter ago to 74.8 percent.

Although Alegre noted that the index for this is still in the negative range, it is anticipated that access to credit would ease over the quarter.

According to poll findings regarding a number of economic indicators, businesses anticipate that the peso would appreciate versus the US dollar, as well as higher rates of inflation and borrowing in the peso.
Although the respondents predict that inflation will continue to rise above the government’s target range of 2 to 4 percent until 2024, he added that “inflation expectations among businesses may ease in the near term as the number of respondents who expected higher inflation declined compared with the Q4 2022 survey results.”

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