Watch: Philippines Consumer Confidence Index in Q4 2016 Hits Highest in 10 Years, BSP Survey Says (Video)
The Consumer Confidence in the Philippines this fourth quarter of 2016 (Q4 2016) rose to its highest level in 10 years, according to the latest survey conducted by the Bangko Sentral ng Pilipinas (BSP). This means that there are more Filipinos today who are confident in spending their money, because they feel that the government is performing well.
In a news report via ABS-CBN”s ‘Bandila’ this Friday, December 9, the BSP revealed that many Filipinos have now better financial condition, sa compared to the previous years in the past decade. Based on its Quarter Consumer Expectation Survey (CES), Philippines has a consumer confidence index of 9.2 percent in Q4 of 2016, the highest since 2007.
According to the records of the BSP, Consumer Confidence in the Philippines from 2007 until 2016 has an average of -21.08. The all-tine low of 52.80 was in the third quarter of 2008, while the recent all-time high was 2.50 in the third quarter of 2016, the first three months of President Rodrigo Duterte in office. The second quarter of 2016 had -6.4.
Among the reasons that the respondents of the BSP survey noted for being optimistic of Filipinos today include improvements in the country’s peace and order situation, intensified anti illegal drugs campaign, effective government policies (such as ending ENDO, or no more contractualization of workers), improved public service, and creation of more jobs.
However, the BSP noted that that there is a huge possibility that the consumer confidence index will slightly decline in the coming quarters of 2017. Based on the same respondents, they believe that among the primary reasons include potential price increase of goods, lower income, and reports of alleged extrajudicial killings (EJKs) related to illegal drugs.
In the press conference, BSP Deputy Governor Diwa Guinigundo emphasized that the respondents themselves added the EJKs issue as one of their reasons. The BSP Consumer Expectations Survey survey was conducted to 5,836 households households across the country, where 2,988 of them are from National Capital Region (NCR) or Metro Manila.