MANILA, Philippines - The country's better-than-expected economic performance has improved consumer sentiment in the third quarter, the results of the latest Consumer Expectation Surey (CES) of the Bangko Sentral ng Pilipinas showed.
The consumer confidence index (CCI) for the third quarter stood at -14%, up from -28.7% in the second quarter and from -31.9% during the same period in 2009.
The index indicates whether Filipino consumers are optimistic or pessimistic about their family income and the overall economy's performance.
The latest CES, conducted in the first 2 weeks of July, covered 5,774 Filipino households.
Respondents cited the country's improving economic performance and hopes of improved public governance.
The country's economy expanded by 7.9% in the second quarter, the highest quarterly growth since the second quarter of 2007.
"While still in the negative territory, the confidence index increased to its highest reading since the nationwide survey started. Expectations of good governance was another major reason cited by respondents for their favorable outlook," BSP Assistant Governor Ma. Cyd Tuaño Amador said in a press conference.
Rosabel Guerrero, director of the economic statistics department of the BSP, said that the "next three month index" stood at +15.3%, a reversal of the -1.8% registered in the second quarter this year, and the -3.7% in the third quarter of last year.
This index shows the outlook of respondents on their family income and financial situation, and the economy in general, within the next 3 months.
On the other hand, the "next 12-month index" stood at +33.4%, up from +10% in the second quarter and the -0.9% in the third quarter of last year.