Filipinos less optimistic about Q2, year ahead

Filipino consumers are less optimistic about their prospects in the second quarter of 2020 and the rest of the year due to concerns over inflation, stagnant income, natural calamities, and the coronavirus pandemic.

According to the Bangko Sentral ng Pilipinas (BSP), the consumer confidence index for Q2 declined to 9.2% from 15.7% in Q1, while the outlook for the next 12 months dropped to 19.9% from 26.4%.

Consumers cited rising prices, higher household expenses, and low or no income growth as reasons for their less upbeat outlook.

The spending outlook index also slipped to 33.3% from 37.1%, suggesting that consumer spending may slow in the next quarter.