But the mood is turning gloomy anew as the consumer CI contracted again to -2.2% in the second quarter, while confidence for the next 12 months sank to 17.9% from 23.6% previously. For the third quarter and the next 12 months, business sentiment sagged to 31.4% and 52.5%, respectively. That the consumer CI remains in the negative territory means pessimists continued to outnumber optimists. Meanwhile, the slump in business mood means more enterprises are turning less upbeat for the coming months. Breaking down the BSP’s report, both consumers and businesses attributed their less rosy outlook on existing pandemic restrictions.

Source: Philippine Star July 02, 2021 09:45 UTC