MANILA – The Malacañang on Saturday welcomed the results of the first quarter 2019 Business Expectations Survey, which showed improvement in business confidence in the country’s economy.
After four consecutive quarters of decline, the business overall confidence index (CI) rose to 35.2 percent in the first three months of 2019 from 27.2 percent recorded in the fourth quarter of 2018, results of the Bangko Sentral ng Pilipinas’ BES showed.
“The Palace welcomes the latest Business Expectations Survey showing business outlook in the country rising to 35.2 percent in the first quarter of 2019 from 27.2 percent during the last quarter of 2018,” presidential spokesperson Salvador Panelo said in a statement.
“We consider this jump of business optimism as a good indicator of strong business and investor confidence to the decisive leadership of President Rodrigo Roa Duterte and his competent economic team, which resulted in the easing of inflation and higher government infrastructure spending, two of the primary reasons mentioned by respondents for their upbeat outlook,” Panelo said.
Firms’ more optimistic outlook was due to these factors:
- more business activates during the start of the campaign period for the forthcoming midterm elections
- increased orders and consumer purchases with the easing of inflation
- higher government infrastructure spending with the “Build, Build, Build” strategy of the current administration
- expansion of businesses and new product lines
According to the BSP, the first quarter 2019 BES figure is the highest since the second quarter of 2018.
“Foremost in the mind of the President is to strengthen the economy that will redound to the Filipino people – to provide a comfortable life for all,” Penelo said.
“The Chief Executive is a man of action and his recent stern resolve to address the challenges that plagued the nation showed that his utmost priority is our people. His leadership style is reflected on his swift action, which is for effecting real and lasting change,” he added. (GMA News)
