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MANILA - Consumer confidence in the second quarter this year dipped as households braced for higher transport fares, power rates and school tuition.
In its latest Consumer Expectation Survey, the Bangko Sentral ng Pilipinas said sentiment weakened in the current quarter as the overall confidence index slid lower to -19.5 percent from the previous quarter's -14.7 percent.
A negative CI means pessimists outnumbered optimists, while a positive index the opposite. The CI is computed as the percentage of households that answered in the affirmative less the percentage of households that answered in the negative.
The lower consumer sentiment was carried over to the next quarter as the CI went back to negative territory at -2.4 percent from the 2.8 percent previously. The next-quarter CI, however, was better than last year's -7.8 percent.
Source: Bangko Sentral ng Pilipinas
In addition to the fare hike in March and the increase in power rates and tuition in May, households also anticipated tougher competition in the jobs market as new college and high school graduates join the labor force in the second quarter.
In the CES, respondents cited the following reasons for their bearish outlook during the current quarter: perceived high cost of goods and services; rising unemployment; low salary and income; and expectations of higher household expenditures.
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