Philippine Business Outlook Turns Bearish in Q3

(RTTNews) - Philippine business outlook turned bearish in the third quarter, the latest Business Expectations Survey of the Bangko Sentral ng Pilipinas showed Thursday. The overall confidence eased to minus 12.9%, the first negative reading since the third quarter of 2005. Business confidence was mainly weighed down by the surging prices of fuel and food and global economic downturn.

However, respondents were optimistic that the conditions would improve in the fourth quarter as the index reverted to 16.6%.

Further, the survey showed that the economic outlook of all sectors deteriorated in the third quarter. The service sector was the least pessimistic with the index at minus 2.8%.

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