Philippine consumer confidence weakened in the third quarter of the year due to rising prices of basic commodities and concerns over the use of government funds, the local central bank said Friday.
According to the results of the latest Consumer Expectations Survey (CES), the overall confidence index declined to -26.3 percent in the third quarter from -17.3 percent in the second quarter of the year.
The Philippine central bank said Filipino consumers also cited higher household expenses and concerns over job opportunities as reasons for their bearish outlook in the third quarter.
Overall consumer confidence is expected to improve in the fourth quarter on the back of good harvests, business upturns and additional benefits during the Christmas season.
The latest CES was conducted by the Philippine central bank from July 1 to 12 and involved 6,106 households as respondents.