Q2 business confidence up despite Q1 dip

Business confidence for the second quarter of 2015 rose after a less optimistic first three months of the year, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

The overall confidence index (CI) for next quarter jumped to 58.2 percent from 43.1 percent in the last survey. The outlook was taken from survey 1,523 firms nationwide the central bank conducted from January 5 to February 10.

According to the report, respondents noted the following factors in having more optimistic views:

Anticipated increase in demand during secondary harvest and open fishing seasons, graduation and enrolment periods, and summer season (expected influx of tourists).

Sustained increase in orders and projects leading to higher volume of production.

Expansion of businesses and new product lines introduction of new and enhanced business strategies and processes.

Introduction of new and enhanced business strategies and processes.

The positive outlook was also influenced by expectations of a faster rollout of infrastructure and other development projects under the public-private partnership (PPP) program and favorable macroeconomic conditions, as well as sustained foreign investment inflows, and steady stream of overseas Filipino workers' remittances. (Wires)