Businesses less optimistic in Q1

BUSINESSES in the Philippines turned less optimistic in the first quarter this year.

In a survey conducted by the Bangko Sentral ng Pilipinas (BSP), the respondent firms’ less upbeat quarter-on-quarter outlook was due primarily to the usual slowdown in business activity and moderation of consumer demand after the holiday and harvest seasons.

Other factors include rising fuel prices that are largely influenced by higher international prices of crude oil and the increase in excise tax on petroleum products, and stiffer competition.

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