Business confidence declined in the first three months of the year due to economic uncertainties, a BSP survey said.
Business confidence declined in the first three months of the year due to economic uncertainties.
According to the Bangko Sentral ng Pilipinas’ Business Expectation Survey released on Friday, the confidence index fell to 31.2% this quarter from 44.5% in the last quarter of 2024.
The more cautious outlook was primarily driven by concerns over the “post-holiday decline in demand for goods and services, a slowdown in business activities and a potential resurgence of inflationary pressures,” the BSP said in a statement.
Globally, the tariffs imposed by US President Donald Trump on steel and aluminum imports, and recent plans to slap tariffs on cars, are widely expected to increase the cost of doing business. This is especially as countries like China and Canada had to readjust their trade policies, resulting in a trade war.
