Consumers take on a more confident Q3 outlook, says BSP

Philippine consumer confidence improved in the current quarter but remained in the negative range after two straight quarters of declines, the Bangko Sentral ng Pilipinas (BSP) said in a news conference Thursday. “The higher, but still negative, consumer index in the third quarter means that the number of households with an optimistic outlook increased but they continued to be outnumbered by those who think otherwise," according to the BSP's Department of Economic Statistics acting deputy director Teresita Deveza. Deveza said respondents to the BSP 3rd Quarter 2011 Consumer Expectation Survey based their confidence level on “expectations of more jobs, higher family income, good business, and the implementation of government policies such as the Pantawid Pamilyang Pilipino Program of the Aquino administration." The survey showed that the confidence level of Filipino consumers improved to -18.7 percent in the third quarter after declining to -23.1 percent in the first quarter and -24.1 percent in the second quarter. The economy slowed in the second quarter to 3.4 percent and unemployment in July rose slightly to 7.1 percent from 7 percent last June, according to government data. Inflation did improve from 5.1 percent in June to 4.7 in July and the Aquino administration announced that it will spend more in the remaining months of 2011 to pump-prime the economy. — ELR/VS, GMA News