Philippines: Consumer Confidence Drops in 2nd Quarter 2008
Today Bangko Sentral ng Pilipinas (BSP) released their latest Consumer Expectations Survey (CES). The overall consumer confidence index (CI) is determined by the average of the 3 measures, namely, outlook on
macroeconomic condition, family financial situation and family income.
The overall consumer confidence index (CI), fell by 11.7 index points to -43.8% (quarter-on-quarter) and by
17.8 index points (year-on-year). The main reason for the drop in consumer confidences was higher fuel and food prices and the fear of lower income.
Nevertheless 21.1% considered buying a house and/or lot a timely investment for Q2 2008 because of lower interest rates on home loans and the expectations of further appreciation of real estate properties. The highest buying intentation was recorded for consumer durables at a rate of 10.6% followed by house and/or lot at 8%. Only 5.3% of the particants of the survey intends to buy a motor vehicle in the next 12 months.
