Business confidence dims in Q4 as prices surg
These companies are feeling the pinch.
Companies operating in the Philippines grew less optimistic about local conditions during the fourth quarter, the Bangko Sentral ng Pilipinas (BSP) said.
The confidence score dropped to 27.2 percent from 30.1 percent in the previous quarter, also marking the lowest in over eight years. This also beat the usual improvement in sentiment in time for the holidays.
The BSP said businesses were less positive as they reeled from higher inflation, which they absorbed by way of rising costs of raw materials and oil.
Higher borrowing costs are also a pain, while lower sales and orders are trimming their expected profits this time of the year.