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MANILA, Philippines – Business sentiment in the Philippines deteriorated further in April as firms continued to grapple with the economic fallout from the ongoing Middle East war, with high oil prices spilling over into operating costs and consumer purchasing power.
The latest survey by the Bangko Sentral ng Pilipinas (BSP) showed that the business confidence index (CI) sank deeper into negative territory at -35.8 percent in April from -24.3 percent in March, marking the second straight month of decline.
READ: Business confidence falls to near-pessimism levels
A negative CI means more respondents were pessimistic than optimistic about the country’s economic prospects during the month, with many firms attributing their downbeat sentiment to the ongoing war.
