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MANILA, Philippines – Filipino consumers turned the most downbeat since the pandemic in the second quarter as the conflict in the Middle East fueled concerns over higher food and fuel prices, while businesses grew less pessimistic on hopes of stronger profits and lower energy costs.
The confidence index for households fell to -42 percent, from -15.8 percent in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. It was based on a survey of 5,503 households from April 6 to April 18.
READ: Consumer confidence sinks amid political drama
A negative reading means the pessimists outnumbered the optimists. The latest figure was the weakest since the fourth quarter of 2020, when the index sank to -47.9 percent as the country was still grappling with the pandemic.
