MANILA, Philippines — Renewed tensions in the Middle East and persistently high oil prices weighed on Philippine businesses in July, pushing sentiment back into pessimistic territory as companies faced rising costs and a less favorable outlook for the months ahead.
The business confidence index fell to -20.3 in July from zero a month earlier, according to a nationwide survey of 506 firms conducted from July 7 to 31 and released by the Bangko Sentral ng Pilipinas (BSP) on Friday.
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The decline erased the improvement recorded in June, when business confidence reached neutral territory for the first time after three consecutive months of negative readings.FEATURED STORIES
