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Filipino consumer is more confident about local economy

Study shows rich are even more confident
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The country’s high-income group registered the biggest improvement in consumer confidence across all three indicators, followed by the middle-income group. This was the findings of a study done by the Bangko Sentral ng Pilipinas on the sentiments of the Filipino consumer for the third quarter of the year.

 The low-income group\\\'s sentiment on the country\\\'s economic condition also strengthened but their outlook on family finances weakened as majority of them cited low income and higher cost of goods and services as the main reasons for their pessimism.  

For the next quarter and the year ahead, consumer sentiment turned more favorable across all three indicators in all income groups.  

Consumer sentiment edged higher in third quarter of the year as the overall confidence index (CI) improved to -18.7 percent from -24.1 in the second quarter of 2011. This is the first quarter-on-quarter gain in sentiment since fourth quarter of last year. The higher, but still negative, confidence index in third quarter of 2011 means that the number of households with an optimistic outlook increased but they continued to be outnumbered by those who think otherwise.

Respondents cited the following factors for their improved sentiments: expectations of more jobs, higher family income, good business, and the implementation of government policies such as the Pantawid Pamilyang Pilipino Program.

Their sentiments however, did not reflect the possible impact of the US credit rating downgrade and the spillover effects of sovereign debt crisis issues in Europe, since the survey was conducted from 1-14 July 2011.

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