THE Bangko Sentral ng Pilipinas said that based on their recent survey, the additional income and availability of more jobs had greatly helped improve the sentiments of the consumers, especially during the first quarter of the year.

However business confidence turned less upbeat due to persistent inflationary pressures.

BSP Department of Economic Statistics Senior Director Redentor Paolo Alegre Jr. narrated that the results of the first quarter 2021 Consumer Expectations Survey (CES) and Business Expectations Survey (BES) indicated that the consumer sentiment had an overall improved overall confidence index (CI) as it became less negative at -10.9 percent from -19 percent in the fourth quarter of 2023.

Likewise, Alegre said that the improved outlook to expectations of higher income, as well as the availability of more jobs and permanent employment, and additional working family members had greatly influenced the survey.

During the first quarter, the consumers became less hesitant when it comes to buying big-ticket items.

On the other hand, the percentage of households with loans and savings also increased.

 Alegre noted that the said consumer sentiment in the second quarter and the next 12 months was actually weaker when compared to the CI which showed a decline to 2.7 percent and 13.4 percent from 5.6 percent and 15 percent, respectively, in the fourth quarter 2023 survey round.