The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said business sentiment has worsened for the next 12 months, with consumers less likely to spend amid rising oil and food prices. In its Business Expectations Survey, the BSP confidence index fell to 59.9% from 69.8%. According to the report, the less upbeat business outlook of most of the regions was due to perceived uncertainties brought about by the government transition to a new administration, seasonal decline in production during the rainy season, and expectation of higher inflation due to rising fuel prices. The Marcos administration inherited some global issues affecting the Philippines. The BSP said business confidence for the next 12 months was weighed down by concerns over the inoculation targets not being met, China lockdowns, and possible stagflation due to the Ukraine-Russia conflict.
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