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Manila Bulletin devider Business devider Banking & Finance devider Consumer sentiment falls in Q1 as price, job worries mount

Consumer sentiment falls in Q1 as price, job worries mount

Published Jun 6, 2025 10:20 am

Filipino consumer confidence has declined in the first three months of the year due to concerns over rising prices, lower incomes, and fewer job opportunities, according to the Bangko Sentral ng Pilipinas (BSP).

Based on the latest Consumer Expectations Survey (CES) of the central bank, the overall consumer confidence index (CI) fell to -13 percent in January to March, a further deceleration from -11.1 percent in the previous quarter and -10.9 percent in the same period last year.

A negative CI indicates that more consumers are pessimistic than optimistic about the economic outlook. The BSP monitors CES results as a factor in its monetary policy decisions.

In response to the survey findings, the BSP reiterated its commitment to its mandates, including maintaining manageable inflation. 

The central bank noted that, based on its latest estimates, inflation is projected to remain within the 2.0 percent to 4.0 percent target range from this year through 2027. The BSP added that stable inflation supports investments and job creation.

Consumers also shared their sentiment for the near future, with confidence for the succeeding quarter returning to negative territory. 

The CI for the next quarter settled at -0.5 percent, a drop from 4.2 percent in the previous quarter and 2.7 percent in the first quarter of last year.

However, consumers expect economic prospects to improve over a longer horizon. For the next 12 months, survey results showed a positive CI of 12.4 percent, which remained unchanged from the previous quarter but was slightly lower than the 13.4 percent recorded in the first quarter of last year.

In May, the inflation rate continued to decline for the fourth straight month, dropping to 1.3 percent from 1.4 percent the previous month, due to a reduction in utility costs during this time.

The May inflation print aligned with the BSP forecast that inflation would fall within the range of 0.9 percent to 1.7 percent for the month.

It also marked the slowest inflation rate since November 2019, when it was recorded at 1.2 percent.

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