MANILA, Philippines (Xinhua) - Consumer confidence weakened in the fourth quarter due to higher prices of basic commodities, weak public governance, and concerns over the peace and order situation in Mindanao, the central bank said today.
Results of the latest Consumer Expectations Survey showed that overall confidence index fell to -21.3 percent from -7.9 percent in the last quarter of 2013. This is the lowest since the second quarter of 2011, when the index dropped to 24.1 percent.
Philippine central bank officials said typhoon Nari, locally known as Santi, which struck the country in October may have led to pessimism among consumers.
The conflict in southern Philippines in September may have also affected the results of the survey.
The central bank said the results of the survey may be an indication that consumer spending in the fourth quarter will be slower.