The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) published its latest Consumer Expectations Survey, showing Filipino consumers became more pessimistic in the first quarter of 2025 as the overall consumer confidence index fell to minus 13.0 percent. Respondents cited faster increases in the prices of goods and services, declining incomes, and fewer job opportunities as the main reasons for the weaker sentiment. The index declined from minus 11.1 percent in the previous quarter and minus 10.9 percent a year earlier, with the BSP noting that a negative reading means pessimistic respondents outnumber optimistic ones and that the survey is among the inputs it monitors for monetary policy. Forward-looking sentiment also weakened, with the next-quarter confidence index slipping back into negative territory at minus 0.5 percent (from 4.2 percent in the previous quarter), while expectations for the next 12 months remained positive at 12.4 percent. The BSP reiterated that it expects inflation to remain manageable and within its 2.0–4.0 percent target range for 2025 through 2027.
Central Bank of the Philippines 2025-06-05
Central Bank of the Philippines reports Q1 2025 consumer confidence index fall to minus 13.0 percent and keeps inflation outlook within the 2.0–4.0 percent target through 2027
The Central Bank of the Philippines reported a decline in consumer confidence, with the index falling to minus 13.0 percent in Q1 2025, driven by rising prices, declining incomes, and fewer job opportunities. Forward-looking sentiment also weakened, with the next-quarter index at minus 0.5 percent, though 12-month expectations remain positive. The BSP maintains its inflation forecast within the 2.0–4.0 percent target range for 2025-2027.