Results of the Bangko Sentral ng Pilipinas' Consumer Expectations Survey from the second quarter showed an overall negative perception.
But BSP Assistant Governor Cyd Tuano-Amador said that the result of the recent survey is the “most bullish” to date, with those from the high income group, or those with family income of P30,000 and over, registering the highest optimism.
The BSP justified that although still in negative, the main index registered an all-time-high level of -5.7 percent.
The country's attainment of an investment grade status and its impact on the economy and on job creation boosted people's optimism resulting in record-high confidence index for the central bank's consumer expectation survey for the second quarter of 2013.
This is the highest index since the first quarter of 2007 when the survey was done nationwide.
Other reasons for the bullish outlook is the country's strong fundamentals, low inflation environment, the stable peso-dollar exchange rate and the rise in inflows from overseas Filipinos.
With the positive sentiment for the next 12 months, Amador cited that since domestic expansion is driven by household spending among others this “should provide support” to growth.
“We can say that it (future growth) is broadly consistent with the growth forecast of the government,” she said as she projected growth in the next quarters to be “respectable”, she said.
The domestic economy grew, as measured by gross domestic product, posted the highest growth in Asia from January to March this year at 7.8 percent boosted by consumer and government spending as well as higher investment.
The government's growth target for this year is a range between six to seven percent.
Amador said election related spending played a role in the domestic expansion but cited that impact of the mid-term elections is lower than when it is a national polls.
The BSP survey was done from April 3-15 with total sample size of 5,884 households taken from the National Statistics Office's master sample list of households.*PNA