In the third quarter of 2020, Bangko Sentral ng Pilipinas (BSP) reported that consumer confidence was at an all-time low of -54.5 percent.
In its September 24, 2020, the BSP said respondents attributed their negative sentiment “generally to the Covid-19 pandemic.”
“Other reasons cited by the respondents were the following: (a) high unemployment rate and less working family members, (b) low and reduced income, and (c) faster increase in the prices of goods,” BSP said.
With low consumer confidence, this clearly affected the economy and a variety of businesses.
“With this pandemic costing the country thousands of irreplaceable lives, it has never been more critical to be vigilant about taking the necessary precautions to prevent covid and its spread. And yet taking these precautions also come at a cost,” George Royeca, Agkas co-founder, said.
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