Even the holiday cheer failed to lift investor and consumer spirits this quarter, with confidence plummeting to multi-year lows as inflation continues to bite. Business optimism eroded in the current quarter to a nine-year low while households were at their most pessimistic in four years, the central bank found.
Inflation, however, finally eased in November, clocking in at its slowest rate in four months. Headline inflation dropped to six percent last month from a nine-year peak of 6.7% in September and October, the PSA said yesterday. This, however, is still faster than the three percent clocked in November 2017.
Approved foreign direct investments swelled to a nearly two-year high of P45.85 billion last quarter. If they materialize, foreign and local investments pledged in the third quarter are expected to generate 41,797 jobs across industries, 10.3% more than the 37,891 prospective jobs from investments pledged a year ago.
Local factory activity improved for the fourth straight month in November, marking its best performance in 11 months. Vietnam, however, outpaced the Philippines’ growth, taking the regional lead in the manufacturing sector after “the sharpest increase in output in over seven years.”
The LTFRB has just issued certificates of public convenience to two new transport network companies (TNC), Aztech Solution International Corp. and RYD Global. Their respective apps SnappyCab and RYD Global join six other accredited TNC offerings in the Philippines, excluding Grab Philippines, whose accreditation has yet to be renewed.