The Business Expectations Survey reported:
Business confidence in Q4 2008 improved slightly relative to the previous quarter, although the overall confidence index (CI) remained negative. The CI at -6.8 percent, went up by 6.1 percentage points quarter-on-quarter. This moderate uptick may be due to the recent easing of world oil prices as well as expectations of a seasonal pick-up in demand and higher OFW remittances during the year-end holidays. The bearish outlook on the macroeconomy mirrored the weak global sentiment due to the global economic slowdown and the financial turmoil.
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