-- Philippine business sentiment deteriorated sharply in March as concerns over higher fuel costs stemming from Middle East tensions dampened outlook, The Bangko Sentral ng Pilipinas survey showed Friday.
The confidence index plunged to -24.3% from 8.2% in February, while the outlook for the next quarter fell to -17.3% from 37.4%.
The 12-month outlook remained positive but weakened significantly to 11.7% from 51.1%, reflecting worries over geopolitical risks and ongoing inflation, the central bank said.
Hiring plans also softened for both the coming quarter and year, indicating slower job growth ahead.
Firms expect inflation to rise above the central bank's 3% target but stay within its allowed range, with the central bank ready to act if pressures increase., the report said.