• Firms to expand, hire more

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    Local businesses are planning to expand their operations and employ more workers in the second quarter of the year, the latest central bank business survey showed.

    The percentage of industrial firms with expansion plans for the quarter ahead remained broadly steady, with the confidence index (CI) of such companies up at 31.9 percent from 31.3 percent in the preceding quarter, according to the results of the first-quarter Business Expectations Survey (BES) released last week by the Bangko Sentral ng Pilipinas (BSP).

    The confidence index is calculated as the net percentage of companies that answered in the affirmative compared with the percentage of firms that answered in the negative according to their views on a given indicator.

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