The Bangko Sentral ng Pilipinas’ (BSP) Q3 Business Expectations Survey (BES) — released on Friday — said the rainy and typhoon season, as well as the “ghost month” of August, contributed to subdued demand. “Global headwinds, such as higher US tariffs, geopolitical tensions, and weaker foreign demand, also weighed on business confidence,” the BSP said. For the fourth quarter, or October to December, the CI improved to 49.5 percent from 39.3 percent in the second quarter BES, due to seasonal factors. The more optimistic outlook in the fourth quarter was due to higher consumer holiday spending, companies’ expansion plans and low inflation. For the last quarter of 2025, the CI increased to 6.9 percent in the latest survey from 0.6 percent in the second quarter survey.