Business optimism in the Philippine economy in the first quarter of 2016 has dropped by 18 points compared to the previous quarter, a global survey conducted by an international audit and tax services firm revealed on Thursday.

The Grant Thornton’s International Business Report (IBR), a quarterly global business survey of 2,500 businesses in 36 economies, showed that firms’ optimism for the next 12 months in the Philippine economy fell to 56 percent in the first quarter of 2016 from 84 percent during the last quarter of 2015.

Business expectations also dipped in the fields of selling prices at 34 percent from 62 percent and employment at 42 percent from 60 percent.

As published in Philippine Daily Inquirer dated 14 April 2016