Bangko Sentral ng Pilipinas Governor Rafael B. Buenaventura will announce the results of the First BSP Business Expectations Survey (BES) Awards at 10 a.m. tomorrow morning (Wednesday, July 7) at the annual meeting of executives from the nation’s top corporations at the Philippine International Convention Center. The awardees were chosen from more than 600 respondents to the BES quarterly surveys based on the quality of their response as to completeness, accuracy, timeliness and response rate.
The BES solicits perceptions of business and industry executives on short term prospects of the economy. Survey results are widely disseminated and, in general, help guide business finetune planning and pricing decisions. In particular, the survey is important to BSP because it provides timely information on how the business sector is responding to the current macroeconomic environment.
Governor Buenaventura said the BES is particularly useful to BSP because it contains the respondents’ short-term economic prospects and their own adaptive business strategies. “In turn, we at the BSP are able to craft more solidly-based, more market-informed monetary and banking policies which are more forward-looking than one based on nostalgia.”
One indicator of the confidence in the quality of the BES is the decision of the International Monetary Fund to use the survey results in its monitoring of global market developments.
The BSP will distribute seven BES Awards today, including two awardees for “Outstanding BES Respondent of the Year” - one for small companies with less than 100 employees and the other for medium and large corporations with more than 100 employees. Awardees for respondent of the year in the sectors of industry, trade, construction and services will also be announced. A special award will be given to the respondent who got the highest score for timeliness in the submission of survey forms. Separate awarding ceremonies will be held for “Respondent of the Year” for Region I, Region VII and Region XI. The awardees were chosen from respondents belonging to the Top 5000 Corporations in the country and are based in the National Capital Region and in Regions I, VII and X1.
As a service to the survey respondents, the BSP regularly provides them with leading economic and financial indicators, as well as the results of the quarterly BES. The BSP is also set to start regular Consumer Expectations Survey to complement the BES.