The Philippines has the most confident business leaders in the Asia-Pacific region when it comes to revenue growth prospects for the year ahead, global consulting firm PricewaterhouseCoopers (PwC) said in a survey.
PwC’s Asia-Pacific Economic Cooperation (APEC) CEO Survey said 51 percent of chief executive officers (CEO) in the Philippines are very confident of business growth in the country.
This compares to the percentage of confident CEO in APEC (28 percent), United States (34 percent) and China (20 percent), the survey, which was launched during sidelines of the APEC Economic Leaders’ Week on Monday, showed.
According to the survey, volatility in the financial markets this summer took a toll on CEO confidence with just 28 percent of business leaders are now “very confident” their organization will see revenue growth over the next 12 months.
“The uniquiness in the Philippines is that it is the only economy that really feels that there is really a bright future so far as revenue is concerned,” Alexander Cabrera, PwC Philippines chairman and senior partner, said in a press conference.
Cabrera said business leaders in the Philippines are optimistic of the opportunities that the Association of Southeast Asian Nations integration may bring to their businesses.
They are also confident that the gains that the country achieved over the past six will be irreversible despite the entry of the new administration next year, he added.
On the other hand, the survey said despite their dwindling confidence in revenue growth, majority of CEOs in APEC or 53 percent still plan to increase investments over the next 12 months, with most of that investment (68 percent) planned for the region.
“There’s also a clear diversification of investments within the APEC region. While China, the US, and Indonesia remain the main draws for CEO business investments, The Philippines, Vietnam and Singapore economies are attractive fro CEOs, and where around half of CEOs say they plan to raise investments during the next year,” the survey said.
“Insofar as Philippine CEOs are concerned, their neighbors–Indonesia, Vietnam and Thailand–are their favorite investment destinations,” Cabrera said.
Carried out by PwC International Survey Unit, the APEC CEO Survey 2015 was conducted between June 23 and August 21, 2015, covering 800 CEOs and industry leaders across 52 nations with operations in all 21 APEC economies.