Local firms said they have plans to expand their business operations and hire more people in the coming quarter, according to a central bank survey.
According to the results of the quarterly Business Expectations Survey (BES) by the Bangko Sentral ng Pilipinas (BSP), about one in every three respondent firms in the industry sector indicated expansion plans for the quarter ahead.
The industry sector’s confidence index (CI) in terms of expansion plans for the second quarter rose to 32.5 percent from the 32 percent CI for the first quarter of the year.
With this, the survey said the employment outlook index in the country for the second quarter increased to 25.6 percent from 24.1 percent last quarter.
“This indicates expectations of an overall increase in the number of new employees to be hired for the second quarter of the year,” it stated.
Among the sectors, firms in construction were the most upbeat in their hiring outlook, followed by those in the industry. Hiring expectations held broadly steady among those in the wholesale and retail trade sectors, the survey noted.
Record-high indices were registered in the industry sector, particularly in the electricity, gas and water and manufacturing sub-sectors.
The survey said this outlook is consistent with the expectations of sustained growth of the economy for the quarter ahead.
The BES is referring to the bullish business sentiment for the second quarter, which recorded a 58.2 percent confidence index, higher than the 43.1 percent in the previous quarter.
The survey said respondents expressed anticipation of increased demand during the secondary harvest and open fishing seasons; the graduation and school enrollment periods, as well as the influx of both local and foreign tourists as summer begins; sustained increases in orders and projects; expansion of businesses and new product lines; and the introduction of new and enhanced business strategies and processes.
The BES is a quarterly survey of firms drawn at random from the Securities and Exchange Commission’s top 7,000 corporations ranked in 2010 and Business World’s Top 1000 Corporations in 2012.
The survey was conducted between January 5 and February 10 among 1,523 firms nationwide.