The Philippines went up by seven notches in six months in an internal business confidence index survey.
The Regus Business Confidence Index (BCI) stated that the Philippines accelerated the fastest from the 154th spot in April to no. 147 in October, nearing the global average of 113 points.
The climb was attributed to high efficiency outcomes and revenue growth reported by companies that are based or have invested in the Philippines.
“Companies reporting revenue growth in the Philippines have increased from 63 percent to 74 percent and stayed steady growing from 59 percent to 72 percent,” Regus said in a statement.
“While mature economies are showing confidence gains as their economic outlook turns positive, the emerging world is slowing the pace of growth as businesses aim to become increasingly efficient to promote productivity. Our research also shows that utilizing flexible workspaces can have a significant impact on the bottom line, encouraging sustainable growth,” said Mark Dixon, Regus chief executive officer, in reference to the slowdown of emerging economies as opposed to the rise in Philippine business confidence.
Regus noted that the Philippines has four efficiency outcomes that boosted the country’s ranking: cost-effective service providers (58 percent); higher return on investment on marketing and advertising (54 percent); improved staff retention (49 percent) and cheaper advertising.
The report cited that Filipino businesses are focused on “finding cost-effective services providers over the next twelve months” for efficient business processes as well as generating maximum advantages from existing assets without compromising expansion plans.