The majority of the country’s chief executives are confident about the industry prospects for the next 12 months, according to the Philippine CEO Survey 2023 released Monday by PwC Philippines and the Management Association of the Philippines (MAP).
Results of the survey show that 83 percent of CEOs are optimistic on the next 12 months despite the threats of inflation, macroeconomic instability, cyber risks and supply chain constraints, said MAP president Benedicta Du-Baladad.
“Philippine business leaders have faced serious threats, but they have risen to the occasion and found new opportunities for growth through creativity and innovation. The pandemic has forced them to adapt to the changing business landscape, and they have emerged stronger and more resilient than ever before,” she said.
She said to address these challenges, CEOs are reducing operating costs, diversifying product/service offerings, investing in upskilling their workforce and deploying technology in their operations.
PwC, the knowledge partner for MAP’s International CEO Conference to be held on Sept. 12 at the EDSA Shnagri-La PLaza Hotel, said 83 percent of CEOs reported in the survey that their respective organizations had already rebounded from the impact of the pandemic.
About 79 percent of CEOs remain positive that their organizations will experience revenue growth in the next 12 months, while 87 percent are certain that they will see an increase in revenues within the next three years.
The survey says while the CEOs believe that the government’s performance in infrastructure development, forging stronger relationships with other nations, and promoting foreign investments have been satisfactory so far, there is still room for improvement.
The CEOs suggest that the government prioritize improving the ease of doing business in the Philippines and enhance technology and infrastructure across the country to further boost collaborations with other countries.
“The government’s support is crucial in ensuring that businesses continue to thrive amid the challenges. We need to work together towards a more favorable business environment that fosters innovation and growth,” said Isla Lipana & Co./PwC Philippines chairman and senior partner Roderick Danao.
PwC said that with 70 percent of CEOs doing business with international organizations, it is essential for the government to work towards deepening relationships with other nations.
About 89 percent the CEOs suggested that the government improve the ease of doing business in the Philippines and 75 percent underscored the need to improve technology and infrastructure across the country.
About 157 CEOs participated in the Philippine CEO Survey in July and August 2023.
