PH ranks highest in business optimism in ASEAN

PH ranks highest in business optimism in ASEAN

Before it was only a dream, but now its becoming the reality for our country.
Despite the “noise” generated by the different groups, the optimism for the Philipppines’ economic outlook for 2019 ranked the highest in South Asia in contrast to the more reserved global outlook, according to the International Business Report (IBR).
 The latest Grant Thorton IBR revealed that the positive oulook for the Philippine economy is at net 66 percent, followed by Indonesia at net 61 percent, and then by Vietnam and Malaysia at net 38 percent.
ASEAN flag (photo credit to owner)

The report said that the business outlook for the Philippines is not limited to the outlook among the Association of South East Asian Nation (ASEAN) member countries but also for the Asia Pacific — optimism has slightly dropped, but the region remains more optimistic than other parts of the world. 
Optimism in ASEAN stands at net 42 percent, down from 64 percent in the second quarter of 2018. Optimism in the Asia Pacific region, on the other hand, has also dropped from net 55 percent to net 34 percent.
IBR data took note that businesses in the Philippines have grown their revenue by more than 5 percent in the past year. As a result, two-thirds of business leaders surveyed are very optimistic about the local economy this 2019.
The IBR report says that “For this year, Filipino business executives expect to earn more, charge more, and employ more. A vast majority of 70 percent of executives surveyed expect their business’ revenue to increase in the coming year — a contrast to the more reserved global outlook at net 39 percent. Sixty-six percent of IBR respondents also expect to increase the selling prices of their products and services.
In addition, 52 percent of those surveyed intend to increase their exports this year, while 62 percent plan to employ more people in 2019. 65 percent of business leaders surveyed hope to increase the salaries of their employees over the next 12 months.”
While the general outlook for the Philippine economy remains very optimistic, financial constraints are considered the most significant external barrier to expanding, the report added.
The report also notes that ASEAN and China have held up  far better than the advanced economies of Europe; ASEAN countries are trading effectively amongst themselves, thanks to year of economic cooperation, collaboration, and integration.

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Report from Manila Bulletin

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