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.
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| 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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