Philippines ranks highest in business optimism in ASEAN

ASEAN logo / image from Google

It is finally becoming into a reality for the Philippines.

Optimism in the Philippines’ economic outlook for 2019 ranked the highest in the upbeat Southeast Asia region, despite the “noise” generated by various groups.

According to the latest Grant Thorton International Business Report (IBR), the positive outlook 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.

The said report states that the business outlook in the Philippines also reflects for both ASEAN and the rest of Asia Pacific, where optimism had a slight drop, but the region remains more optimistic than any other parts of the world.

ASEAN optimism stands at net of 42 percent down from 64 percent in Q2 of 2018 while the optimism in the Asia Pacific region dropped to 34 percent from net of 55 percent.

In the past year, businesses in the country have reportedly grown their revenue by more than five percent, per IBR data.

A vast majority of 70 percent of executives surveyed expect that their business’ revenue would increase in the coming year – in contrary to the more reserved global outlook.  Thus, this 2019, Filipino businesses expect to earn more, charge more, and to employ more.

Further, the IBR also states that 52 percent of those surveyed intent to increase their exports for this year, while 62 percent plan to hire more employees in 2019, and 65 percent of businesses hope to increase the salaries of their employees in the next 12 months.

The report also noted 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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