Poll: ‘Room for improvement’

Despite economic headwinds battering the country, most executives in the Philippines said their firms had recovered from the heavy losses from the devastation of the Covid-19 pandemic.

The Philippine CEO Survey 2023 undertaken from last July to August by the Management Association of the Philippines through consulting firm PwC Philippines, asked 157 CEOs on the situation of companies they head.

Some 83 percent of the chief executive officers said their organizations had rebounded from the impact of the global plague.

On the other hand, 79 percent of CEOs remained positive of revenue growth in the next 12 months, while 87 percent are certain of experiencing gain within the next three years.

The survey also showed CEOs were confident about the industry's prospects for the next 12 months, with 83 percent expressing optimism.

Roadblocks ahead

Despite this, CEOs still consider major roadblocks in attaining progress in the coming months, namely threats from inflation, macroeconomic instability, cyber risks, and supply chain constraints.

In addressing those problems, the survey said CEOs are reducing operating costs, diversifying product/service offerings, investing in upskilling and deploying technology in their operations.

"Despite numerous challenges, Philippine business leaders have achieved stability and growth. 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," Benedicta "Dick" Du-Baladad, MAP president, said.

The survey indicated CEOs considered that the government had performed well in infrastructure development, forging stronger relationships with other nations, and promoting foreign investments but many cited a "room for improvement."

Priorities listed

The CEOs suggest that the government should prioritize improving the ease of doing business and enhancing 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," Roderick Danao, chairperson, and senior partner of Isla Lipana & Co./PwC Philippines, said.

With 70 percent of CEOs doing business with international organizations, it is essential for the government to work towards deepening relationships with other nations, according to the survey.

To further boost collaborations with other countries, the CEOs suggested that the government improves the ease of doing business processes (89 percent) and improve technology and infrastructure across the country (75 percent).