More employment awaits the Filipino workforce in the future, as German firms want to extend the employment of Filipino workers in the next 12 years, the comprehensive analysis of the AHK World Business Outlook Fall 2023, conducted by the German-Philippines Chamber of Commerce and Industry or GPCCI and the German Chambers of Commerce Abroad.

"Recognizing the Philippines as a key market in the ASEAN region, it was crucial to gauge its standing and identify areas for growth and success. The satisfactory outlook in the Philippines is encouraging to see as GPCCI continues to provide a platform for German businesses in their market entry in the Philippines," said GPCCI executive director Christopher Zimmer in a statement on Thursday.

The survey evaluated the Philippines' specific results about those of other AHK entities in the ASEAN region and around the world – comparing potential risks and challenges faced at their respective sites.

Additionally, the survey examined investment areas and influential factors, providing a comprehensive view of the business climate.

The analysis report noted that the Philippines ranks highest amongst ASEAN countries in positive outlook toward business situation (44 percent), expectation (63 percent), and employment intentions (48 percent), showing confidence, a positive outlook on business growth, and the intent of German-Philippine companies in hiring more Filipino workers.

The Philippines, according to the survey, also ranked the highest amongst ASEAN countries in considering Energy Prices (38 percent) as a topmost concern for the respondents.

Local economic expectations (22 percent), on the other hand, are also reflected in the local survey (38 percent).

"Philippines' growth and foreign investment face challenges from high energy prices, a concern both locally and globally," states GPCCI Policy and Advocacy Committee chairperson Dr. Marian Norbert Majer.

"With rising costs, it's vital for the government to further explore better alternatives like German renewable energy technologies," he added.

While in the global landscape, the Philippines has garnered significant attention and improved local economic expectations in the next 12 months where the Philippines is poised as the highest (22 percent).

Furthermore, the Philippines has also secured the leading position in employment intentions, with 63 percent of participants planning to hire more within the country in the next 12 months.

Moreover, the Philippines has established dominance in the services sector, claiming the highest ranking at 47 percent as a pivotal factor for investment as well as maintaining a competitive edge in sales and marketing at 50 percent.

"The global comparison shows more interest in job creation by German businesses in the Philippines," says GPCCI President Stefan Schmitz. "Aside from continuing to liberalize the Philippine economy for foreign players, we urge the Philippine government to take advantage of this momentum by instituting laws that seek to improve skills development of Filipinos such as amending the outdated Apprenticeship system and strengthening enterprise-based education."