By Monsi A. Serrano
Amidst the challenges that the country faced during the pandemic, notwithstanding the almost P13 trillion debt left by Duterte administration which is equivalent of 62.1 percent of gross domestic product of our country, and the dropped of Foreign Direct Investment to 51.5% year-on-year in June, almost 90% of the CEOs are confident that their company will experience revenue growth for the next 12 months and the next three years. This demonstrates renewed optimism on the country’s continued economic recovery and resilience.
While this is the sentiment of the country’s Captains of Industry, it is noted that the country still has a long way to go to fully recover from the pandemic.
The Management Association of the Philippines’ (MAP) International CEO Conference in partnership with PwC Philippines, as Knowledge Partner conducted survey during mid-July to August dubbed as PwC MAP 2022 Philippine CEO survey that follows the conference theme “The Wins of Change: Thriving in a World of In-Betweens”.
CEOs are asked to determine what are the areas that the new administration should prioritize by the leadership. The following areas were indentified, accountability and transparency, fight against corruption, and attracting more foreign investments. The CEOs also identified corruption, lower domestic and foreign investments, and political uncertainty as the areas that could delay the country’s economic recovery.
For his part, PwC Philippines Chairman Emeritus and ESG Leader Alex Cabrera said,”The CEO survey results tell us the journey that we should take, as well as a mirror on where we are. The collective insights of leaders give everyone a level of confidence on how to plan their journey, where they are lagging, as well as what could set them apart. I also hope the government will take heed of these sentiments as the private sector is simply an invaluable and indispensable partner to achieving success in nation building and global competitiveness.”
Meanwhile, MAP President Rogelio “Babes” L. Singson pointed out that the survey sparks dialogues and ideas among CEOs. “This eighth of a series of annual PwC MAP Philippine CEO Surveys are envisioned to benchmark the changes in how CEOs think, react and innovate. It has become a regular part of the MAP International CEO Conference, which continues to serve as a premier venue for bringing together business leaders from various fields to share insights and experiences, and imbue them with the know-how and passion to remain competitive in a highly globalized environment.”
Singson also pointed out that one of the main reasons why the country do not attract both local and foreign investment is due to the bureaucracy even with the Ease of Doing is in placed.
“Even the Mom and Pop business cannot even thrive because of the bureaucracy at the local government level. How much more for the foreign investors?,” he said.
He also noted the need for the country to benchmark from our ASEAN neighbors and review or incentives and taxation.
PwC Philippines Chairman and Senior Partner Roderick Danao expressed gratitude to all the respondent CEOs who gave their time to get the real sentiment about the business industry in the Philippines.
“A big thank you goes to the 119 CEOs in our country who lent their time and thoughts to our survey. As the COVID crisis comes to a soft close, we congratulate them for remaining optimistic while keeping their eyes peeled for unexpected disruptions and opportunities. On behalf of the partners at PwC Philippines, we hope the CEOs and other readers will draw useful insights from the PwC MAP 2022 Philippine CEO survey,” he said.
(To know more about the survey, visit www.pwc.com/ph/ceosurvey.)