Filipino CEOs expect economy to pick up within the next year, survey suggests

Infrastructure development was cited by 62 percent of CEOs as a key driver for economic growth in the upcoming year

A survey conducted by the Management Association of the Philippines (MAP) and PwC Philippines revealed that a majority of CEOs from corporations in the country expect the economy to pick up within the next year.

“Most CEOs saw renewed optimism of the country’s continued economic recovery and resilience,” said Mary Jade Roxas-Divinagracia, PwC managing partner for deals and corporate finance, reported Philstar.com.

Eighty-seven percent of them were confident that their businesses would see growth in revenue in the next 12 months.

Infrastructure development was cited by 62 percent of CEOs as a key driver for economic growth in the upcoming year, followed by domestic consumption (59 percent) and government spending (46 percent).

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Meanwhile, The Manila Times reported that for digital transformation to take place, the public and private sectors had to address the constantly growing demand for connectivity given that the majority of Filipinos now work and learn online, according to engineer Derick Dimla, manager and head of Globe’s network technology innovations.

“We are in the digital information age and tech-driven development is key to economic recovery and growth,” he said during the “Promoting Broad-Based Prosperity Through Digital Infrastructure” forum.

“We’ll need the relevant framework policies and partnership to happen at the right pace so we need the help of our LGUs (local government units), the different stakeholders, the private companies, the private sectors to collaborate and bring those policies as industry practices so that we can develop even more solutions for our Filipino people,” he said.

Victor Andres “Dindo” Manhit, founder and managing director of the Stratbase Group, seconded this sentiment, noting that for the nation to compete on a global scale, it needs to be more open to innovative business practices. According to him, a crucial prerequisite for the development and accessibility of new digital breakthroughs and technologies is digital infrastructure.

The Property Report editors wrote this article. For more information, email: [email protected].