Nearly 9 in 10 chief executive officers (CEOs) of Philippine-based companies see an increase in revenues within the next three years as operations recover from the effects of the pandemic.
Results of the Philippine CEO Survey 2023 showed 83 percent are optimistic about the industry’s prospects for the next 12 months and 79 percent remain positive their organizations will experience revenue growth in the next 12 months.
The survey was conducted by PwC Philippines, as knowledge partner for the Management Association of the Philippines’ (MAP) International CEO Conference, on 157 respondents between July and August.
The survey, however, identified threats faced by businesses: inflation, macroeconomic instability, cyber risks, and supply chain constraints.
To address these challenges, CEOs are reducing operating costs, diversifying product/service offerings, investing in upskilling their workforce, and deploying technology in their operations.
“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,” said Benedicta Du-Baladad, president of the MAP in a statement.
CEOs expressed satisfaction with government’s performance in infrastructure development, forging stronger relationships with other nations, and promoting foreign investments but noted priority should be given to improving the ease of doing business in the Philippines with 89 percent of respondents saying so, and to enhancing technology and infrastructure, 75 percent, across the country to further boost collaborations with other countries.
