Medium-sized companies in the Philippines have turned more optimistic despite the ongoing economic challenges and uncertainties on both the global and domestic fronts.
Latest data from Grant Thornton’s International Business Report (IBR) showed optimism among mid-market businesses in the Philippines has reached 66 percent in the second quarter from 61 percent in the first quarter.
These companies are also more confident about their financial performance, with 64 percent expecting an increase in revenue over the next 12 months, up from 60 percent in the first quarter, slightly outperforming the 63 percent Asia-Pacific average but well within global average.
The IBR, however, showed profitability expectations slightly dropped, with 83 percent of mid-market firms anticipating higher profits in the second quarter from 85 percent in the first quarter.
A bigger drop was noted in employment intentions to 70 percent in the second quarter from 80 percent in the first quarter although this is stronger than the regional and global averages of 48 percent and 55 percent, respectively.
Mid-market firms identified cost of shipping, economic uncertainty, and energy costs as top three concerns.
They are nevertheless investing in key areas led by people, research and development , technology, and branding to foster growth and competitiveness.
