Upbeat
No. 01.28.14 No. 2102 10.30.2008
Filipino businesspeople, world’s most optimistic Filipino businesspeople, alongside United Arab Emirates (UAE) businesspeople, are the most upbeat about the economy, the Grant Thornton’s latest International Business Report (IBR) showed. This level of optimism was higher than any other country except the United Arab Emirates (UAE), which shared the Philippines’ spot as most optimistic. IBR reported that optimism in the Philippines and UAE, pegged at 90%, is more than thrice the global average, pegged at only 27% for the next 12 months.
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Other countries on top of the economic optimism list were Peru at 84%; Indonesia, 78%; and New Zealand, 74%.
Filipino businessmen’s optimism also shines brightest in the Association of Southeast Asian Nations (ASEAN), with Viet Nam’s optimism pegged at 40%; Singapore, 24%; and Malaysia, 20%. The Philippine economy enjoyed a series of gains in 2013 and bagged long-awaited investment grade ratings from top global debt watchers. Business groups remained positive on the country’s economy, despite destructions caused by consecutive strong typhoons and other natural disasters, with most firms forecasting 6% to 7% growth for 2013 and 2014. Meanwhile, businesses in the Philippines also have high hopes to have salary increase (84%) and increase in revenue (64%) and profitability (63%) this year. The Philippine gross domestic product (GDP) was seen to grow by 6% to 7% in 2013 driven by increased infrastructure spending and remittances from abroad, and revival of the manufacturing sector, according to government forecasts. The Grant Thornton IBR surveys more than 12,500 businesses in 44 economies across the globe on an annual basis to provide insight into the economic and commercial issues affecting both listed and privately held companies worldwide.