Philippine privately held businesses have become more pessimistic overall but the Philippines remains among the world’s “pockets of hope” at a time of global economic downturn, according to the latest survey by Grant Thornton International.

Initial findings of the survey International Business Report 2009 showed local business leaders’ optimism on the country’s economy dropped for the first time in six years since Philippine respondents started taking part in the annual survey.

The latest IBR covered at least 78,000 businesses in 34 countries and territories in the Asia-Pacific, the Americas, Europe, Middle East and Africa.

The auditing and consulting firm of Punongbayan & Araullo, Grant Thornton International’s local member-firm, said optimism among privately held businesses, or PHBs, around the world has slumped by 56 percent in the past 12 months, pushing the GTI optimism/pessimism barometer to a record negative balance of -16 percent from +40 percent this time last year.

The figures refer to the percentage balance of respondents who are optimistic minus those who are pessimistic, with a highest possible figure of +100 percent and a lowest of -100 percent.

The local trend was similar, with the balance slipping to +65 percent in the latest study from a peak of +95 percent in the previous one.

The study showed that this was the first time in six years that pessimists outweighed optimists although it also indicated that pockets of hope remain especially among emerging economies.

Philippine PHBs ranked third among the most optimistic groups, trailing their counterparts in India and Botswana.

Greg Navarro, managing partner and chief executive of Punongbayan & Araullo, said local businesses realized that the current global economic downturn does bring with it certain opportunities that favor them.

“Indeed, while mature economies scramble to find ways to prop up their financial sectors, smaller economies that haven’t been as badly affected by the United States’ subprime crisis are becoming more attractive destinations for investors,” Navarro said.

Navarro said that among the sectors that show continued growth was the business process outsourcing industry, which posted a 16-percent growth in the first five months of 2008.

“Other sectors, like the manufacturing and real estate industries are also looking at big-ticket projects for 2009. There are ongoing infrastructure projects that will certainly make the Philippines an even more attractive investment location,” he added. With editing by INQUIRER.net