MBC: Execs upbeat on PH trade, economy

Most of the country’s senior business executives expect the economy’s growth to accelerate this year as inflation remains stable, the Makati Business Club (MBC) said Wednesday.

In a report, MBC said its Executive Outlook Survey showed that almost 66 percent of respondents expected the country’s economic growth this year would beat the 6.6 percent gross domestic product (GDP) rise in 2012.

Less than 27 percent of respondents said GDP growth would remain constant, while close to 8 percent of respondents projected lower growth for 2013.

“This very bullish sentiment among senior business executives has never been observed in the past 19 years,” MBC said.

On trade, almost 69 percent of respondents expect exports to be higher in 2013 than the $52 billion posted in 2012. About 22 percent believe exports will remain the same as that of last year while almost 8 percent foresee lower exports.

Also, over 81 percent of respondents project imports to go up in 2013. Just over 14 percent think imports will stay at last year’s level of $61.7 billion, while less than 2 percent anticipate a drop in imports.

MBC said the survey from Feb. 5 to March 6 also showed that most of the business people expected inflation to mirror last year’s average of 3.2 percent.

On the yearend peso-dollar rate, more than 62 percent of respondents anticipated further appreciation of the local currency against the US greenback by an average of 4.3 percent from the 41.05:$1 rate in 2012.

MBC’s Executive Outlook Survey First Semester 2013 had 64 members, representing 16.8 percent of 380 MBC member-companies, excluding foreign embassies and trade offices.