MBC executive director Peter Perfecto. Photo from https://www.mbc.com.ph
MANILA, Philippines — Majority of senior business executives belonging to the Makati Business Club see brighter prospects for the Philippine economy in 2014, with expectations of a sustained GDP growth and higher exports and investments.
This optimism has been seen trickling down to operations of local companies with anticipation of higher revenues and net incomes, as well as of additional capital outlays for the year, results of MBC’s First Semester 2014 Executive Outlook Survey showed.
“MBC members see brighter prospects in investments, exports, and imports as driving this year’s economic expansion. Furthermore, the positive business sentiment extends to the company level as none of the companies polled project a decline in gross revenues this year. None of our member companies plan to lay off or downsize their workforce this year,” MBC executive director Peter Perfecto said in a statement.
The outlook survey was conducted from February 3 to March 6, 2014, with MBC polling a total of 73 senior business executives, representing 20 percent of its 367 member companies.
Survey results showed that 52 percent of the businessmen polled were optimistic that the country’s economic growth would remain at the same level as last year’s 7.2 percent, while 30 percent saw higher GDP growth. Only 18 percent projected a lower GDP growth for 2014.
According to the survey, 64 percent of the respondents expect the country’s headline inflation to be higher in 2014 compared to last year’s average rate of 3 percent.
Businessmen also waxed optimistic about the new investments coming in as well as with the country’s export growth, as 73 percent of the survey respondents expected approved investment pledges to surpass last year’s levels, while 64 percent saw higher export receipts for 2014.
More than 75 percent, meanwhile, are anticipating the country to have higher imports this year from the $61.7 billion recorded in 2013.