Business optimism in the Philippines marked its highest quarterly rating in over half a decade, keeping its rank as the second highest in that regard among 36 economies in the first quarter of the year, data from a global survey showed.
This is according to the Grant Thornton International Business report, which covered 2,400 businesses in the first quarter, asking for business insights, including optimism that the local economy would grow in the next 12 months.
The Philippines scored a net of 98 percent in the Jan. to March period, which is 18 points higher than the net recorded in the last quarter of 2016. This is also the highest quarterly score since at least the fourth quarter of 2010. The data did not detail quarterly ratings from anytime before that year.
The country was second to Indonesia, which got a net of 100 percent, a 12-point increase from the last three months of last year.
During the fourth quarter, Grant Thornton also reported that the Philippines ranked second highest for business optimism, second to India and Indonesia, which both had 88 percent.
Higher levels of optimism in the country reflect the positive outlook for businesses across the Asia-Pacific region.
Marivic Españo, chair and CEO of P&A Grant Thornton, took notice of how developed economies in the region were turning positive, following a relatively clearer trade direction that the US is taking.
“With confirmation of a US withdrawal from the Trans-Pacific Partnership, at least businesses can now begin to manage the fallout. Many will be looking to see how trade relations with the US pan out in future and, in the meantime, the corridor to China for exports looks positive as its economy continues to recover,” she said in a statement.