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Friday, March 29, 2024

Most CEOs expect revenue growth in next 12 months

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Nearly 90 percent of chief executives in the Philippines are confident that their companies will experience revenue growth over the next 12 months, reflecting renewed optimism on economic recovery and resilience.

Business leaders said, however, the country still has a long way to go to fully recover from the pandemic, according to the latest PwC MAP 2022 Philippine CEO survey done in collaboration with the Managers Association of the Philippines.

“This 8th of a series of annual PwC MAP Philippine CEO surveys are envisioned to benchmark the changes in how CEOs think, react and innovate. It has become a regular part of the MAP International CEO Conference, which continues to serve as a premier venue for bringing together business leaders from various fields to share insights and experiences, and imbue them with the know-how and passion to remain competitive in a highly globalized environment,” said MAP president Rogelio Singson.

The survey of 119 CEO respondents revealed that their top 3 concerns were accountability and transparency, fight against corruption and attracting more foreign investments.

The same survey identified corruption, lower domestic and foreign investments and political uncertainty as the areas that could delay the country’s economic recovery.

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Business leaders agreed that infrastructure development, domestic consumption and government spending are the major growth drivers in the next 12 months.

While some CEOs believe that the Philippine economy needed one to two years to recover from the impact of the pandemic, 52 percent think that recovery would take a bit longer.

The majority say that their revenues are back to pre-pandemic levels.

PwC Philippines chairman emeritus Alex Cabrera said the survey is a collection of insights of leaders meant to give every business leader a level of confidence on how to plan their journey, where they are lagging, as well as what could set them apart.

“The CEO survey results tell us the journey that we should take, as well as a mirror on where we are. I hope the government will take heed of these sentiments as the private sector is simply an invaluable and indispensable partner to achieving success in nation building and global competitiveness,” he said.

PwC Philippines, the knowledge partner for the MAP’s International CEO Conference, conducted the survey from mid-July to August following the conference theme “The Wins of Change: Thriving in a World of In-Betweens”.

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