Confidence of business owners in the country significantly dropped in the first quarter of 2016, from 84% in the last quarter of 2015 to 56%, according to the latest research from Grant Thornton’s International Business Report.
The Philippines is not the only one with slumped optimism, as confidence dropped globally at 26%, the lowest quarterly figure since the fourth quarter of 2012.
Terrorism, fragile financial markets, and political uncertainty especially in the European Union were cited factors for the drop. However, Marivic Españo, chairperson and CEO of P&A Grant Thornton said surveyed companies in the country are hopeful the next three months will be better for business.
“Many surveyed firms in the Philippines are confident about their prospects for revenue and employment plans. Much of the sentiment across the region is linked to activity in China... there is a broad feeling that the pace and the extent of the Chinese economic slowdown has not been as bad as feared,” Españo said.
As published in Entrepreneur Philippines dated 14 April 2016 by Elyssa Christine Lopez