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Behind the Numbers: People of P&A Grant Thornton
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Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...
Our vision is to help learning institutions and business organisations go beyond and create powerful learning cultures through technology integration,...
Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...
Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...
Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...
Opportunity and optimism have emerged within the retail estate and construction industry. At P&A Grant Thornton, it’s our goal to help you benefit from these...
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P&A Grant Thornton
Business optimism soars to 7-year high in Quarter 1
12 Apr 2017
MANILA, Philippines - Business optimism in the Philippines soared to a new high seven-year in the first quarter, ranking as the second strongest among 36 economies worldwide, a new global survey showed.
Grant Thornton’s International Business Report revealed business leaders in the country are at their most confident in seven years, with optimism rising to a net 98 percent in the first quarter from 56 percent in the same period last year and 80 percent in the fourth quarter of 2016.
Based on data available since the fourth quarter of 2010, the highest business optimism which the country recorded prior to the latest results was in the third quarter of 2013, with a net rate of 96 percent.
The 98 percent optimism rate of business executives on the country’s economy over the next 12 months placed it second behind Indonesia’s 100 percent.
Malta placed third with 86 percent, followed by India and Netherlands at 85 percent and 84 percent, respectively.
Major economies like the US recorded a business optimism rate of 80 percent in the first quarter (ranking 6th), while China was at 48 percent (ranking 16th) and Russia at 14 percent (ranking 25th).
Japan and Greece were at the bottom with -25 percent and -52 percent, respectively.
The global survey covered 2,400 businesses in 36 economies.
“We’ve witnessed a split between the developed and emerging Asia-Pacific regions for some time now, so it’s encouraging to see the region’s developed economies experience a positive swing in the pendulum. With confirmation of a US withdrawal from the Trans-Pacific Partnership, at least businesses can now begin to manage the fall-out. Many will be looking to see how trade relations with the US pan out in the future and, in the meantime, the corridor to China for exports looks positive as its economy continues to recover,” P&A Grant Thornton chairperson and CEO Marivic Espano said.
For the Philippines, expectation for higher revenues in the next 12 months increased to 76 percent in the first quarter from 66 percent in the same quarter last year. Profitability expectations are also higher at 84 percent from 70 percent the previous year.
Meanwhile, businesses who have cited regulations and red tape as major constraint have declined to 28 percent in the first quarter from 52 percent in the same period last year.
As published in Philippine Star, dated on 12 April 2017
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