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Philippine Mid-Market Firms Exhibit Resilient Optimism Amidst Economic Uncertainties
In the face of business unpredictability, Philippine mid-market firms remain to demonstrate resilience and agility as these businesses are navigating the complexities of the current environment with innovation, adaptability, and optimism for the future.
The latest data from Grant Thornton’s International Business Report (IBR) reveals that optimism among mid-market businesses in the Philippines has reached 66% in Q2-2024, up from 61% in Q1-2024. This rise underscores the positive outlook of Philippine mid-market businesses, despite the ongoing economic challenges and uncertainties on both the global and domestic fronts.
Revenue and Profitability Expectations Reflect Strong Performance
Philippine mid-market businesses are demonstrating confidence in their financial performance, with 64% expecting an increase in revenue over the next 12 months, up from 60% in Q1-2024. This aligns with the global average and slightly outperforms the Asia Pacific average of 63%. Despite some fluctuations, the steady revenue expectations reflect the resilience of the Philippine economy.
Profitability expectations remain robust, with 83% of mid-market firms anticipating higher profits in Q2-2024, although this is a slight decrease from 85% in Q1-2024. These trends indicate that businesses are focused on maintaining strong profitability margins through efficient operations and cost management, even amidst economic uncertainties.
Employment Intentions and Strategic Investment Reflect Cautious Business Expansion
Employment intentions among mid-market businesses in the Philippines have decreased to 70% in Q2-2024 from 80% in Q1-2024. Despite this decline, employment intentions remain stronger than the regional and global averages of 48% and 55%, respectively. This cautious approach to hiring reflects ongoing economic uncertainties and a reassessment of workforce needs considering current market conditions.
Philippine mid-market firms are poised to make significant investments in key areas. The main investment priorities include people, research and development (R&D), technology, and branding, reflecting a comprehensive approach to fostering growth and competitiveness.
- People: Investing in human capital is crucial, with 83% of firms planning to increase their investment in workforce development. This includes leadership development (68%), upskilling (64%), and enhancing organizational culture and new ways of working (72%). Recognizing that skilled and motivated employees are key to achieving business objectives, firms are focusing on hiring new talent and providing training and development opportunities to existing staff.
- Research and Development (R&D): Investment in R&D is also on the rise, with 74% of businesses focusing on innovation to develop new products and services. This commitment to R&D is essential for staying ahead of the competition and responding to evolving market demands.
- Technology: A significant proportion of firms are planning to increase their IT spending, with 77% planning to invest in this area in Q2-2024. This includes introducing advanced technology (71%), cybersecurity tools (52%), and investing in artificial intelligence (46%). This highlights the importance of digital tools and solutions in driving efficiency and growth.
- Branding: Enhancing brand value is also a key focus, with 74% of firms planning to invest in their brand. Strong branding efforts can help businesses stand out in a competitive market and foster customer loyalty.
- New Workspaces: Philippine mid-market firms are significantly investing in new workspaces, with 74% planning to do so in Q2-2024, up from 73% in Q1-2024. This reflects a substantial increase from 55% in H2-2023 and aligns with the global trend, where 52% of firms are planning similar investments. Investing in modern and flexible workspaces is essential for fostering innovation and productivity.
Addressing Business Constraints
Despite the optimistic outlook, Philippine businesses continue to face several challenges. The top three business constraints identified by mid-market firms are the cost of shipping, economic uncertainty, and energy costs.
The cost of shipping remains a significant concern, with 71% of Philippine mid-market firms citing it as a major issue in Q2-2024, up from 63% in Q1-2024. This is significantly higher than the Asia Pacific (39%) and global (45%) averages, reflecting the unique logistical challenges faced by businesses in the Philippines.
Economic uncertainty is another major constraint, with 57% of firms citing it as a concern in Q2-2024, up from 52% in Q1-2024. This reflects the ongoing worries about potential market fluctuations and geopolitical issues, which can impact business planning and operations.
Energy costs are also a critical challenge, with 55% of firms highlighting it as a concern in Q2-2024, down slightly from 60% in Q1-2024. Rising energy costs directly impact operational expenses and profit margins, making it a key area of concern for businesses looking to maintain their competitiveness.
Leveraging People and Technology
Romualdo V. Murcia III, Chairman and Managing Partner of P&A Grant Thornton, emphasizes the importance of investing in people and staying abreast of digital advancements: “By prioritizing workforce development and leadership training, businesses can ensure they have the skilled and motivated employees necessary to achieve their strategic objectives. This human capital investment must be complemented by a strong emphasis on digital transformation. And by adopting advanced technologies such as artificial intelligence, cybersecurity tools, and data analytics, businesses can modernize their operations, enhance customer experiences, and maintain a competitive edge.”
As published in Malaya Business Insight, Manila Standard, The Manila Times, Mindanao Times, BusinessWorld, and Philippine Daily Inquirer, 21, 23, 25 August and 11, 20 September 2024