NextGen Day

According to the German-Philippines Chamber of Commerce and Industry’s (GPCCI) World Business Outlooks (WBO) Fall 2021 Survey, the number of German companies operating in the Philippines that claim their businesses are in “excellent shape” has increased.

The WBO Fall 2021 Survey was performed by the GPCCI from September 21 to October 15, as constraints imposed by fears of the Delta version began to ease.

According to the poll, 32% of German businesses were in “excellent shape” during the time period, 47% were in “acceptable shape,” and 20% were in “poor shape.”

This was an improvement over the Spring 2021 result, which was obtained between March 18 and April 19, when the government reimposed the rigorous enhanced community quarantine to address instances of coronavirus disease 2019 (Covid-19) Alpha strain.

In the Spring 2021 study, 21% of businesses stated they were in a “good situation,” 47% said “satisfactory,” and 29% claimed they were in a “poor situation.”

“The decrease in daily active Covid-19 instances and the graduation of key areas to a more flexible alert level gives a good prospect for our survey respondents,” stated GPCCI executive director Christopher Zimmer.

In the most recent poll, the number of enterprises with a positive outlook for the next 12 months increased as well.

In the Spring 2021 poll, only 29% of respondents indicated they expected business circumstances to improve in the next 12 months, compared to 57% who said they expected business conditions to improve in the next 12 months.

In the Fall Survey, about 40% predicted business conditions will remain the same, down from 62 percent in the previous survey.

In the Fall 2021 poll, 3 percent of businesses projected worse business conditions in the following 12 months, down from 9 percent in the Spring 2021 survey.

Potential challenges emerging from travel restrictions and supply chain worries, on the other hand, are weighing on company sentiments.

“We continue to see challenges coming in for important foreign nationals of both new and existing enterprises in the Philippines, as entrance processes and standards remain stringent, time-consuming, and burdensome,” Zimmer said.

Zimmer went on to say that the GPCCI has requested the Philippine government to address the concerns about travel limitations, which have been expressed by other international businesspeople as well, because it impacts their operations and investment plans in the Philippines.

According to the report, 51% of businesses have canceled or postponed their investments.

“In the next days, certain economic reform measures such as the Amendments to the Retail Trade Liberalization Act and the Foreign Investments Act are expected to be signed into law, indicating a significant amount of potential to boost the Philippine economy.” As a result, we urge the Philippine government to look into how existing business concerns may be addressed so that enterprises can contribute to the country’s economic recovery even before 2022,” GPCCI President Stefan Schimtz stated.

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