NextGen Day

According to the PwC and Management Association of the Philippines (MAP) 2022 Philippine CEO poll, chief executive officers (CEOs) of businesses doing business in the Philippines are still enthusiastic about the coming year.

According to the survey, 87 percent of CEOs are sure that their companies will see an increase in sales over the next year despite the country’s ongoing recovery from the coronavirus disease 2019 (Covid-19) pandemic and the new government’s leadership.

According to PwC and MAP, the figures showed that businesses are still confident in the nation’s economic recovery and resilience.

According to CEOs surveyed, infrastructure development (62 percent), domestic consumption (59 percent), and government spending will be the Philippines’ main economic drivers during the next 12 months (49 percent).

The top executives of firms also view China, Japan, and the United States as significant nations that may impact the overall growth of their organizations.

As a result of the ongoing effects of the global health and economic crisis on their companies, including higher material costs (48 percent), supply chain constraints (45 percent), labor constraints (45 percent), and accelerated inflation in other regions, 35 percent of the CEOs surveyed said their companies have not yet recovered from the Covid-19 pandemic (26 percent).

The threats of new Covid-19 strains and potential lockdowns (50 percent), talent shortages (44 percent), and the capacity to keep up with the evolving innovations, on the other hand, were cited by the majority of the surveyed CEOs as factors that will impede the growth and recovery of their businesses from the pandemic (26 percent).

According to the report, most businesses have the technology and digital upskilling, innovative approaches to people retention and development, enhancing customer experiences, and boosting investments in innovation on their post-pandemic business plans.

The CEO survey results provide a roadmap for our future and a snapshot of where we are right now. According to Alex Cabrera, chairman emeritus and ESG leader of PwC Philippines, “the aggregate insights of leaders provide everyone a level of confidence on how to plan their journey, where they are trailing, as well as what may set them apart.”

Meanwhile, CEOs argued that for the government to aid in the revival and expansion of businesses, the Marcos administration should prioritize fighting corruption, upholding accountability, and attracting more international investment.

The survey also revealed the CEOs’ top worries that would impede the nation’s economic recovery. These include political unpredictability, decreased domestic and foreign investment, corruption, unchecked inflation, and rising oil prices.

Cabrera continued, the private sector is an irreplaceable and indispensable partner to success in nation-building and global competitiveness. “I also hope the government would take attention to similar thoughts,” he said.

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