The International Business Report (IBR) done by Grant Thornton International for this year’s Q1 showed positive results as 90 percent of local participants said they are confident in the Philippine economy for the upcoming months. The positive response grew 18 percent from Q4 last year, making the Philippines the second most optimistic in terms of business. Peru took the top spot with 98 percent.
The report, which was released by the Philippine member firm of Grant Thornton International, Punongbayan & Araullo (P&A), also stated that global optimism is now at 27 percent, and is at its highest point from Q1 2011 when it was at 34 percent.
According to Marivic Españo, CEO and Chair at P&A, the positive projections for 2013 widely contributed to the growth in optimism for local business executives.
It was also indicated in the survey that while businessmen in the country are more optimistic, there is an obvious discrepancy with the actual volume of skilled available workforce in the country and the number of positions that need to be filled.
For Q1 2012, only 20 percent of the local survey participants said they see the lack of skilled workforce as a crucial challenge for growth. This year, it has increased to 46 percent.