RP drops 9 places in emerging opportunity markets survey

Published by rudy Date posted on April 28, 2010

MANILA, Philippines – The Philippines dropped nine notches in the emerging opportunity market index due to the low projected economic growth for the country this year, the latest issue of the International Business Report (IBR) of global auditing from Grant Thornton noted.

The country fell the most in the 2010 index, dropping from 17th to 25th place, the survey showed.

The report, released by Grant Thornton’s local partner Punongbayan & Araullo said the Philippine economy weathered the financial storm better than most of its neighbors over the course of 2008 to 2009 due to its lower dependence on exports, but continued reliance on remittances from an estimated five million Filipino workers overseas to fuel consumer demand is a significant risk to long-term economic growth.

Despite this tumble, however, Filipino business leaders covered in the survey feel optimistic about the country’s economic prospects moving forward. “If you look at how the indices were computed, you will see that the Philippines faltered because of the relatively slow economic growth that was projected for the country,” explained Raul Tomas, director for P&A’s Specialist Advisory Services. “And yet confidence amongst local business executives is on the rise. Let’s just hope that our business leaders can prove the prognosticators wrong by the end of the year.”

At an individual country level, emerging economies occupy four of the top five places in terms of business optimism for the year ahead: Chile, 85 percent; India, 84 percent; Vietnam, 72 percent; and Brazil, 71 percent. Of the other emerging economies, the Philippines, Botswana, mainland China and Malaysia all boast optimism balances of more than 40 percent.

The Philippines emerged as the sixth most optimistic country in this year’s IBR, with an optimism/pessimism balance of 68 percent. Filipino business leaders are particularly optimistic regarding profitability in the next 12 months, with 59 percent expecting their profits to increase over the course of 2010, below only Vietnam with 91 percent and India, 65 percent.

The Philippines’ labor market also appears to be fairly healthy. A balance of 29 percent of businesses expanded their workforce in 2009, while this year a balance of 40 percent are expecting to increase employment, and 70 percent will increase salaries at least in line with inflation. –Ma. Elisa P. Osorio (The Philippine Star)

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.