MANILA, Philippines – Rising housing and living costs, as well as corruption and poor infrastructure, continue to bother American businessmen in the Philippines, according to a recent survey of the American Chamber of Commerce (AmCham) covering firms operating in Southeast Asia.
But the good news, according to the Asean Business Outlook Survey, is that the outlook on the business climate in the Philippines is positive overall. Majority (77%) of the respondents believe there will be an expansion in economic growth and only 2% expect an economic contraction.
Still, 85% expect living costs to increase, and 75% predict housing costs will rise, the survey said.
“Corruption and concerns about the infrastructure continue to be issues to businesses in the Philippines, and this year, laws and regulations were also cited as a concern,” AmCham added.
On the whole, Southeast Asia is increasingly becoming important for American businesses.
“While US businesses generally continue to favorably view the business outlook in Asean, the Asean Business Outlook Survey did find that rising costs and corruption are some factors to watch out for. In a time of economic uncertainty, we hope that our survey will help shed light on the strengths and concerns of doing business,” said Simon Kahn, chairman of AmCham Singapore.
“We will continue to work together with government agencies, chambers and business associations to improve the environment for US companies in the region,” he added.
Majority of companies, or 73%, expect the region’s importance to their business will increase over the next two years, while 85 % plan to expand their business in the region, and not a single company plans to contract. Almost a third of respondents stated that Indonesia would be their top site for expansion.
The survey also revealed that the Asean free-trade agreements are vital for US businesses, with 80% of respondents saying their companies use the tariff benefits Asean members have completed with their trade partners. The Asean-China free-trade agreement was also highly rated with 49% of companies using its benefits. –Max V. de Leon, BusinessMirror
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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