Phl firms most optimistic in Asean

MANILA, Philippines – Filipino business leaders were found to be the most optimistic in Southeast Asia and the third most bullish in the world as prospects for the economy remain bright, a Grant Thornton International business report showed.

Punongbayan & Araullo, which released the results yesterday, said 86 percent of the Filipino businessmen who participated in the survey had “bright expectations” for the domestic economy in the next 12 months.

The survey showed that more than half or 56 percent of Filipino business leaders expect an increase in employment. However, more than a third of the surveyed respondents pointed out the lack of skilled workers remain a business constraint.

“Although there’s a slight improvement in our skilled workers compared to last year, the gap between businesses’ hiring appetite and the depth of the local talent pool is still alarming,” Marivic Espano, chair and chief executive officer at P&A, said in the statement.

“The gap is particularly troubling in the face of the Asean Economic Community where free flow of skilled labor is foreseen. The country needs to cultivate the kind of workforce it needs to stay competitive and prevent our most highly skilled professionals from emigrating for job opportunities abroad,” she said.

The latest figure was lower than the 88 percent recorded last year and the 96 percent in 2013 but the country ranked first among the members of the Asean.

Aside from the Philippines, only three other Asean members recorded a positive business confidence index, namely, Indonesia with 68 percent, Thailand with 36 percent, and Singapore with four percent.

At the same time, the Philippines came in third out of the 36 economies surveyed by the report, next to India which recorded 89 percent and Ireland, which topped the list at 92 percent.

The latest global average for business optimism fell to 33 percent from 44 percent last year but still above the 32 percent seen in 2013. –Kathleen A. Martin (The Philippine Star)