70% of CEOs report profit decline, 60% ‘unsatisfied’ with PH’s vaxx efforts

About 70% of chief executive officers (CEO) in the Philippines recorded a daily sales and profit downturn of at least 10% due to lockdowns, according to the newly released PwC MAP 2021 Philippine CEO survey.

Conducted from July to August with 178 CEO respondents, the research also revealed that over 60% of business leaders are not satisfied with the vaccination effort in the country, which is considered a crucial factor for economic recovery.

Amid the decline in profits, 74% of the respondents are still confident in revenue growth in the next 12 months, while 91% are positive that their business will grow in the next three years. 

In terms of the economic outlook, 78% expect the Philippine economy to recover within two years, while 54% said that the country’s Gross Domestic Product (GDP) growth will be 4% in 2022.

The study further disclosed that the local business community is recommending the government to prioritize investment in the healthcare, infrastructure, and education sectors to boost economic recovery in the country.

Read more here.

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