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News » PH executives share optimism for economy

PH executives share optimism for economy

The Philippines’ top corporate leaders share a common optimism about the Philippines’ economic performance in 2023. 

At the beginning of 2022, the promise of the end of the Covid-19 pandemic had the country’s top executives looking at the new year with high hopes. 

Despite unprecedented events like the conflict between Russia and Ukraine, the Philippine economy performed fairly well. As a result, a good number of the largest corporations posted profit numbers last seen in 2019 before the pandemic struck. This made them again optimistic about the growth prospects in 2023 of not just their company but also of the Philippines.

As 2023 ushers in corporate executives expect the Philippines to continue to thrive. Most of them say that their firms will continue to invest in growth and innovation. 

“[For 2023,] we remain optimistic and we are investing in growth.” said Frederic C. DyBuncio, president and chief executive officer, SM Investments Corp.

According to DyBuncio, 2022 was about rebound and for the coming year he says, “The long term view for us is very positive and there is strong momentum heading into next year.”

Speaking from a telco industry point of view, Globe Telecom Inc. CEO Ernest Cu said “We are looking at 2023 with cautious optimism and will bank on our ecosystem of digital solutions to take our businesses further. We think the pandemic accelerated digital adoption in the country, and with that, we’re excited to go full-on with the Globe Group.”

And while the banking industry saw ups in digital payment solutions in the course of the pandemic, Bank of the Philippine Islands (BPI) Teodoro Limcaoco, said that his group expects 2023 to present some challenges. 

The new year will be a little more challenging as we need to ride through the global economic issues of inflation and higher interest rates. But despite these circumstances, our country will do well, supported by a young, confident, digitally oriented population.” Limcaoco said.

Read more here.

 

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