Philippine mid-market companies were found to be the most optimistic among 35 countries surveyed despite a slight decline in the past 12 months, a report from business advisory firm Grant Thornton said. In its International Business Report (IBR), Grant Thornton noted that 66% of Philippine mid-market firms anticipate a revenue increase in the next 12 months.
P&A Grant Thornton chairperson and CEO Marivic Españo said the Philippines is one of the fastest-growing countries in the emerging markets and is estimated to grow by 6 to 7% in 10 years. A separate Grant Thornton report showed that the country’s economy would grow to USD434 billion by 2023 from USD331 billion last year, representing a compound annual growth rate of 5.35%, faster than the projected growth rate for Southeast Asia as a whole.
The report said the economic growth drivers include the outsourcing, digital, real estate, banking and finance, and entertainment and tourism sectors. However, the IBR report also noted that while 73% are upbeat about the Philippine economy outlook in the next 12 months, optimism decreased by 9% from a year ago.