The German business community has a positive view of the Philippines, according to the German-Philippine Chamber of Commerce and Industry (GPCCI).
Citing the AHK Spring 2022 Global Business Outlook Survey, the GPCCI said 87 companies took part in the survey, with 55% of respondents expecting business conditions to improve over the coming months. next 12 months.
He added that 47% of respondents said they saw better trading conditions while 43% described their situation as satisfactory.
Respondents came from the manufacturing and construction (31%), trade (18%) and service (50%) sectors.
“The improving pandemic situation in the Philippines is evident with the low case reports and the easing of trade restrictions. These are felt by the German business community in the country. We have also seen an increase in investment interest, which shows the optimism of companies involved in German-Philippine business relations,” GPCCI Executive Director Christopher Zimmer said in a statement on Wednesday.
Some 44% of respondents expected investment to pick up over the next 12 months, 48% said they planned to keep their workforce stable, while 46% said they planned to increase their workforce.
The survey revealed that respondents see energy prices as the main source of risk, followed by commodity prices and exchange rates.
He added that 78% of respondents expect the cost of energy, raw materials and intermediate goods to increase due to the Ukraine crisis, while 61% said they expect the logistics is disrupted as a result.
“Most businesses are shaken by the impact of the Russian-Ukrainian war, as many European countries are heavily dependent on Russian energy imports. The sanctions that have been imposed have resulted in significant increases in energy prices and supply chain disruptions globally,” said GPCCI Chairman Stefan Schmitz.
“We look forward to working with the new administration to address these issues and to partnering to foster economic growth in the Philippines,” he added. — Revin Mikhael D. Ochave