86% of Philippine CEOs Remain Optimistic Amid Global Challenges, Survey Finds

Despite global uncertainties, top executives in the Philippines are expressing renewed confidence in the country’s economic resilience and growth prospects, according to a 2024 survey conducted by PwC Philippines in partnership with the Management Association of the Philippines (MAP).

The annual survey, which included responses from 168 CEOs across various industries, revealed that 86% of respondents felt optimistic about their industry’s performance for the year and 85% expected revenue growth over the next three years. Infrastructure development was highlighted as a key driver of the economy.

The survey also indicated a notable improvement in optimism compared to the previous year. In 2024, 34% of respondents reported feeling “very confident” about their industry prospects, up from 30% in 2023. However, confidence in revenue growth slightly decreased from 88% to 85%, with fewer CEOs feeling “very confident” compared to the previous year.

Infrastructure development continues to lead as a growth factor for the Philippine economy, with 59% of respondents citing it as crucial. Domestic consumption followed at 51%, although this figure dropped from 59% in 2023. Foreign direct investment (FDI) saw a notable rise, with 41% of CEOs seeing it as a growth driver, up from 29% the previous year.

Geopolitical uncertainty remains the top concern for Philippine CEOs, with 62% citing the ongoing Russia-Ukraine war, the Israel-Hamas conflict, and potential shifts in U.S. leadership as factors keeping them awake at night. Other major concerns included uncertain economic growth (39%), revenue uncertainty (38%), and workforce-related challenges (38%).

Artificial intelligence (AI) ranked lower on the list of concerns despite 61% of CEOs recognizing its potential to build trust with stakeholders. Only 39% of firms had integrated AI into their operations, with many citing the need for substantial investment and employee upskilling as barriers to adoption.

In terms of global economic growth, over half of the respondents (53%) expect slight to moderate improvements over the next 12 months, while 24% anticipate no change, and 20% forecast a decline.

Succession planning also emerged as a challenge for many businesses, particularly those run by family members. Although 40% of respondents represented family businesses, only 25% had formal succession plans in place for senior leadership roles, and 23% lacked a succession plan altogether.

PwC Philippines Chairman Roderick Danao highlighted the complexities facing CEOs, including rapid technological advancements, shifting customer preferences, and geopolitical tensions. Nevertheless, he noted that business leaders in the Philippines continue to innovate and adapt.

MAP President Rene Almendras pointed to the challenge of catering to five distinct generations—Baby Boomers, Gen X, Millennials, Gen Z, and Gen Alpha—each with different behaviors and needs. “Organizations must evolve to meet changing market preferences,” he said, emphasizing the importance of products and services that resonate with every generation.

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