83 percent of CEOs say firms have recovered from pandemic

MANILA, Philippines — A majority of chief executive officers (CEOs) expect their companies’ revenues to be higher than pre-pandemic levels, a survey of the Management Association of the Philippines (MAP) and PwC Philippines showed.

Results of the MAP-PwC 2023 CEO Survey showed that 83 percent of CEOs reported that their companies have recovered from the impact of COVID-19.

The survey also found that 62 percent of CEOs are expecting their revenues to be higher than pre-pandemic levels this year.

Twenty-five percent of the CEO respondents said they expect their revenues to be significantly higher than pre-pandemic level, while 36 percent expect theirs to be slightly higher than pre-pandemic levels.

In addition, 17 percent of CEOs said they expect their revenues to be back to pre-pandemic levels this year.

On the other hand, 15 percent of CEOs are projecting revenues to be slightly lower than pre-pandemic levels, while seven percent are expecting revenues to be significantly lower than pre-pandemic levels.

Findings of the survey also showed that infrastructure development, domestic consumption and the business process outsourcing (BPO) and services sector would be the key drivers of the economy in the next 12 months, according to CEOs.

Similarly, 54 percent of the CEOs believe that global economic growth will improve in the next 12 months.

Despite the optimism of CEOs, the report noted that businesses face threats from inflation, macroeconomic instability, cyber risks and supply chain constraints.

“To address these challenges, CEOs are reducing operating costs, diversifying product/service offerings, investing in upskilling their workforce and deploying technology in their operations,” MAP-PwC said.

MAP president Benedicta Du-Baladad noted that Philippine business leaders have achieved stability and growth.

“Philippine business leaders have faced serious threats, but they have risen to the occasion and found new opportunities for growth through creativity and innovation. The pandemic has forced them to adapt to the changing business landscape and they have emerged stronger and more resilient than ever before,” Du-Baladad said.

Although the CEOs believe that the government’s performance in infrastructure development, forging stronger relationships with other nations and promoting foreign investments has been satisfactory so far, they also note that there is still room for improvement.

The CEOs suggest that the government prioritize improving the ease of doing business in the Philippines and enhancing technology and infrastructure across the country to further boost collaborations with other countries.

“The government’s support is crucial in ensuring that businesses continue to thrive amid the challenges. We need to work together towards a more favorable business environment that fosters innovation and growth,” Isla Lipana & Co./PwC Philippines chairman and senior partner Roderick Danao said.

The MAP-PwC survey gathered insights from 157 business leaders from various industries.