6 hours Ago By N/A (Manila Bulletin)
As the global economy undergoes a period of reinvention, business leaders in the Asia Pacific region, including the Philippines, are expressing a wave of optimism and confidence in their short- and medium-term revenue growth prospects. According to PwC's 28th Annual Global CEO Survey - Asia Pacific, 55 percent of CEOs in the region expect the global economy to improve in the next 12 months, aligning closely with their global counterparts. The survey, covering the overall Asia Pacific region, also revealed the Philippines as a key investment destination.
Notably, the country ranks among the top 13 in the region for planned capital expenditure by CEOs over the next 12 months. However, neighboring nations like Singapore (3rd), Vietnam (6th), Indonesia (8th), and Thailand (10th) secured higher rankings than the Philippines. Furthermore, CEOs are also actively participating in the “great reconfiguration” by seeking new sources of value and expanding into new sectors and industries.
The survey indicated that a third of CEOs in the region have begun competing in new sectors, with technology, retail, and health services attracting the most new competitors from other industries. The survey also highlighted the growing importance of artificial intelligence (AI) and climate action for CEOs. It found that 37 percent of CEOs in the region reported increased revenue and 40 percent noted higher profitability from AI adoption, while 58 percent reported improved employee efficiency.
However, the survey also revealed that trust issues still exist regarding AI, with only 34 percent of CEOs expressing high trust in embedding AI into their core processes. In terms of climate action, CEOs are demonstrating a strong commitment to sustainable practices, with 63 percent of them having tied their personal incentive compensation to sustainability metrics, surpassing the global average of 56 percent..
