Most Philippine CEOs optimistic on revenue growth in next 12 months: PwC
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Most Philippine CEOs optimistic on revenue growth in next 12 months: PwC
MANILA -- Most CEOs in the Philippines think their company will see better revenues over the next 12 months, a new survey showed.
MANILA -- Most CEOs in the Philippines think their company will see better revenues over the next 12 months, a new survey showed.
The Management Association of the Philippines (MAP) and its partner PwC Philippines' 2024 Philippine CEO Survey showed that 85 percent of CEOs are confident that their companies will see revenue growth over the next 12 months.
The Management Association of the Philippines (MAP) and its partner PwC Philippines' 2024 Philippine CEO Survey showed that 85 percent of CEOs are confident that their companies will see revenue growth over the next 12 months.
Meanwhile, 86 percent of CEOs also said they are confident about their industry's prospects over the next 12 months. MAP and PwC said 168 CEOs answered the online survey.
Meanwhile, 86 percent of CEOs also said they are confident about their industry's prospects over the next 12 months. MAP and PwC said 168 CEOs answered the online survey.
Executives said infrastructure development, domestic consumption, foreign direct investments, and government spending will be the key economic growth drivers over the next year.
Executives said infrastructure development, domestic consumption, foreign direct investments, and government spending will be the key economic growth drivers over the next year.
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The survey also showed, however, that executives believe that macroeconomic volatility, inflation, and cyberattacks were the biggest threats to them.
The survey also showed, however, that executives believe that macroeconomic volatility, inflation, and cyberattacks were the biggest threats to them.
Almost half or 46 percent of CEOs also said that their companies will no longer be viable in 10 years' time if they continue on "their current path."
Almost half or 46 percent of CEOs also said that their companies will no longer be viable in 10 years' time if they continue on "their current path."
As such, 34 percent said they are now planning to enter a new industry, while 20 percent want to expand outside the Philippines.
As such, 34 percent said they are now planning to enter a new industry, while 20 percent want to expand outside the Philippines.
Seventy-one percent (71) also said they are prioritizing upskilling their company's workforce in priority areas. They are also automating processes and systems, and starting to use technology like artificial intelligence (AI) and cloud and other advanced tech in their businesses.
Seventy-one percent (71) also said they are prioritizing upskilling their company's workforce in priority areas. They are also automating processes and systems, and starting to use technology like artificial intelligence (AI) and cloud and other advanced tech in their businesses.
Thirty-nine (39) percent even said generative AI has been adopted across their companies. Seventy-eight (78) percent believe that generative AI will improve the quality of their products and services, while 60 percent see it will help boost trust with stakeholders.
Thirty-nine (39) percent even said generative AI has been adopted across their companies. Seventy-eight (78) percent believe that generative AI will improve the quality of their products and services, while 60 percent see it will help boost trust with stakeholders.
Beyond growth, however, CEOs said they are facing the challenge of managing a multigenerational workforce.
Beyond growth, however, CEOs said they are facing the challenge of managing a multigenerational workforce.
Leaders said they face challenges like differences in leadership and communication styles and work-life balance expectations when working with Baby Boomers, Gen X, Millennials, and Gen Z.
Leaders said they face challenges like differences in leadership and communication styles and work-life balance expectations when working with Baby Boomers, Gen X, Millennials, and Gen Z.
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