Most Firms See Impact from Global Crisis - MBC Survey

Article excerpt

Majority of the big businesses in the country expect to feel the impact of the global financial crisis, results of the Business Opinion Survey of the Makati Business Club showed.

According to the MBC survey, 93 percent of the country's largest corporations expect to feel the global financial crisis fallout.

MBC conducted a survey among its members to gauge the probable impact of the global financial crisis on their business operations and workforce in 2009.

Nine of 10 MBC members expect their businesses to feel the impact of the financial crisis this year.

More than 6 out of 10 (64 percent) say the crisis will have a slight impact, while nearly 3 out of 10 (29 percent) expect it to have a substantial impact.

Only 7 percent believe it will have no effect on their business.

"Recession was already happening in the U.S. even before the financial crisis exploded in October 2008, so weak U.S. demand was bound to affect us anyway. The financial crisis exacerbated what should have been a mild economic crisis," said Alberto Lim, executive director of MBC. …