US Companies See Positive Business Outlook in Philippines and Region
MANILA, Philippines - American companies doing business in the Philippines said the outlook on business climate in the country is positive overall although they expressed concerns on corruption, infrastructure and laws and regulations issues in the country.
This was contained in the ASEAN Business Outlook Survey 2011, conducted by the American Chamber of Commerce in Singapore (AmCham Singapore) in collaboration with the respective AmChams in Cambodia, Indonesia, Malaysian, Philippines, Thailand and Vietnam.
In particular, majority (77%) of American companies doing business in the Philippines believed there will be an expansion in economic growth and only (2%) expecting an economic contraction. However, 85% expect that living costs will increase, and 75% predicting housing costs will increase. Corruption and concerns about the infrastructure continue to be issued to businesses in the Philippines, and this year, laws and regulations were also cited as a concern.
Overall sentiment for the ASEAN region was likewise positive, the survey said.
US companies expect the ASEAN market to become increasingly important for their businesses, according to the ASEAN Business Outlook Survey 2011.
While US businesses generally continue to favorably view the business outlook in ASEAN, the ASEAN Business Outlook Survey did find that rising costs and corruption are some factors to watch out for.
ASEAN continues to grow in importance for businesses in the region. The majority of companies (73%) expect that ASEAN's importance to their business will increase over the next two years, while 85% plan to expand their business in ASEAN, and not a single company plans to contract. Almost a third of respondents stated that Indonesia would be their top site for expansion. …