Businesses remain optimistic with the country’s economic growth for this year, according to First Semester Executive Outlook Survey for 2017 of the Makati Business Club (MBC) released on Tuesday.
The MBC survey shows that 83 percent of the respondent companies said the country will either surpass or sustain this year the 6.8-percent gross domestic product (GDP) growth in 2016, while only 17 percent projected GDP this year to be lower than the previous year.
On other economic indicators, MBC member companies forecast higher inflation rate, higher 91-day Treasury bill rate, weaker peso, lower approved investments, lower exports revenues, and also slowing down of imports receipts.
On the other hand, businesses are more upbeat in terms of corporate outlook.
About 83 percent of the respondents expect higher gross revenues for this year compared to last year; 74 percent forecast higher net income; 74 percent will make additional investments at an average of P785 million this year; and 51 percent will hire more workers this year.
The survey was done from Feb. 2 to March 15, with 76 respondents, or representing 20 percent of MBC’s 380 member companies excluding foreign embassies and trade offices.