Survey: 61% of companies hiring more in 2012

MANILA, Philippines – A survey among members of influential business group Makati Business Club (MBC) found that business owners and key executives have a generally upbeat outlook on the Philippines economy this 2012. 

Businesses are more ‘bullish’ this year, with 81.7% expecting higher investments, compared to only 76.1% last year, according to the survey.

The key findings of the survey are the following:

• Nearly 8 of 10 respondents say GDP would be better in 2012 vs the 3.7% of respondents in 2011
• Business sentiment on exports is  dampened by the decline in 2011
• About 41% of respondents said exports would remain the same. About a third said exports would rise, but more than a fifth said exports would decline
• Around a third of respondents expect their companies to register gross revenues of P1 billion or more in 2012. Around 16% expect revenues to reach between P100 million and P299 million
• 63% of respondents will increase their investments in 2012, averaging P1.7 billion. In 2011, plans to invest increased  57%, averaging P1.2 billion
• Companies are in hiring mode with 61% saying they will expand employment size, compared to only 37.3% of respondents in 2011. However, 2.2% said they will lay off workers this 2012 vs. none in 2011

“We must keep watchful eye on the economic developments in Europe, US and Japan, and the political situation in Middle East. We continue to live in a volatile world,” said MBC chair Ramon del Rosario Jr.

The First Semester 2012 Executive Outlook Survey was taken between February 18 to 29, 2012 with 12.7% of MBC’s total membership of 734 participating. – Rappler.com