Business sentiment in Philippines among most improved in APAC

Louella Desiderio - The Philippine Star
Business sentiment in Philippines among most improved in APAC
Workers arrange cans on the production line of canned sardines inside a manufacturing plant in Santo Tomas, Batangas on March 1, 2023.
AFP / Jam Sta Rosa

MANILA, Philippines — The Philippines is among the leading countries in terms of improved business sentiment in Asia Pacific (APAC) in the first quarter, according to data and analytics firm GlobalData.

In a statement, GlobalData said the APAC region registered a quarter-on-quarter upswing in business sentiment in the January to March period.

“Notably, the countries at the forefront of this surge were India, the Philippines and Vietnam, showcasing their resilience and attracting investor confidence with their improved sentiment,” it said.

In particular, business sentiment in the Philippines improved by 11 percent in the first quarter compared to the same period last year.

In India and Vietnam, sentiments improved by eight percent and seven percent, respectively, in the first quarter from the same period a year ago.

GlobalData attributed improved sentiments in the region as a business destination to unique market dynamics, regulatory environments, rapidly growing economies, and technological advancements.

“These findings highlight the progress and growing optimism toward business opportunities in the emerging markets across the APAC region,” GlobalData business fundamentals analyst Misa Singh said.

“The improved sentiment for India, the Philippines and Vietnam bodes well and presents exciting opportunities for businesses operating in these countries,” Singh said.

Given the improved business sentiment, GlobalData expects companies to launch new products, expand operations, and set up facilities in the region.

GlobalData said Taiwan, New Zealand, South Korea, Malaysia and Indonesia were also among those with improved business sentiment in the region in the first quarter.

As for Singapore and Japan, the sentiments were mostly unchanged.

“Interestingly, China, which is the top APAC market, saw a dent in sentiments. This could be attributed to the geopolitical tensions, macroeconomic conditions, and a regulatory crackdown on tech companies,” Singh said.

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