Fewer firms in the Philippines keen on expansion

Fewer businesses in the Philippines are keen on expanding their operations in 2Q2022, revealed a survey carried out by the central bank of the Philippines. 

The percentage of businesses planning on an expansion has dropped to 20.8% from 23.2% in the previous survey.

“For the next quarter, the percentage of firms in the manufacturing and the electricity, gas and water sub-sectors that reported expansion plans decreased, while the percentage of firms in the mining and quarrying and agriculture, fishery and forestry with expansion plans increased,” noted the central bank, according to The Manila Times. 

“For the next 12 months, the percentage of firms in the manufacturing and agriculture, fishery and forestry with the intention of expanding business operations declined,” it added.

In contrast, there was an increase in the proportion of businesses in the mining and quarrying and utilities sector planning to expand operations in the next 12 months.

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The survey also found that 24.7% of respondents are hopeful about job prospects in the upcoming quarter, up from 24.5% in the previous survey.  However, the proportion of respondents who were less hopeful about job prospects over the next 12 months fell from 32.4% to 28.9% in the previous survey.