Gallup poll shows Americans bullish on RP prospects

American businessmen are cautiously optimistic about the Philippines’ business prospects in light of the expected turnaround in exports and robust domestic demand.

An ASEAN Business Outlook Survey conducted this year by the Gallup Organization showed that American businessmen are expecting profit growth, with almost half, or 48 percent, of those surveyed expressing optimism that profits will be better this year than last year.

An even higher number of respondents, or 80 percent, of those surveyed were more optimistic about profit growth next year.

The latest economic outlook, which was cited by the quarterly Asia Economic Monitor report released by the Asian Development Bank (ADB), has upgraded its economic growth forecast for this year to 3.8 percent and 4.3 percent for 2003.

The latest figure was better than the earlier projected 3.6 percent gross domestic product growth for this year and four percent for next year.

However, despite their optimism, most of the American businessmen do not foresee an increase in workforce expansion or employment.

Almost half, or 44 percent, do not foresee any staff increases, but neither do they foresee any reductions or layoffs.

Only 35 percent of the respondents said there is a possibility of a decrease in the workforce.

American businessmen said the Philippines’ strength lies in its highly-trained workforce.

Majority of the American businessmen, or 76 percent thought highly of Filipino workers as compared to an approval of only 51 percent for the average regional rating.

The ASEAN Business Outlook Survey was commissioned by the American Chamber of Commerce of Singapore.

The ASEAN- member countries which were included in the survey were Malaysia, Singapore, Thailand and the Philippines.

The survey also indicated that American businessmen were moderately optimistic about the economic recovery in the region this year. Most foresee recovery starting only by the middle of next year.