MANILA, Philippines — Asia-Pacific has seen a leap in business sentiment in the first quarter (Q1) of 2023, with the Philippines among the three emerging leaders in attracting investor confidence, according to a report by a London-based data analytics firm.
GlobalData report saw that alongside India and Vietnam, the Philippines benefited from the region's unique market dynamics, regulatory environments, rapidly growing economies and technological advancements that contributed to the positive outlook.
The Philippines, India, and Vietnam experienced an increase in business sentiment of 11%, 8%, and 7% in the first quarter, respectively, compared to the same period in 2022.
Misa Singh, an analyst at GlobalData, cited progress and growing optimism about business opportunities in emerging markets across APAC. "The improved sentiment for India, the Philippines, and Vietnam bodes well and presents exciting opportunities for businesses operating in these countries," he said.
Singh also anticipates increased initiatives such as product launches, capacity expansions and facility setups in the region.
Several companies are already taking advantage of the favorable business climate in these countries, the GlobalData report said.
Grab Holdings Limited, for one, plans to launch two-wheel services in the Philippines. Microchip Technology Inc. has increased its capacity in the country to support technological advancements. Tupperware Brands Corp. aims to expand its air fryer launch in the Philippines following its success in China.
The report highlights other APAC countries with improved sentiment, including Taiwan, New Zealand, South Korea, Malaysia, and Indonesia.
Singapore and Japan, however, mostly maintained stable sentiment levels.
China, despite being the top APAC market, experienced a decline in sentiment. "This can be attributed to geopolitical tensions, macroeconomic conditions, and regulatory crackdowns on tech companies," Singh said.