CORRUPTION is the biggest risk to the Philippine economy’s recovery from the coronavirus disease 2019 (COVID-19) pandemic, according to a survey of the country’s top chief executive officers (CEOs). READ:
A survey by PwC Philippines in partnership with the Management Association of the Philippines also showed over half of CEOs expect the recovery to take more than two years.
“Whenever we deal with multinational companies trying to expand, corruption is always one of their significant factors for them to decide whether to go or not. It is very painful for the country because perception alone erodes trust,” Mr. Danao said at a virtual brie“Unless we address the root cause of corruption, we cannot really accelerate foreign direct investments to the country compared to our neighbors like Vietnam and Thailand,” he added.
According to the survey, CEOs want President Ferdinand R. Marcos, Jr., who assumed office on June 30, to prioritizeght against corruption; attracting more foreign investments; job generation; and public-private partnerships for infrastructure projects. In the 2021 survey, 73% of CEOs said the expected recovery of the economy will take more than two years.
Infrastructure development will be a key growth driver for the Philippine economy in the next 12 months, according to 62% of CEOs. Other growth drivers include domestic consumption , government spending , and foreign direct investments . Mary Jade T. Roxas-Divinagracia, PwC Philippines deals and corporate finance managing partner, said the CEOs’ outlook are affected by external and domestic challenges.
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