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Despite lockdowns, resilient CEOs see stronger growth

September 2021

Makati City, 13 September 2021

Forty-two percent (42%) of the CEOs say that their average daily sales/revenues decline by at least 20 percent each time the country is placed under enhanced, modified enhanced or general community quarantine (ECQ/MECQ/GCQ). Nevertheless, 74 percent say that their revenues will grow in the next 12 months—higher than 63 percent as polled in April and May this year.

For the country’s economy, the top key growth drivers for CEOs are infrastructure development (61 percent), domestic consumption (54 percent) and government spending (52 percent). Half of them think that the economy will recover after two to three years. The CEOs identified the slow vaccine rollout, political uncertainty and reliance on lockdowns as the major factors that may delay the Philippine economy’s recovery.

PwC Philippines, as Knowledge Partner for the Management Association of the Philippines’ (MAP) International CEO Web Conference, conducted during August the PwC MAP 2021 Philippine CEO survey that follows the conference theme “Hindsights, Insights, Foresights: The Future in the Present Tense”.

PwC Philippines Chairman Emeritus and ESG Leader Alex Cabrera shares another key finding: “To support their businesses, the majority of the CEOs tapped external debt, and additional capital from both their personal funds and existing investors in the past year. Going forward, the majority of the CEOs still plan to tap external debt and/or equity to help their businesses. Despite the recent successful listings, only a few of the CEOs say that they’ll raise capital through the capital markets. Accessing the capital markets may be challenging for certain companies unless they have shown resilience and growth during the pandemic.”

MAP President Aurelio “Gigi” R. Montinola III acknowledges the significant role of the yearly survey. “The conversations that the survey brings during and after our conference energize the business community in planning for and transitioning to a new future. We want the delegates to look beyond information and to help shape the changing world order.”

“The survey results provide the 178 CEOs’ views for the conference that aims to be the springboard for taking the present pandemic discussion to the next level—The Future. In doing so, PwC illustrates its global strategy in the Philippines: The New Equation. This strategy responds to two major interconnected needs facing organizations: building trust and delivering sustained outcomes, in an environment where societal expectations have never been greater,” PwC Philippines Chairman and Senior Partner Roderick Danao said. (To know more about the survey, visit our CEO Insights page)


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Rocky Saldajeno

Rocky Saldajeno

Markets Director, PwC Philippines

Tel: +63 (2) 8845 2728

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