Survey Says German Companies Have Positive Outlook on PH Economy

Most German businesses predict a positive outlook on the Philippines’ economy in the incoming 12 months but likewise, also foretell the huge impact of the Russian – Ukraine war on the country’s economy. 

This is based on the survey results of AHK World Business Outlook. 

The Spring 2022 AHK WBO is a regular survey of all the member companies of the German Chambers of Commerce overseas, representative offices, and delegations (AHK). The survey was taken from over 4,200 German companies, subsidiaries, and branches around the world. 

The AHK WBO Survey was started by the German Philippines Chamber of Commerce and Industry (GPCCI) and encompasses 87 companies with Philippine-German relations. 

The survey states “A positive business outlook is evident for Spring 2022,” as 47% of its respondents state that they are in a better business position and 43% of respondents say they are at satisfactory points in their business. 

The survey data also shows that there is a big decline to 36% for companies that were previously in a bad situation since Spring 2020. 

Domestic economic developments are expected by 41% of the survey respondents in the incoming 12 months. 

GPCCI Executive Director Christopher Zimmerman said “The improving situation of the pandemic in the Philippines is evident with the low case reports and relaxed business restrictions, this is felt by the German business community in the country,”

Mr. Zimmerman also says that they have observed an increased interest in companies wanting to invest more in Philippine-German business relations. 

GPCCI President Stefan Schmitz says that “Most businesses are reeling from the impact of the Russian – Ukraine war since many European countries are heavily dependent on Russian energy imports. The sanctions that have been imposed because of the outcomes of the war have resulted in significant energy price increases and supply chain disruptions globally,”

Source: Manila Bulletin