Makati Business Club sees sustained economic growth in 2017

ABS-CBN News

Posted at Mar 28 2017 04:38 PM

MANILA - Majority of the country's senior executives expect economic growth this year to match or surpass that of the previous year, despite rising interest rates and faster inflation, the Makati Business Club said Tuesday.

Eighty-three percent of 76 respondents in the MBC poll said they saw gross domestic product growth at 6.8 percent or higher this year, compared to 17 percent who expected growth to slow.

The respondents represent 20 percent of the MBC's 380 members, which include senior executives and top management representatives.

Eighty-five percent said they expected headline inflation this year to surpass last year's average of 1.8 percent. Twelve percent said consumer prices would stay the same while 3 percent projected slower inflation.

Four out of five executives expect the peso to continue depreciating against the dollar.

Almost half or 47 percent of survey respondents anticipate approved investments this year to be lower than the P89.4 billion recorded by the Philippine Statistics Authority last year.

Almost half of respondents, or 47 percent, expect lower exports than last year’s $51.36 billion from January to November.

Majority, or 64 percent of survey respondents, said they expected lower imports this year.

Fifty-seven percent of respondents said the 91-day Treasury Bill rate would be higher than last year’s 1.5 percent.

Eighty three percent expect higher gross revenues this year, while 74 percent expect higher net incomes.

Nearly three out of four or 74 percent said they would invest more this year and more than half or 51 percent plan on expanding their workforce.