MANILA - Roughly half of the country's chief executive officers are "very confident" of the revenue prospects of their companies and their respective industries, as terrorism becomes a growing concern.
Nearly 8 in 10, or 75 percent of respondents, said they wanted to enter into strategic alliances in the next 12 months. More than half, or 52 percent, said they would enter industries other than their own.
Asked if they were confident about revenue growth in the next 12 months, 54 percent said they were "very confident," declining from 65 percent in the 2016 poll and 73 percent in 2015, according to a survey of 114 CEOs by the Management Association of the Philippines.
Thirty-four percent said they were "somewhat confident," up from 29 percent in 2016 and 24 percent in 2015, according to the survey.
Asked if they were confident about the next 3 years, 57 percent said they were "very confident," down from 69 percent in 2016 while 37 percent said they were "somewhat confident," up from 24 percent, data showed.
Asked about revenue growth in their industry, 55 percent said they were "very confident" in the next 12 months, while 37 percent said they were "somewhat confident." For the next 3 years, 54 percent said they were "very confident" versus 39 percent who were "somewhat confident."
Terrorism was the top "economic, social and environmental threat," cited by 89 percent of the respondents, followed by increasing the tax burden, inadequate basic infrastructure, geopolitical uncertainty and over-regulation, the top concern in 2016.
Mindanao has been under martial law for over 3 months due to fighting between the military ans Islamic State inspired-Maute extremists.
Asked what they considered as threats to business, the top answer was bribery and corruption, cited by 79 percent, followed by readiness to respond to crisis, cyber-threats, speed of technological advances and availability of key skills.