MANILA - A majority of business leaders are not satisfied with the vaccine rollout of the Duterte administration, according to the latest CEO survey of PwC and the Management Association of the Philippines.
The study showed that 66 percent of 178 respondents are dissatisfied with the pace of the vaccination effort, and 76 percent, said this will delay the Philippine economy’s recovery from its pandemic-induced woes.
The government aims to fully vaccinate 77.1 million Filipinos by the end of the year. But according to the ABS-CBN vaccine tracker, only 16.8 million people have been fully vaccinated or around 21.8 percent of the target has been reached as of Sept. 12, after more than 6 months.
MAP president Aurelio Montinola noted that despite this many business leaders remain optimistic.
"I always say that in the final analysis, we're only six months behind the vaccinations of the wealthiest countries so we're not really that bad. Of course, we're unhappy that we are six months behind so we just have to keep on putting our head down and moving forward,” Montinola said.
The survey bears this out, with 74 percent of the respondents expecting revenues to grow in the next 12 months, and 91 percent expecting sales to grow for the next 3 years. Both are higher compared to the last PwC MAP survey conducted in April.
However, growth is not expected to be as strong as pre-pandemic levels. Economic recovery is seen to take more than 2 more years, according to 78 percent of survey respondents.
Seventy percent of CEOs surveyed also said they saw their daily sales and profits decline by at least 10 percent each time lockdown conditions were tightened.
The Philippine COVID-19 response has been engulfed in scandal amid a congressional inquiry into allegedly overpriced personal protective equipment negotiated by the Duterte government, as well as complaints from healthcare frontliners regarding delayed benefits and substandard pay.
A flip-flop on quarantine protocols last week also created dissatisfaction among business leaders including the MAP and Philippine Chamber of Commerce and Industry.