The Philippines is taking a glass half-full attitude
The Philippines is taking a glass half-full attitude
Asia’s overall sentiment is improving, but why are Filipinos so optimistic?
Risks from volatile oil prices and the impending US presidential election are bearing on the minds of investors worldwide, but optimism has been on the rise in the Philippines, according to the Thomson Reuters/INSEAD Asian Business Sentiment Index.
Emboldened by a strong showing of the economy in the first half of the year, Philippine companies pulled the country’s sub-index reading to 94 this quarter, compared with 86 in the previous quarter — the fifth consecutive quarter the ASEAN nation registered a positive mark.
Eight of nine Philippine firms, which include real estate giants Ayala Land and SM investments, made a rosy prognosis of business in the second half, although they cited foreign exchange volatility, fluctuation in energy prices, and rising competition as risks.
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A bleak outlook marred Singapore’s index, which fell 25 points, the highest plunge among the economies surveyed. With 17 firms participating in the survey, Singapore brought up Chinese corporate debt and energy prices as risks.
Lagging behind all sectors is retail and leisure, with firms giving it a reading of 68, compared with real estate, which posted a top reading of 75.
Overall, the region posted a positive sentiment mark of 68. A total of 118 companies participated in the survey, conducted Sept. 1 through 17, with 49 percent of respondents expressing a rosy sentiment, the highest proportion since 2014.
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Source: Property Report