Philippine CEOs Remain Optimistic Amid Headwinds, Pinning Growth Hopes on Domestic Consumption and Digital Transformation

MANILA, Philippines — Chief executive officers (CEOs) of some of the country’s largest corporations remained bullish on their businesses even as the Philippines faces mounting risks, from technological disruption and regulatory uncertainty to geopolitical conflicts. This was according to the latest Philippine CEO Survey released Monday by audit firm PwC Philippines in partnership with the influential Management Association of the Philippines (MAP). Of the 176 CEOs surveyed this year, 81 percent said they were confident of revenue growth over the next 12 months, while an even higher 91 percent expected growth over the next three years. Some 83 percent were also optimistic about the prospects of their respective industries over the coming year, unchanged from the 2025 survey. But unlike last year, when CEOs saw infrastructure development as the biggest growth driver, business leaders are now banking more on domestic consumption to power the economy over the next 12 months. Nineteen percent of respondents cited domestic consumption, while fifteen percent pointed to infrastructure development, and fourteen percent mentioned government spending. Most CEOs aligned themselves broadly with the government’s outlook for the Philippine economy. About 67 percent expect gross domestic product (GDP) to grow by 3 percent to 4.5 percent this year, while another 9 percent see growth reaching 4.6 percent to 6 percent. Despite the steady confidence, CEOs are keeping a close eye on risks at home and abroad. Ninety-three percent of CEOs expressed concerns over regulatory uncertainty and climate change for the next 12 months, with geopolitical conflict closely following at 92 percent. “As much as we got hit with all these tariffs and higher oil prices, we still sit in a very good position on opportunities because of the global search now for new partners and new supply chains,” said EMS Group chair and CEO Ferdinand “Perry” Ferrer, who also leads the Philippine Chamber of Commerce and Industry. Rather than retreat amid uncertainty, business leaders are investing in technology and their workforce to remain competitive. The survey found that 92 percent consider innovation critical to their business strategy, while 86 percent have embedded artificial intelligence (AI) into their strategic or business plans. Workforce upskilling, reskilling and talent transformation emerged as the top investment priority over the next 12 months, cited by 15 percent of respondents. Process automation followed at 14 percent, while strategic partnerships and AI, cloud, data and digital transformation programs each accounted for 12 percent. Still, CEOs see room for the government to shore up business confidence. Ease of doing business topped their preferred government actions over the next three years at 22 percent, followed by reducing regulatory burdens at 19 percent and infrastructure delivery at 16 percent. Energy security and affordability came next at 13 percent. “One counsel is to dig a foxhole and just wait it out. That’s not what the business sector should do,” PLDT and Metro Pacific Investments Corp. chair Manuel V. Pangilinan said. “It should continue to invest in the country, create more jobs, create products and services, and take a very positive position.” INQ