US investors maintain a positive outlook for business growth in the Philippines. The annual ASEAN Business Outlook Survey had the Philippines ranked as the 5th most preferred destination for business expansion among the countries in the Association of Southeast Asian Nations (ASEAN).
The survey conducted by the US Chamber of Commerce and the American Chamber of Commerce revealed that 27 percent of senior executives interviewed said the Philippines is a priority market for expansion for their respective companies. Malaysia also got the same percentage of approval.
Vietnam topped the list with 40 percent of the respondents saying that the country is a priority destination for business expansion. Indonesia came in second with 38 percent. followed by Myanmar at 34 percent, and Thailand at 30 percent.
Around 19 percent of US companies who already operate in the Philippines are planning to expand in the country and 55 percent are expecting to increase their workforce within the year.
But while the Philippines registered high satisfaction ratings in labor cost and availability of trained personnel, its satisfaction ratings among US firms in infrastructure, tax structure, and lack of corruption were noticeably low.
