German firms in PH more optimistic in biz, jobs outlook vs. ASEAN

By Kris Crismundo

December 21, 2023, 5:09 pm

MANILA – German firms operating in the Philippines have the highest optimism in terms of business and hiring outlook for the next 12 months compared to their peers in other Southeast Asian countries, the German-Philippine Chamber of Commerce and Industry (GPCCI) said on Thursday.

Analyzing the results of the AHK World Business Outlook Fall 2023, which compared survey results from other ASEAN countries, GPCCI found out that German companies in the Philippines are more optimistic in their current business situation, expectations, and employment.

Forty-four percent of the surveyed German firms in the Philippines said their businesses are currently in a “good/better” situation, which is higher than Indonesia’s 42 percent, Thailand’s 28 percent, Singapore’s 26 percent, Malaysia’s 22 percent, and Vietnam’s 12 percent.

In terms of business outlook over the next 12 months, the country tied with Malaysia at 63 percent, followed by Thailand at 43 percent, Indonesia at 42 percent, Vietnam at 37 percent, and Singapore at 7 percent.

With the rosy business outlook, 48 percent of German firms in the Philippines said they would hire more in the next 12 months, which is higher than Malaysia’s 41 percent, Vietnam’s 29 percent, Indonesia’s 18 percent, Thailand’s 17 percent, and Singapore’s 14 percent.

“The satisfactory outlook in the Philippines is encouraging to see as GPCCI continues to provide a platform for German businesses in their market entry in the Philippines,” GPCCI Executive Director Christopher Zimmer said.

"The global comparison shows more interest in job creation by German businesses in the Philippines,” GPCCI president Stefan Schmitz added.

Schmitz noted that to improve the skills of Filipino workers, the business group wishes that the Marcos administration will amend the Apprenticeship Law by eliminating the cap on apprenticeship duration.

“This amendment acknowledges that the necessary length of training should be determined based on the specific skill or curriculum requirements,” GPCCI said.

Meanwhile, to attract foreign investments into the Philippines, GPCCI urged the government to further liberalize the economy and address the high energy cost in the country. (PNA)