Wednesday, 7 October 2009

Philippines, Vietnam post top profit growth

By BERNIE CAHILES-MAGKILAT
Manila Bulletin
http://www.mb.com.ph/articles/223500/rp-vietnam-post-top-profit-growth

The Philippines tied with Vietnam as top ASEAN countries with the highest profit growth for 2010, results of the ASEAN Business Outlook Survey 2009 revealed.

There were a total of 369 American businessmen respondents to the survey, which is conducted annually by the American Chambers of Commerce in ASEAN since 2002.

The survey was conducted during the period of July to August 2009 to understand business growth and perceptions of doing business from U.S. companies with offices in six ASEAN countries – Philippines, Singapore, Thailand, Vietnam, Indonesia and Malaysia.

Respondents from the Philippines and Vietnam had the highest profit increases expectations of 80 percent for 2010 followed by Indonesia with 78 percent increases.

On the other hand, respondents from Malaysia and Singapore had the lowest expectations for 2010, with profit increases predicted by 50 percent and 57 percent of respondents, respectively.

The high profit expectation among American firms in the region for 2010 is a reversal of the steady decline in profit growth expectation since 2007 up to 2009.

Seventy percent of respondents expect profits above 2008 levels for 2010, while 8% anticipate a decrease and 17% foresee no substantial change.

However, profit expectations for respondents from the Philippines are modest.

Overall, American companies in the country are more satisfied with the business environment in the Philippines than in 2008; however, satisfaction with local government institutions is very mixed.

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