German-Philippine firms expressed satisfactory local business prospects but evaluated a higher local employment demand, results of a survey by the German–Philippine Chamber of Commerce and Industry (GPCCI – AHK Philippinen) showed.
Results of the Fall 2023 AHK World Business Outlook Survey released on Thursday showed that 50 percent of the German-Philippine businesses are still optimistic in their business situation.
“Our recent survey shows an adequate satisfaction of German businesses in the Philippines matched with careful considerations and notable challenges,” GPCCI president Stefan Schmitz said.
Survey results showed that 68 percent of the responding firms forecast confidence in business development for the next 12 months, while more than half of respondents intend hiring more Filipino workers.
“We have observed these developments this year in our events, partnerships, and dialogues with both public and private stakeholders and we are happy that more German companies would like to contribute to job creation,” Schmitz said.
Firms, however, cited several challenges to their economic development such as prices of energy, lack of skilled workers, demand, policy conditions, and exchange rates.
Prices of energy in particular, remained the topmost concern for participating companies.
In addition to this, 37 percent of respondents said lack of skilled workers and demand are a top risk.
“We can see that while many of our respondents want to employ more, we see that the lack of skilled workers remains to be one of the identified top issues,” GPCCI director and policy and advocacy chairperson Marian Norbert Majer said.
“We ask the government to look at strategies and policies that promote skills development in our country that can both benefit local and foreign employment opportunities to Filipinos,” Majer said. (PNA)
