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Philippines businesses remain ‘cautiously optimistic’ for 2023

Businessmen in the Philippines are expecting a better year for their respective sectors despite the global economic challenges that may hinder the country’s growth prospects. Ebb Hinchliffe, American Chamber of Commerce of the Philippines (AmCham) executive director, said that other AmCham members remain “cautiously optimistic” for 2023 due to possible opportunities offered by recently approved local policies. The Philippine government early last year amended the Public Service Act to allow companies in sectors such as telecommunications, airlines, railways, and shipping to be fully owned by foreigners. Rosemarie B. Ong, Philippine Retailers Association (PRA) president, also said that local retailers are also cautiously optimistic for 2023 despite economic challenges. Ong said that with the holiday spending and the easing of coronavirus restrictions, the return of customers in stores and a rise in the number of travellers is expected.


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