The confidence of Philippines-based chief executive officers (CEOs) in their industries’ growth prospects waned in the first half of 2025 as corruption and infrastructure bottlenecks weighed on business sentiment, according to a survey released Monday.
The Philippine CEO Survey 2025, conducted by Isla Lipana & Co./PwC Philippines in collaboration with the Management Association of the Philippines (MAP), found a drop in optimism among business leaders.
The share of CEOs who described themselves as “very confident” fell to 31 percent from 36 percent in 2024. Those who were “somewhat confident” rose to 52 percent from 49 percent, while those “not very confident” or “not confident at all” increased to 17 percent from 13 percent.
“The survey shows that overall confidence is still high at 83 percent, but the drop in those who are ‘very confident’ to 31 percent indicates caution,” said PwC Philippines managing partner Mary Jade Roxas-Divinagracia said in a briefing.
CEOs expressed particular frustration with the fight against corruption, with only 9 percent of respondents saying it was being handled well, a decline from 10 percent in 2024. Corruption has consistently been cited as a barrier to growth, undermining investor confidence and slowing reforms.
CEOs continued to credit the government for its infrastructure efforts. Sixty-nine percent of respondents said the government was performing well in this area, although the rating slipped from 74 percent last year.
Infrastructure also ranked as the top growth driver for the Philippine economy in 2025, cited by 65 percent of CEOs.
“It is telling that while nearly seven in 10 CEOs recognize the government’s efforts in infrastructure, only one in 10 believes enough is being done to fight corruption,” said Roderick Danao, PwC Philippines chairman.
“This disparity highlights the need for parallel progress,” said Danao.
Despite the challenges, many CEOs are moving forward with transformation strategies. The survey found that 82 percent plan to upskill their workforce, while 72 percent seek to accelerate automation.
About 63 percent intend to invest in advanced technologies like artificial intelligence to boost productivity and resilience.
