German firms in PH see slight improvement but maintain dim economic outlook

According to a survey by the German-Philippine Chamber of Commerce and Industry (GPCCI), 21% of German firms in the Philippines reported being in a good business situation, up from previous surveys.

Despite this improvement, more than 40% of surveyed companies expect little to no changes in local investments over the next year due to ongoing economic uncertainties caused by the pandemic.

The survey also found that travel restrictions remain the top persisting impact on businesses, with concerns about demand and financing issues also prevalent.

Only around 14% of firms anticipate higher investments locally within the next 12 months.