The survey revealed that 62 percent of the 168 CEOs polled are troubled by ongoing geopolitical conflicts, including the Russia-Ukraine war, Israel-Hamas tensions, and disputes in the South China Sea. These issues have disrupted global trade and supply chains, creating uncertainty for businesses worldwide.
However, optimism prevails, with 52 percent of the respondents expecting the global economy to improve over the next year.
Moreover, 86 percent of the CEOs expressed confidence in their own industry’s future, and in their ability to achieve revenue growth over the next three years.
“Business leaders in the Philippines have been faced with significant challenges stemming from global economic uncertainties, geopolitical tensions and inflationary pressures, but they are continuously adapting and innovating,” said Roderick Danao, PwC Philippines chairman and senior partner.
“It is heartening to see that though many difficulties persist both within the country and outside it, business leaders remain adaptive and optimistic.”
These insights form part of the Philippine CEO Survey 2024, conducted from July to August by PwC Philippines, the knowledge partner for the Management Association of the Philippines’ (MAP) International CEO Conference.
The survey touched on the conference theme “Business in Five Movements: Wisdom, Passion and Inspiration Across Multiple Generations.”
One focus was on addressing the challenges of managing multigenerational workforces, with 75 percent of the respondents identifying leadership style differences as a major hurdle.
Rene Almendras, MAP president for 2024, shared, “Businesses today have to deal with five generations: Baby Boomers, Gen X, Millennials, Gen Z and Gen Alpha. Each generation behaves differently and has unique characteristics as consumers, producers, business leaders and citizens. Organizations need to change because market preferences are shifting. The challenge is to ensure that whatever product or service you offer penetrates each generation.”
When it came to challenges of having a multigenerational workforce, more than 75 percent of the respondents identified differences in management and leadership styles as their biggest challenge. Other issues include differences in communication styles and work-life balance expectations.
Technological innovation also emerged as a priority, with many CEOs planning to invest in AI, automation, and workforce upskilling over the next 12 months.
Though three-fourths of the respondents agreed that generative AI or GenAI can improve their products or services and make their processes more efficient, GenAI adoption remains low, with only 39 percent having implemented it in their organizations.
“These leaders are ready to make strategic investments to ensure their businesses thrive in the long term,” Danao added.
