Many Filipinos think that the country's economic drivers are the private sector.

Nearly 90% of Filipinos, according to a recent Pulse Asia Research Inc. study, affirm that the private sector is essential in promoting economic growth and that the government and the private sector should work together to maintain the nation's recovery. The survey was conducted by Stratbase Consultancy Inc. and it was initiated last September 17 up to September 21 of this year.

Mr. Victor Andres C. Manhit, the founder and CEO of Stratbase Group, stated that “the viewpoints of the participants as reported in this recent survey is a strong motivation for the Marcos administration to strengthen developmental engagements and thus further help the private sector to promote economic growth and strengthen competitiveness."

Manhit continued, "A sustained, dedicated cooperation between the government and private sectors will be a game-changer in our recovery and the attainment of inclusive prosperity for our people.”

According to the study, 46% of respondents across the Philippines stated that they "strongly agree" and another 41% "somewhat agree" that the private sector is essential in boosting economic growth. Moreover, three percent of respondents disagreed, while eleven percent were unsure.

Recovery Support

Under the poll, 62% of respondents strongly agreed and 27% somewhat agreed that the government and the business sector should work together to promote economic recovery. Furthermore, 10% percent of respondents are uncertain, while 1% of the respondents disagree.

Due to complementary roles, strengths, resources, and futuristic perspectives, Manhit added that “they always pushed for a higher level of constructive and continuous cooperation between the government and private sectors."

A nationwide sample of 1,200 people was used for the survey, which had a plus-minus 2.8 percent error margin at the 95 percent confidence level. It was conducted a few weeks before President Ferdinand R. Marcos Jr. marks his 100th day in office and during the week of his visit to the United States.

The majority of survey respondents believed that the private sector can help in developing the Philippine economy in various ways; the most popular answers were first, creating jobs (69 percent), second, helping the Filipinos to be lifted out of extreme poverty (65 percent), third, increased the opportunities for livelihood (49 percent), and lastly, by improving the healthcare systems of the country (37 percent).

What is even more interesting about this, according to Manhit, is that “Respondents' perceptions in resolving unemployment and poverty have significantly increased both nationally and in the National Capital Region.”

In particular, about 58 percent of the participants believed that the private sector could cooperate by creating jobs in December 2021. Thus, Manhit added that “In nine months, even more Filipinos would truly think that creating jobs should be a priority.” The statement was accompanied by an increase percentage rate of 11% points to 69% that was gathered nationwide.

Employment and poverty

In the National Capital Region (NCR), a larger number of respondents (77 percent in September,  down to 61 percent in December) cited that job generation is the key priority.

Similar to this, the number of respondents nationwide who thought that the private sector could help raise Filipinos out of poverty increased by eight percentage points, from December 2021 (57%) to September 2022 (65%).

This indicates that “for nine months, more Filipinos have come to recognize the value of the private sector as a partner in generating jobs thus lifting people out of poverty” as per Manhit.

Other areas of collaboration that were reflected in the poll were enhancing the quality and availability of digital services (at a nationwide rate of 27 percent), managing the environment and natural resources (19 percent), building public infrastructure (16 percent), and raising educational standards (12 percent).

According to Manhit, “the Marcos administration must not fumble the opportunity now since there are no  more justifications not actively pursue public-private cooperation.”

Given how Filipinos recognize the potential of a partnership with the private sector in significant aspects of our economic prospect, Manhit uttered that "the government leaders must act on this potential by creating the most favorable environment that would attract the right investments and strategic partnerships through effective governance, stable regulatory measures, and sufficient attention to be given to the Filipino workforce.”