By Angela Kiara S. Brillantes, Special Features and Content Writer
Thriving businesses are grounded on solid economies, with fundamentals enabling each to make a significant contribution to national development. But with uncertainties rising globally and locally, businesses are leaning towards resilience strategies to ensure their progress ahead.
These strategies were explored by representatives from various industries who joined the first panel discussion of this year’s BusinessWorld Economic Forum, with the theme “Building an Inclusive and Resilient Future for the Philippines.” Speakers for the panel discussion included Francis C. Gotianun, senior vice-president of Filinvest Hospitality Corp.; Monica L. Trajano, vice-president for commercial strategy of Aboitiz InfraCapital Economic Estates; Robert Dan J. Roces, an economist at SM Investments Corp.; and Joseph Nino “Jay” C. Young, investment partnerships and business development head of GCash.
The panel discussion explored how the executives define resilience, both in the context of organizations and the individual.
Resilience and inclusivity go hand in hand, particularly when looking at long-term growth in the business landscape. In her opening statement, Ms. Trajano of Aboitiz InfraCapital Economic Estates, pointed out that as growth remains concentrated in the corporate world, resilience is a long game that involves being adaptive, responsive to shocks, and creating value beyond the business itself.
“Resilience go beyond roads and buildings; it’s about building systems that last like investing in global talent, aligning education with the need of industries, and embedding sustainability in how we grow,” Ms. Trajano said. “In this way, our role has evolved, from being the developers of that economy to enablers of ecosystems that support both business continuity and community upliftment. In Aboitiz InfraCapital, we are focused on creating environments where businesses can grow confidently.”
On measuring resilience and inclusivity in households, Mr. Roces of SM Investments identified three key indicators: when individuals are able to switch jobs easily, when they are able to set up businesses easily, and when they contribute to better government revenue.
Investing in people
In order to boost resiliency, making proper investments is imperative, especially amidst economic risks and uncertainties. As the business landscape continues to evolve, so too must the ability of these businesses to adapt to constant change.
Mr. Gotianun of Filinvest Hospitality Corp. emphasized the importance of making a prudent approach in businesses by investing in their systems and their people to effectively manage risks and build resilience.
Photo by Philippine Star/Ryan Baldemor
“There’s always been a lot of uncertainty in business, there’s always risk, there’s always [something that needs] changing. But we take lessons over the years, and we’re just enhancing them,” the senior vice-president said. “This is a virtual cycle that we’ve been doing over the many years. It’s just a matter of being prudent, being mindful, making sure that we’re looking at all the information out there, try to make sure making the best decision and always making sure that we invest and uplift people.”
Ms. Trajano added that being data-driven is crucial during economic uncertainties. This means making smart and strategic decisions aligned with environmental shifts and understanding customer needs.
“We need to be able to understand fully [and] make data-driven decisions to replicate what works, and stay prudent so that we’re able to manage risks in that sense and relative to growth — not necessarily expansion, but really growing what matters to our customers. So, it’s understanding through listening what their needs are.”
“Expansion is taking a look at what the smart moves are relative to what’s happening in our environment and understanding what our core purpose is,” Ms. Trajano added. “Resiliency for us means that we invest in future-proofing, investing in sustainable infrastructure and workforce readiness,” she added.
Furthermore, the panel finds upskilling the workforce, particularly equipping employees with the necessary skills to adapt to new technologies and industries, as a means to future-proof their businesses.
“Future-proofing will be very important,” Mr. Roces said. “That doesn’t necessarily include the infrastructure, but the need for upskilling does. It’s very important to upskill people with the new infrastructure. That actually forms part of the resilience package.”
The SM Investments economist stressed that resilient companies are powered by their people — the workforce. With a skilled and talented workforce, companies are improving organizational performance, ultimately driving themselves towards success.
“If you’re looking at a resilient company, you’re seeing one that’s not only surviving in terms of the numbers, but you’re also seeing people who aren’t leaving. You’re looking for more talent to come into the company,” he added.
Investing in people also goes beyond the workforce, as the financial sector is responding to economic uncertainties by intensifying financial education among consumers, according to Mr. Young of GCash. This way, the sector informs and educate many Filipinos toward sound financial decisions, as well as financial security and certainty for themselves and their households.
“In GCash, we will continue to bring more financial products to Filipinos, intensifying how we are able to educate them and make them more engaging that can help them survive their rainy days and have something for their one day,” Mr. Young said.
Navigating expansion
The panel also underscored opportunities for expansion in the Philippine industry. Ms. Trajano, for instance, noted increasing global investor interest, driven by the country’s “business as usual” stance and scalability. With foreign investments, collaborative pursuits and consistent policy and regulation must be visible.
“If everybody works together, there’s better confidence,” Ms. Trajano said. “It’s on us and the partnerships that we forge in the government, going out together to make sure that we’re still consistent not just in policy making but in execution. I think that’s actually key because we are in a very good position and we have the right fundamentals. It’s the sustaining part that we need to be working on.”
Photo by Philippine Star/Ryan Baldemor
Even in economic estates, the Philippine industry showcases its capability to cater to the domestic market. Many Philippine companies are leading by a sheer number in terms of economic activities.
“In terms of area, 51% of the companies that are there are Japanese, but in terms of number, the most are Filipino companies, not just because they are exporting but they’re also catering to domestic enterprises. Even in recent years, that is the demonstration of the capability of the Philippine industry — to be able to scale and cater to the domestic market but also export,” Ms. Trajano said.
Mr. Gotianun added that expanding services to small and medium enterprises (SMEs) or small entrepreneurs is another considerable approach. He suggested economic zones tailored for them, as well as improving the ease of doing business and other government support. “That’s a way to unlock productivity that we need for the country,” he said.
In the financial landscape, recent technological advancements have significantly improved access to financial products and services, contributing to better financial security and inclusivity across the country. According to Mr. Young, digital wallets like GCash act as gateways to financial services, such as savings, investments, and insurance, among others. This year, it is set to expand and launch new products that are more sector-specific, further adapting to customers evolving needs.
“So, it’s really democratizing financial services for Filipinos. And I think that’s what Filipinos need in this time of uncertainty — it’s the security and certainty through financial products that are easy to understand, affordable, and very accessible through GCash,” Mr. Young said.