PHILIPPINE businesses that embrace innovation will be in position to boost trade and attract more investment as technology ramps up global competition, the Philippine Chamber of Commerce and Industry (PCCI) said.
At the 50th Philippine Business Conference and Expo on Tuesday, PCCI President Enunina V. Mangio said that “embracing innovation has become not just an option but a matter of survival in the intensely competitive global village.”
“The use of innovative strategies and approaches, for example, can help us adequately respond to the need to improve on the ease and reduce the cost of doing business in the country,” she said in her welcome remarks.
“This is necessary to further nurture our enterprises, boost trade and attract more investments,” she added.
She said innovation will not only ensure the competitiveness and resilience of businesses but also sustain the progress so far achieved.
In her keynote speech, Vice-President Sara Z. Duterte-Carpio said digitalization must take its place alongside the Philippines’ strengths in human resources to ensure “efficient operations and timely production, and of course, delivery of services and products.”
“We cannot refuse the benefits of digitalization in our businesses. We should… be willing to invest in digital infrastructure,” she added.
In a panel discussion, Carlos Ramon C. Aboitiz, chief corporate services officer of AboitizPower, said that hiring the right people is the key to staying competitive as technology advances.
“Ultimately, it comes down to the basics and hiring the right people is the first thing,” Mr. Aboitiz said.
“I think knowing how to use technology to acquire data, develop insights, and then use those insights also helps sustain (competitiveness),” he added.
Sagittarian Agricultural Philippines, Inc. President Jose Avelino G. Diaz said the case is growing for businesses to pursue more vertical integration.
“That helped us to have more internal control which gave us more agility and flexibility in designing our products and adjusting our products in accordance with what our customer really wants and really values,” said Mr. Diaz.
Juan Carlos C. Puno, chief finance officer of Globe Telecom, said that for telecommunication companies, everything is fast-moving, requiring businesses in the industry to become more efficient.
“We constantly look for efficiencies in our systems to be able to shorten a lot of these decision times,” he added.
“Agility really is being able to go to market very quickly. If you take a month to decide on a product, by the time you launch it, the opportunity is gone,” he added. — Justine Irish D. Tabile