More than half of the Philippines-based CEOs (54 percent) are concerned their businesses will not be viable beyond the next decade without reinvention.
To cope with megatrends that include technological disruption and climate transition and convergence, 97 percent of these CEOs said they have taken steps to change how they create, deliver and capture value in the past five years.
These are among the findings of PwC’s 27th Annual Global CEO Survey participated by 4,702 CEOs in 105 countries including the Philippines.
PwC said while CEOs are taking action, they are faced with a number of challenges: 71 percent cite the lack of workforce skills as inhibiting their ability to reinvent their business model to at least a moderate extent, 69 percent point to a lack of technological capabilities in their company, and 75 percent point to competing operational priorities.
Despite the Philippines-based CEOs’ concern about their long-term business viability, the proportion who believe global economic growth will improve over the next 12 months has grown to more than half (57 percent), slightly higher than the Asia Pacific average (40 percent).
They consider the US and China as critical for their growth prospects in 2024.
At least 60 percent of Philippines-based CEOs anticipate impacts of artificial intelligence within three years–including impacts to the workforce compared to at least 57 percent in Asia Pacific.
They also expect better outcomes for their business, 57 percent expect GenAI to positively impact revenue and profitability, higher than the 49 percent in Asia Pacific.
While CEOs are increasingly looking to the transformative benefits of GenAI, 80 percent say it will require workforce upskilling. They have also expressed concern about an associated rise in cybersecurity risk (69 percent vs. 49 percent in Asia Pacific) and misinformation (57 percent vs. 44 percent in Asia Pacific).
On climate, 75 percent have either begun or completed steps to improve energy efficiency, while 74 percent report having made similar strides when it comes to innovating new, climate-friendly products, services or technologies.
