AYALA Corp. Chairman Jaime Augusto Zobel de Ayala recently pointed out that one of the best ways for the country to survive the pandemic is to go digital, adding that “a tremendous number of products and services will have to ride on a digital infrastructure.”
During the Pilipinas Conference session, Ayala said the pandemic had worsened the fissures of inequality that were already present in the country even before COVID-19 struck.
“In this sphere, unprecedented collaboration is demanded of us — the private sector, government, and civil society, both locally and globally — all of us have to work together,” he said, adding the government should strengthen its partnership with the private sector to achieve digital transformation and readiness.
“We’re spending close to one billion dollars a year on a regular basis, year after year, building and rebuilding the digital infrastructure and adding to it as much as needed,” he said.
“The private sector has established itself as a reliable partner of the government in addressing the people’s most urgent paint points — among them poverty, hunger, health emergency and unemployment.
“Squarely addressing the challenges in these areas is the only way to create sustainable impact in its broadest and most inclusive sense,” he said.
Diwa Guinigundo, former deputy governor of the Bangko Sentral ng Pilipinas, said the pandemic has shown marked advantages of a digital economy.
“The private sector can lead in the innovation of digital products and services that would allow us to increase the breadth and reach of markets in these digital times of pandemic, even in these difficult times,” Guinigundo said.
Professor Dindo Manhit, president of Stratbase ADRi that organized the session, pointed to the fact that a Stratbase-commissioned Social Weather Stations survey said almost nine in 10 Filipinos (89%) agreed that “the benefits of digital technology such as strong cell phone signals, fast e-banking and social media can greatly help create jobs and businesses.
“At this point in time, it is imperative for the Philippines to recalibrate its growth trajectory by shifting to a more investment-driven growth and establishing a favorable environment for businesses to attract foreign investments, generate jobs, spur consumption, and address inequality. Despite the improvements seen in the Philippines’ major economic indicators in 2021, sustained economic growth is still uncertain.
