Utzurrum: Digitalization, sustainability, collaboration—MCCI’s ‘Great Reset’

·2 min read

What a stunning business blast!

This was the power reaction of attendees of the 2022 Mandaue Business Month, the flagship activity of the Mandaue Chamber of Commerce and Industry (MCCI), with the theme,“Ushering the Great Reset: Riding on the Tailwinds of Change.”

“Digitalization, sustainability and collaboration are the three accelerating trends taking place during this great reset,” stated Ayala Corp. president and chief executive officer Fernando Zobel de Ayala in his prepared keynote speech at the Mandaue Business Summit held at the Marco Polo Plaza Cebu in August.

Since Zobel de Ayala was unable to deliver his speech due to a medical leave, the message was read by nephew, Jaime Alfonso Zobel de Ayala, head of the business development and innovation units of Ayala Corp. and co-deputy head of corporate strategy.

He continued: “We cannot deny that Covid-19 changed our world view and decision making process, and find ourselves in the crossroads of learning and adapting to uncertainties at every turn.”

In view of this, he cited three separate movements that could prove central as to how businesses should operate: Digitalization, sustainability and collaboration.

Because of the crisis, businesses had to shift to digital services. An example in the financial world is the increase of online payments by users for day-to-day transactions. Last year, GCash reached 3.8 trillion in gross business from 55 million registered users. E-commerce also prospered through online shopping.

Under sustainability, Zobel de Ayala mentions “Our unfortunate experiences during natural calamities has shown an urgency we must respond to, and that is: Awareness of climate crisis and a shared responsibility to protect and safeguard Planet Earth.”

The Ayala Group has committed to attain Net Zero Gas Emission by Year 2050. He then urged businesses to do their share in combatting practices that have disastrous effects on climate change.

He also cited the importance of collaboration and its tremendous power in working towards a common goal. Like the private sector partnering with government in fighting the curse of the pandemic.

“The path to recovery is not a walk alone but a journey we must navigate together,” Zobel de Ayala added.

Meanwhile, Irfan Qureshi, economist at the Asian Development Bank, economic research and regional cooperation department, said the recovery of the developing Asian economies faces diverse challenges including Russia’s non-stop invasion of Ukraine, which raised the uncertainty of commodity markets. On the other hand, Qureshi disclosed that exports have remained strong and tourism is fast recovering. Headline inflation in developing Asia is rising but it remains low compared to other parts of the world.