To say that we are in uncharted territory in this age of disruption is cliche enough. Events and numbers move quickly. So do forecasts and statistics. As we celebrate National Statistics month we take a look at this and how the need for statistics at the regional level becomes urgent.
Each region in the country obviously has varying recovery prospects given its characteristics. Every one is an economy that has to chart its growth path and build resilience especially amid these disruptions. Local socio economic data, such as quarterly total and sectoral Gross Regional Domestic Product, unemployment data is therefore more essential than ever been before.
As the NEDA and the Philippine Statistics Authority develop the data sets on these regional numbers, I reiterate a part of last weeks column where, in an event, I encouraged the academe to work with government agencies such as the to develop this data. As written, the MSME sector will benefit from such information as we chart the recovery and resilience path of our own businesses.
The Digital Leapfrog
Knowing this numbers will help many of us set our strategy as we approach 2021, which promises to be a year of recovery. A game changer therefore, is leapfrogging into the digital economy, especially for the bulk of businesses that are small and medium enterprises.
While many have begun going online to generate sales, a great number remain unable to engage this increasingly necessary migration, not only to recover, but to engage the future filled with potentially new and exciting world of expanded markets, new suppliers and over all, a new way of doing business.
This is the future wave accelerated by the recovery from the pandemic. We are seeing a faster, digital, more competitive economy. The question begging many answers among businesses is : what will we be in 2025? Many countries, including our business counterparts in ASEAN are accelerating this engagement. Competition will be tougher. All businesses need to prepare with the right strategy based on data.
Axelum at near normal, Coca Cola to ramp up Mindanao investments
Recent news from the country's largest coconut producer Axelum Reources point to a recovery. Reports indicate the producer will boost production after having made significant strides in their new normal adaptations and resuming near normal operations.(https://mb.com.ph/2020/09/04/axelum-profit-drops-to-p202-million-in-h1/)
During the launch of the Mindanao Business Conference last September 10,
Coca Cola Bottlers Philippines CEO Gareth McGeown shared that CCBPI will proceed with its investments in the country, including an increase Mindanao capacities.
Such corporate developments are worth monitoring.
Minbizcon webinar highlights Mindanao's special economic zones
In the October 1 webinar of the Mindanao Business Conference hosted by the Davao City and Cagayan de Oro Chambers of commerce, with Senator Bong Go presenting the Balik Probinsya Bagong Pag-asa program, while Gil Dureza of the Board of Investments and national president of the Ambassador Club Philippines and former Davao Chamber President Malou Monteverde presented various investment sites and Special Economic Zones in Mindanao, from the more well known Phividec Industrial Estate to the Zamboanga Ecozone and the newly declared PEZA zones.
Apart from Senator Go’s presentation, a realization was just how many special economic zones and mixed use developments in Mindanao are ready to take in BPO and manufacturing investments. These can create jobs for returning residents. It is hoped that these can be promoted even more. In next weeks column I will post a link to the proceedings.
Continue to stay safe and vigilant against COVID 19!
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