Following a year of aggressive recovery, companies in different industries across the world have shifted their focus to sustaining the growth momentum in 2024 and beyond by stabilizing business operations and providing new value to customers. 

With many still navigating the new business and economic landscape in the post-pandemic world, equipping business leaders and decision-makers with strategic insights has become even more relevant to overcome challenges and achieve sustainable success. 

Here in the Philippines, the government expects robust economic growth in 2024 anchored on sound fiscal policy, a strong manufacturing sector, market optimism, and continuing digitalization.

To further empower businesses on how to take advantage of the positive economic outlook this year, MPower, a Meralco business unit and the leading retail electricity supplier (RES) in the Philippines, recently staged the ninth installment of its annual Executive Forum Series with the theme “Powering Forward: The 2024 Economic Outlook & Leadership Strategies in the New Era”. 

MPower’s first major face-to-face event since the pandemic gathered over 200 business leaders and executives from the country’s top corporations to provide an avenue for industry leaders to exchange valuable insights on how to chart the path to success this 2024. The forum empowered industry movers and shakers with strategies on how to bridge the gap between business theories and applications this year and fostered valuable knowledge exchange among participants together with its panelists—renowned economist Dr. Bernardo Villegas and business speaker Francis Kong.

Meralco First Vice President and MPower Head Redel Domingo expressed optimism that 2024 would be another year of achievement as businesses move towards recalibrating their strategies to sustain the gains of the previous year.

“We look forward to a more fruitful collaboration with our partners as we continue powering forward and embracing the evolving business landscape with confidence while fostering a positive impact on our communities,” he said during the forum.

Mr. Domingo also emphasized that while the post-pandemic era will still have complex obstacles, the support and insights provided by MPower can help its business partners elevate their respective business strategies to continue powering forward and embracing the evolving business landscape with confidence.

Positive outlook

According to a recent statement from the Department of Finance (DOF), many businesses can capitalize on the positive economic outlook this year, with the government optimistic that the Philippines will perform even better this year.

The DOF had said that the Philippine economy is expected to remain robust given the ongoing establishment of structural reforms that will help drive and accelerate growth this year.

It also noted that most multilateral organizations share this optimism as they expect the Philippines to be one of the fastest growing economies among the major economies in Asia.

Such economic optimism presents various growth opportunities for Philippine businesses and investors to stimulate and sustain economic growth.

During the MPower Forum, Mr. Kong highlighted that building business resiliency and agility are highly essential skills for organizations that want to succeed in a dynamic and rapidly changing business environment.

“Embrace the future as new beginnings offering new opportunities,” he said as he emphasized the importance of cultivating a culture of innovation within the workforce.

Fostering good relationships with different industry stakeholders not only contributes to business success but also strengthens industry-wide resilience, he added.

As a reliable electricity service provider to businesses in various industries, MPower recognizes the importance of partnerships which is why it is resolute in providing its customers with topnotch service so that businesses can grow with new solutions—tailor-fit and relevant to the evolving and dynamic requirements needed to succeed in this new landscape.

In addition to providing competitive energy prices and technical consultancy, MPower ensures customers seamless access to Meralco group’s wide range of services. This includes value-added services and exclusive partner discounts from prominent entities like the Meralco Power Academy, a premier energy education provider, MPioneer for non-life insurance, MServ, a renowned energy management services company, and Radius for pure fiber connectivity solutions. 

Walking the talk

Beyond empowering business leaders, MPower walks the talk by actively giving back to the communities it serves through its various corporate social responsibility and sustainability initiatives.

Aligned with the sustainability initiatives of Meralco, MPower, committed to expanding its renewable energy portfolio, which is targeted to account for at least 40% of its total supply mix by 2025. 

MPower also promotes environmental stewardship through its CommuniTrees program. Since its inception in 2015, over 12,000 seedlings have been planted in various parts of the country. 

Recognizing the importance of empowering the youth, MPower supports the education of young Filipinos through its CSR program iMPower. To date, iMPower has provided a total of P16 million worth of support—both monetary and in-kind—to 26 schools across the Philippines benefitting 28,000 Filipino students. 

As businesses navigate the 2024 economic landscape, Meralco Senior Assistant Vice President and MPower Retail Sales Head Eddie John Adug assured its partners of the continuous support they can count on from the country’s leading retail electricity supplier (RES).

“Our commitment has always been to offer partners a service extending beyond the retail supply contract. We will persistently work to empower our partners, paving the way for shared success,” he said.

Now on its 10th year, MPower has established itself as a preferred RES in the Philippines with a 26% share in the country’s competitive retail electricity market in terms of aggregate demand. MPower also actively capacitates its customers with the needed technical expertise to power business success in various industries.