THE public and private sectors need closer coordination while taking on a digital approach towards economic recovery as the pandemic crisis persists, the top official of the Aboitiz Group said.
“The private sector must be one with the government in achieving the objectives of digital transformation, so economies can recover and people can sustain themselves. It will not be easy, but we need to work together not just to live, but to sustainably thrive, under a new normal,” said Sabin M. Aboitiz, president and chief executive officer of Aboitiz Equity Ventures, Inc., in a statement on Wednesday.
His comments came from his speech at a virtual forum on Wednesday led by the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), where he is a member.
“We know that no country in the world, regardless of socio-economic status, can claim that they were well-prepared to handle COVID-19 (coronavirus disease 2019). This further highlights the need to maximize regional cooperation to share resources. Countries need to come together to address the gaps in both resources and strategy on the road to building back better,” Mr. Aboitiz said.
The forum gathered representatives from the private sector, the government, the national and regional network of the Philippine Chamber of Commerce and Industry, and the regional affiliates of the Makati Business Club.
It was also participated in by digital firms, other business organizations and chambers of commerce, Aboitiz Group, Ayala Enterprise Circle, and SIKAP, which served as a learning platform to share best practices and successful models in APEC economies on digital innovation for economic recovery and resilience.
The Aboitiz statement quoted APEC as saying in July that COVID-19 had caused a 3.7% decrease in the Asia-Pacific region’s economic growth for 2020. It placed the total output loss at $2.9 trillion. It said APEC’s main recommendations for member economies are to invest in digital technology, improve technological infrastructure, and equip people with digital skills.
Mr. Aboitiz said a public-private partnership that is backed by a strong digital approach is a key solution for economies moving forward.
“Our collective experience these past months also points to how vital it is to have strong public-private collaboration. According to the Asian Development Bank, we particularly need close cooperation in order to protect consumers against cyber-crimes and fraud, prevent illegal activities, enhance cybersecurity to prevent cyberattacks, and protect personal data and privacy,” he said.
He also said that a digital transformation was essential to keeping companies afloat during the pandemic.
“Some companies struggled to make the shift while for others, it was simply like flipping a switch. Aboitiz belongs to the latter, thanks to the digital transformation efforts we have put in place several years back, but more importantly, our team was mentally ready which is the hardest part and takes the longest time,” Mr. Aboitiz said.
Created in 1995 by APEC leaders, the ABAC serves as the voice of the business sector and provides information on business-related issues or a business perspective on specific areas of cooperation.
