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Multibillion Sulu airport mulled

FREEPIK

COTABATO CITY — Provincial officials in Sulu and experts in the Bangsamoro government will be drafting a feasibility plan for a multibillion Sulu airport to drive up investments in the province.

Sulu Gov. Hadji Abdusakur M. Tan, Sr. and two representatives of the Bangsamoro government, lawyer Ranibai D. Dilangalen and Engineer Amil J. Abubakar, signed on Thursday, Aug. 29, a Memorandum of Understanding binding their offices to jointly plan the setting up of a large new airport in the island province.

Ms. Dilangalen is a senior official of the Bangsamoro Airport Authority under the region’s Ministry of Transportation and Communications while Mr. Abubakar is deputy director of the Bangsamoro Planning and Development Authority.

Bangsamoro Transportation and Communications Minister Paisalin P. Tago told reporters on Sunday that they aim to establish a new airport, based on international standards, at the border of Talipao and Maimbung towns in the province, long cleared from presence of the Abu Sayyaf via joint peacebuilding programs of local executives, the local communities, the police and the military.

The regional government of the Bangsamoro Autonomous Region in Muslim Mindanao shall bankroll the project, according to Tago. — John Felix M. Unson

Australia, PBEd train principals

THE AUSTRALIAN Government and the Philippine Business for Education (PBEd) enhanced the professional development of 67 Baguio school principals.

The training, aimed at improving student outcomes and enhancing school performance, was conducted through the Generate Opportunities & Lead in Education to Accelerate Development (GO & LEAD) program.

Under the program, 67 school chiefs went through comprehensive training, focused on data-driven school management, leadership strategies, and educational technology integration.

“Education has always been central to the strategic partnership between Australia and the Philippines,” Australian Embassy in the Philippines First Secretary for Education Vivienne Sykes said in a statement over the weekend.

“Australia will continue supporting long-term policy and institutional reforms that improve the quality of Philippine human capital through education,” she added.

Education Secretary Juan Edgardo M. Angara had earlier emphasized principals’ roles in implementing the MATATAG curriculum, specifically in customizing education strategies based on local contexts. PBEd noted the GO & LEAD program supports the MATATAG curriculum by strengthening the leadership skills of school principals. — Chloe Mari A. Hufana

Maharlika to be active in 2025 in all priority investment areas

By Beatriz Marie D. Cruz, Reporter

THE Maharlika Investment Corp. (MIC) said it expects to be committing “significant” funds next year to all its priority investment areas, led by energy security.

“I think next year will be, well, it’ll be a full-blown operation. I expect that we should be able to deploy a significant amount of our allocated capital,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said on the sidelines of a Senate hearing on Aug. 27.

“We basically identified the sectors where we’re going to be deploying them. Energy security sits on top of that list. Digital connectivity will be another one. Resource development will be another one. Healthcare will be another one. So hence, we expect to be able to deploy (funds to) all these,” he said.

During the Senate Finance Committee hearing, Mr. Consing said the MIC is expected to make its initial investments within 90 days.

Energy is expected to take up the bulk of the sovereign wealth fund’s initial investments, he said.

In the absence of investment activity, the fund has earned about P1.5 billion in interest income, Mr. Consing said.

In an Aug. 14 Senate hearing, Finance Secretary Ralph G. Recto said no funds have been allocated to the MIC next year as it is “taking time to identify investments.”

Earlier this year, the MIC signed agreements with the electric cooperatives of Palawan and Mindoro to potentially fund the power infrastructure of both islands.

“That’s ongoing. But we have to go through a process,” he said. “In terms of announcements… maybe Mindoro ahead of Palawan.”

The MIC has also yet to fill in the last seat on its board, Mr. Consing said.

John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, said the corporation must take up the best practices of the private sector.

“As this involves fund management, profit generation, value creation, the MIC must be run like a private-sector entity where checks and balances are strict, responsibilities and accountabilities are defined, and penalties are imposed to those who do not meet targets,” he said in a Viber message.

The MIC must also expand its investment portfolio in real estate, technology, and renewable energy, he added.

“These yield relatively higher returns but may require greater capital outlays. Investments should be made in assets and securities that have higher returns for a given level of risk. That’s why expertise (in these fields) is a must,” he said.

Leonardo A. Lanzona, an economics professor at the Ateneo De Manila, said the corporation must differentiate its investment mandate against those of other government agencies while aligning its activities with development goals.

“MIC must justify its existence by showing results that are not usually expected from the government… Yet, it must define a well-articulated investment mandate that aligns with national development goals and seeks diversified returns across various asset classes,” he said in via Messenger chat.

It must also develop a robust risk management system to mitigate financial, operational, and market risks, he added.

The MIC in July obtained membership in the International Forum of Sovereign Wealth Funds. It also completed its investment and risk management framework.

The fund has an authorized capital stock of P500 billion. Government banks Land Bank of the Philippines and Development Bank of the Philippines contributed P50 billion and P25 billion, respectively, to its initial capital. The National Government also provided P50 billion.

‘Bay Area’ plan seen possibly complementing Luzon Corridor

REUTERS

By Justine Irish D. Tabile, Reporter

THE Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) said the government is studying how the “Greater Manila Bay Area” plan proposed by China Ambassador Huang Xilian could complement the US-backed Luzon Economic Corridor economic integration project.

“The development or the concept of a Greater Manila Bay Area … I think it’s an idea. It’s something that can be looked at a little deeper,” Special Assistant to the President Frederick D. Go, who head OSAPIEA, told reporters on the sidelines of the National Retail Conference and Expo.

He said that the proposal could coexist with the Luzon Economic Corridor, which overlaps with areas eyed for the Greater Manila Bay Area.

“I think the idea is to bring about the model of Hong Kong, Macau, Shenzhen, and Guangzhou, and if you look at the Luzon Economic Corridor and the rail that’s being considered, it traverses exactly that corridor — the Manila Bay Area,” he added.

He said that the Chinese proposal came out of a meeting two weeks ago, with another meeting set in two or three months to talk about development of the project.

“The idea will find its roots there in the dialogues between the local federation and the Hong Kong and Macau business associations,” he added.

Asked about the funding, he said that the proposal is still in its very early stages.

“But if they will fund such a study, I think we should welcome it. I think when you have these huge projects, it starts with funding for a study, and then you will do a real masterplan, and then you do the actual implementation,” he said.

The Chinese ambassador proposed the concept of replicating the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) in the cities and provinces around Manila Bay during the Manila Forum for Philippines-China Relations on Aug. 22.

The GBA refers to a cluster of cities in and around the Pearl River Delta being positioned by China for greater economic integration. It consists of Guangzhou, Shenzhen, Zhuhai, Foshan, Dongguan, Zhongshan, Jiangmen, Huizhou, and Zhaoqing.

The cluster recorded $1.98 trillion in gross domestic product last year, making it among the fastest-growing regions in China.

Filipino-Chinese Chambers of Commerce and Industry President Cecilio K. Pedro has said that replicating China’s Greater Bay Area in the Philippines could help attract Chinese investments to the Philippines.

UAE deal to help PHL close gap with ASEAN neighbors in Mideast trade

REUTERS

THE Department of Trade and Industry (DTI) said it is pinning its hopes on a Philippines-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) to help close the gap with the rest of region in developing trade links with the Middle East.

“Despite the UAE being a small market, they import about $420 billion from the rest of the world, while imports from ASEAN are about $22.91 billion,” Biance Pearl R. Sykimte, director of the DTI Export Marketing Bureau, said at a public hearing on Friday.

“And if you look at our competitors (in Southeast Asia), they export two to five or six times what the Philippines exports to the UAE,” she added.

The Philippines exported around $1.5 billion of products to the UAE in 2022, according to Ms. Sykimte, against the $2.06 billion by Myanmar, $3.27 by Indonesia, $4.91 billion by Thailand, and $7.47 by Vietnam.

“There’s still a lot of unrealized export potential in the UAE market, about $380 billion. And based on the study done by the International Trade Center, $211 billion of this unrealized export potential is growth-based,” she said.

“Meaning, this is based on the projected growth of the UAE market and the growth of the Philippine exports to the UAE,” she added.

The Philippines exports around $130 million worth of agricultural products to the UAE, she said.

“The UAE imports nearly $2 billion in farm goods, and if you look at how much our ASEAN neighbors are exporting to the market, it is significantly higher,” she said.

Indonesia exported $390 million in agricultural goods to the UAE, Myanmar $370 million, Thailand $320 million, and Vietnam $260 million.

In negotiating the CEPA, the Philippines is interested in the liberalization of trade in products it currently exports to the UAE.

“We also look at what the UAE is importing in large quantities that the Philippines can potentially supply,” she said.

“We also included in our export interest the products that may not be currently being imported by the UAE in large quantities, but there’s export opportunities for the Philippines for these product lines,” she added.

She said the Philippines is focused on easing trade terms for about 98-99% of the products it exports to the UAE market.

The government is targeting to conclude negotiations for the PH-UAE CEPA as early as October.

The third round of negotiations is set for the third week of September.

If realized, this will be the fourth bilateral FTA (free trade agreement) of the Philippines, next to those concluded with Japan, the European Free Trade Association, and South Korea, which is still awaiting ratification. — Justine Irish D. Tabile

Rice imports hit 2.72 MMT in late Aug. as global prices rise

BW FILE PHOTO

PHILIPPINE rice imports amounted to 2.72 million metric tons (MMT) as of late August, according to the Bureau of Plant Industry (BPI).

The BPI reported that rice shipments in August, as of Aug. 22, totaled 208,949 MT, behind the year-earlier pace of 332,892 MT.

University of Asia and the Pacific Center for Food and Agribusiness Executive Director Marie Annette Galvez-Dacul said high global rice prices during the first half may have slowed orders for foreign rice.

“Higher world prices (may have caused) importers to see not much gain even with the lower Philippine import tariffs,” Ms. Dacul said via Viber.

President Ferdinand R. Marcos, Jr. signed Executive Order No. 62, which reduced rice tariffs to 15% until 2028, as an inflation-containment measure. The new tariff regime is subject to review every four months.

“The lower 15% tariff was intended to bring in rice and lower retail prices. However, it is not happening. Thus, bringing it back to 35% will just slow down shipments more,” she said.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said last week that the Department of Agriculture does not plan to recommend raising tariffs at the upcoming review, as retail prices have not dropped in the face of slower import shipments.

“It seems that the tariff cut has not worked. In the meantime, we are losing tariff revenue,” Federation of Free Farmers National Manager Raul Q. Montemayor said via Viber.

The BPI said Vietnam remained the top supplier of rice as of late June, accounting for 76.8% of all imports in the year to date. Shipments totaled 2.09 MMT.

In January, the Philippines and Vietnam signed an agreement giving the Philippines a quota of 1.5 MMT to 2 MMT of rice annually for five years.

“Reports indicate that Vietnam has raised its prices, which means they have been the beneficiaries of the tariff cuts, not our consumers,” Mr. Montemayor added.

Thailand supplied 368,530 MT during the period, or 13.5% of the total, followed by Pakistan with 5.7% or 156,121 MT.

Rounding out the top five were Myanmar and India which shipped 66,910 MT and 21,890 MT of rice, respectively.

The Philippines imports about 20% of its rice requirement amid inadequate domestic production, but also to tame high rice prices. — Adrian H. Halili

Retailers see share of GDP growing despite lack of tax on online sellers

PHILIPPINE STAR/MICHAEL VARCAS

THE Philippine Retailers Association (PRA) said it expects the retail industry’s contribution to the economy to grow by at least one percentage point this year even in the absence of a tax regime for its online competitors.

PRA President Roberto S. Claudio told reporters on the sidelines of the National Retail Conference and Expo that the retail industry accounted for 18.6% of gross domestic product (GDP) in 2022.

“It will keep growing. The GDP contribution of retail has been going up at least 1-2 percentage points a year. So we feel that by the end of 2024, that should move up to about 20%,” Mr. Claudio said.

Citing data from between 2017 and 2022, he said that taxes paid by retailers in the Philippines averaged P750 billion over the five-year period.

“These are a mix of value-added tax (VAT), income tax, municipal tax, excise tax, and whatever taxes that are being paid,” he said.

However, he said that the government’s revenue from retailers could decrease over time if it does not create a level playing field with online merchants.

“Since online transactions are not charged VAT and duties, we feel that what is happening is business is being taken away from brick-and-mortar stores because (and) moving online,” he added.

He said that the government is missing out on the opportunity to benefit from the growth of online e-commerce, on which no taxes and duties are imposed.

“We cannot compete with the prices online because the online sellers are not paying VAT and duties,” he said.

“We pay 12% for VAT, and other products even have 5% duties, so easily (online is) 17% cheaper,” he added.

A measure that seeks to impose a 12% VAT on foreign digital service providers was approved by the bicameral conference committee on June 27 and is now awaiting the signature of President Ferdinand R. Marcos, Jr.

Mr. Claudio said the measure could result in a pushback from consumers, though the government must address the revenue it has been forgoing.

“It deprives the government of the revenue. And, because the traditional retailers are losing out to online, over time, our sales will fall. And, when our sales fall, our tax declarations will also go down,” he said.

“Our appeal is for leveling the playing field. It’s up to the government whether they want to earn revenue or not. Because you can just imagine how much revenue the government is losing out on simply because it cannot impose VAT on foreign merchants,” he added. — Justine Irish D. Tabile

NGCP fined P3.5M over delayed transmission projects

ANDREY METELEV-UNSPLASH

THE Energy Regulatory Commission (ERC) has imposed a fine of P3.5 million on the National Grid Corp. of the Philippines (NGCP) over its failure to meet the timelines set for 10 transmission projects.

The regulator cited “unjustified delays in implementing CAPEX (capital expenditure) projects,” according to a statement issued on Saturday, detailing a decision made on June 25 and promulgated on Aug. 31.

The ERC said that the NGCP failed to meet the approved project timelines of the Baloi-Kauswagan-Aurora 230-kilovolt (kV) Transmission Line Project (Phase 2) – (Kauswagan-Lala 230-kV T/L Project), the Pagbilao EHV (extra high voltage) Substation Project, the Antipolo EHV Substation Project, the Tuy (Calaca) – Dasmariñas 500-kV T/L Project, the Cebu-Lapu-Lapu Transmission Project, the Cebu-Negros-Panay 230-kV Backbone Project Stage 3, and the Tacurong-Kalamansig 69-kV Line.

The ERC said that a separate decision covering 27 more CAPEX projects covered by the investigation will be issued separately.

In its decision, the ERC cited the grid operator’s obligation to adhere to the project timelines approved by the ERC when it applied for the CAPEX projects.

“It must be emphasized that this is not an issue of whether or not these CAPEX projects have a rate impact to the consumers because any delay and unrealized CAPEX project is prejudicial to the public,” the regulator said.

“This is especially true for NGCP’s CAPEX projects since (NGCP) serves as the sole concessionaire for the operation of the transmission system. Any inexcusable delay on these projects will have a far-reaching impact on our nation’s electric power quality, reliability, security and affordability,” it added.

The ERC said that the delays to the CAPEX projects could affect the grid’s ability to absorb new capacity, “ultimately affecting public interest.”

Asked to comment, NGCP Spokesperson Cynthia P. Alabanza said: “We confirm receipt of the ERC’s Decision dated June 25, 2024 yesterday, Aug. 30, 2024.”

“We are studying the issuance and our legal options under applicable laws, rules and regulations,” she said via Viber.

The ERC said that “any motion for reconsideration of the decision will not prevent the said decision from becoming executory, unless otherwise ordered by the commission.” — Sheldeen Joy Talavera

Gov’t borrowing up 43% in July 

WIKIPEDIA/JUDGE FLORO

THE National Government’s (NG) gross borrowing rose 43% year on year in July as the budget deficit widened in recent months, the Bureau of the Treasury (BTr) said.

The BTr reported that gross borrowing in July rose to P188.65 billion from P131.94 billion a year earlier.

Month on month, gross borrowing rose 27.32% from June.

Nearly all of July’s gross borrowing (95.73%) was domestically sourced.

Domestic debt rose 63.43% year on year to P180.59 billion in July.

Gross domestic borrowing for the month included P155 billion in fixed-rate Treasury bonds and P25.59 billion in Treasury bills (T-bills).

Gross external borrowing declined 62.39% year on year to P8.06 billion in July, the BTr said.

In the seven months to July, gross borrowing rose 15.49% to P1.76 trillion. Some 84.34% was borrowed from domestic sources.

Gross domestic borrowing rose 30.69% year on year to P1.48 trillion at the end of July.

Domestic debt during the period consisted of P764.21 billion in fixed-rate Treasury bonds, P584.86 billion in retail Treasury bonds, and P134.66 billion in T-bills.

On the other hand, external gross borrowing dropped 28.98% to P275.48 billion in the seven months to June.

This consisted of P115.25 billion in global bonds, P100.5 billion in program loans, and P59.73 billion in new project loans.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said widening budget deficits required the government to borrow more.

In the first seven months, the NG’s budget deficit widened 7.2% year on year to P642.8 billion.

Debt service costs also rose amid the peso’s continued weakness since 2022, Mr. Ricafort said.

The peso closed at P58.365 at the end of July, strengthening by 24 centavos from the end of June, according to the Bankers Association of the Philippines.

“For the coming months, further local and Fed rate cuts and a stronger peso recently could help reduce the NG’s debt service costs, but (debt remains) a function of the budget deficit trend for the coming months,” Mr. Ricafort said via Viber.

Last month, the Monetary Board eased interest rates by 25 basis points (bps) to 6.25%, from an over 17-year high of 6.5%.

The Bangko Sentral ng Pilipinas could deliver another 25-bp rate cut in the fourth quarter, Governor Eli M. Remolona, Jr. has said.

The Federal Reserve could begin its easing cycle as early as this month, Chairman Jerome H. Powell said on Aug. 23.

“Higher borrowing can be typically attributed to lagging revenue collection in the course of the fiscal year, as revenue becomes insufficient to cover the expenditure requirements of government,” Terry L. Ridon, a lawyer and convenor at think tank InfraWatch PH, said via Viber.

“However, for as long as government keeps within or close to the 60% standard of debt-to-GDP ratio, it should not be a serious cause of concern,” he said.

The NG’s debt-to-GDP ratio was 60.9% at the end of June. This is above the 60% threshold deemed manageable for developing countries, according to international development banks.

Despite this, the government should find ways to keep its borrowings within the threshold, Mr. Ridon added.

The debt-to-GDP ratio is projected at 60.6% by the end of 2024 from 60.1% in 2023, BTr said.

This year’s borrowing plan is set at P2.57 trillion, with P1.92 trillion from domestic sources and P646.08 billion from foreign sources, according to the Budget of Expenditures and Sources of Financing data. — Beatriz Marie D. Cruz

Gov’t urged to encourage private sector investment in schools charging low fees

PHILIPPINE STAR/EDD GUMBAN

THE GOVERNMENT should encourage investment in schools by charging affordable tuition to improve access to education, a congressional think tank said.

The Congressional Policy and Budget Research Department (CPBRD) said in a report: “Encouraging conglomerates to invest in low-fee schools and bring their presence in areas where there are limited basic private schools may have the potential to effectively augmenting access to… quality education.”

“Government partnership with low-fee schools may also attract more low-income families to consider transferring their children to private schools,” it added.

The government is spending around P32 billion per year in private school subsidies under the Expanded Government Assistance to Students and Teachers in Private Education (E-GASTPE) program, providing low-income learners access to quality education, according to the paper.

Filipino students were among the world’s weakest in math, reading, and science, according to the 2022 Program for International Student Assessment. The Philippines ranked 77th out of 81 countries and performed worse than the global average in all categories.

However, students enrolled in private schools fared significantly better compared to public school students, the CPBRD said.

“The contribution of the private education becomes even more increasingly significant in light of the government’s limited fiscal space to ensure the provision of full access to quality education,” it said.

Encouraging low-income families to enroll their children in private schools requires the government to support the development of low-fee schools via subsidies.

“Quality low-fee schools can be prioritized by the government as grantees of ESC (Educational Service Contracting) and VP (Voucher Programs), subject to standard qualification requirements,” it stated.

“Continuous development and government support to the private education sector are indispensable in the promotion… (of) greater access to quality education,” it added.

The government should also look at exploring public-private partnerships to support further improvement in the education sector.

“The government may also explore and consider other forms of complementary partnership with private education which are not limited to direct subsidies to students, teachers, and schools,” according to the CPBRD. — Kenneth Christiane L. Basilio

How digital transformations can drive organizational success 

IN BRIEF:

• Companies can keep pace with rapid technological advancements by embracing digital transformation, upskilling employees to work with AI, and ensuring cybersecurity to protect digital assets.

• The success of digital transformation is closely tied to human emotions, necessitating leaders who prioritize empathy and a people-focused approach. 

• Organizational agility, clear governance, and data governance are key to navigating the complexities of digital transformation.

In the digital age, businesses are compelled to continuously innovate and adapt to maintain their competitive edge. The advent of groundbreaking technologies is disrupting traditional practices, compelling companies to undergo digital transformation — a complex process that requires substantial investment.

This transformation goes beyond merely adopting the latest technologies; it necessitates bridging the skills gap. As artificial intelligence (AI) gains prominence, there’s a growing need for a workforce adept at integrating AI into its workflows, mirroring the agility of startups that rapidly modify apps based on user feedback.

Cybersecurity is equally critical, with data breaches underscoring the importance of safeguarding digital assets as fervently as one would secure a physical storefront. Furthermore, robust governance policies provide the strategic direction needed to navigate the digital domain, akin to a CEO’s decisive investment in blockchain for enhanced supply chain transparency.

Digital transformation is a concrete shift in business operations, using technology to transform processes and services. EY exemplifies this with its EY Digital Audit, which integrates three platforms: EY Canvas, EY Helix, and EY Atlas.

These platforms have transformed EY’s auditing process. EY Canvas facilitates global team and client collaboration, EY Helix employs advanced analytics on financial data, and EY Atlas acts as a digital repository for current accounting standards and insights. The EY Digital Audit helps ensure that EY firms around the world provide a consistent audit across more than 150 countries, linking over 120,000 EY professionals.

When executed effectively, digital transformation reshapes the entire business ecosystem, yielding enhanced results for clients and stakeholders.

UNPACKING THE DIGITAL INVESTMENT INDEX (DII)
The EY-Parthenon Digital Investment Index reveals a surge in digital investments as companies race to launch tech-driven offerings. A significant 55% of executives report digital upgrades boosting customer experience. From 2020 to 2022, firms reaping benefits from cloud and Internet of Things (IoT) technologies jumped by 54%, reflecting a trend towards AI and machine learning to enhance customer interactions and gather insights. However, those lagging in adapting strategies risk falling behind. 

These findings highlight certain factors that underpin successful digital transformations: leadership, capacity, agility, data and cybersecurity, and clear governance.

HUMAN-CENTRIC LEADERSHIP IN DIGITAL CHANGE
EY Teams and Oxford’s Saïd Business School research highlights the crucial role of human emotions in digital transformation success across various sectors. It points to the importance of empathetic leadership that prioritizes people to enhance performance and drive growth. Leaders should champion technology while ensuring its smooth incorporation into everyday tasks. They must foster innovation, adopt new technologies, and safeguard employee well-being to stimulate change from the ground up.

EY exemplifies this by embracing remote working technologies, with leaders integrating tools like Microsoft Teams to facilitate seamless remote collaboration, mirroring the effectiveness of in-person engagement. EY wavespace™ centers embody EY’s commitment to innovation, providing a collaborative space for teams to explore technologies like AI and blockchain, fostering a culture that values tech integration and employee well-being for digital transformation.

EMPOWERING THE WORKFORCE FOR THE AI REVOLUTION
The EY 2023 Work Reimagined Survey reveals that 84% of employers expect their employees to engage with generative AI (GenAI). To capitalize on GenAI’s capabilities, companies must prioritize extensive training, ensuring their teams not only use new tools but also possess a comprehensive understanding and proficiency in them. In the face of digital evolution, closing the skills gap and providing upskilling avenues is essential for enhancing workforce competencies. 

This investment in human capital is crucial for maintaining a competitive edge. Customized learning and development (L&D) programs are key, preparing employees to adeptly manage and exploit digital advancements like GenAI. Cultivating a culture of ongoing learning and flexibility enables organizations to become more robust and positions them to navigate the future of work with a workforce that is agile and digitally savvy.

Recognizing and unlocking the full potential of the workforce is essential for any organization’s digital evolution. This leadership approach ensures that technology serves people and not the other way around, paving the way for a transformation that is both progressive and human-centered.

CULTIVATING AGILE ENTERPRISES
In the face of technological evolution, the agility of an organization is paramount for successful digital transformations. Companies must be adaptable and forward-thinking, swiftly converting emerging trends into chances for growth. Agility is also anchored in data-centric decision-making. By harnessing data analytics, organizations can discover valuable insights that inform strategic choices and propel digital initiatives.

A flexible business and tech framework is essential for supporting transformation efforts. However, many companies grapple with legacy systems, inflexible structures, and compartmentalized operations. Leaders must focus on harmonizing their tech infrastructure with their overarching business goals to foster a responsive and integrated environment.

EY demonstrates agility through its adaptive approach to business and technology. The firm actively replaces legacy systems with scalable cloud-based solutions, allowing for a more flexible and integrated tech infrastructure. This shift enables EY to respond quickly to market changes and client needs.

MAXIMIZING DATA POTENTIAL WITH ROBUST SECURITY
As digital strategies advance, organizations face increased risks of cyberthreats and data breaches. To counter this, they must deploy comprehensive cybersecurity measures, robust data protection tools, and stringent privacy protocols. Data is the cornerstone of technological progress and must be managed with strategic care and caution.

Safeguarding data is only part of the equation — effective data governance is also essential for organizations to unlock the full value of their digital assets. This means not only protecting data from external threats but also ensuring its quality, accessibility, and ethical use within the organization. With the right governance framework, companies can confidently leverage their data to drive innovation and maintain a competitive edge in the digital landscape.

IMPLEMENTING CLEAR GOVERNANCE FRAMEWORKS
The intricate nature of any transformation demands substantial resources. Amidst this complexity, there’s a danger of straying from the initial business goals, potentially slowing progress or even sidetracking the entire transformation effort. To mitigate this risk, it’s crucial for organizations to define their desired business outcomes from the outset.

Leaders play a pivotal role in crafting and enforcing detailed governance policies and a decision-centric operating model. By doing so, they provide a clear roadmap that aligns the transformation process with the organization’s strategic objectives, ensuring that every step contributes to the momentum needed to achieve a successful transformation.

CHARTING THE DIGITAL COURSE
Staying competitive means embracing innovation. Leaders must ensure digital transformations are in sync with their immediate and future objectives, including a commitment to long-term strategies and a focus on people. Awareness of employee well-being, tech progress, and emerging cybersecurity threats is key to adapting digital strategies amid new challenges.

Crucial to this journey are effective leadership, talent empowerment, agility, cybersecurity, and definitive governance. By valuing these elements, organizations can navigate the digital terrain, secure ongoing success, and maintain a competitive edge.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Ryan Gilbert K. Chua is the business consulting leader and technology assurance leader of SGV & Co.

Para swimmer Ernie Gawilan gets another Paralympics glory crack

ERNIE GAWILAN with his gold medal from the Men’s 400m Freestyle - S7 of the 4th Asian Para Games in Hangzhou, China last year. — PHILIPPINE SPORTS COMMISSION

PARIS — Para swimmer Ernie Gawilan is taking no chances in his farewell event at the 17th Paralympic Games.

Mr. Gawilan missed the medal race of the men’s 200-meter individual medley SM7 and he intends to atone for that lost opportunity by giving his all in the 400m freestyle S7 race on Monday at the Paris La Defense Arena here.

He’s Asia’s best in the said event, capturing the gold medal twice in the 2018 Asian Para Games in Jakarta, Indonesia and the 2022 edition in Hangzhou, China.

Mr. Gawilan lacked both legs since birth along with an underdeveloped left arm.

He reached the wall sixth in his heat during the 200m IM preliminaries, missing the chance for a medal.

Mr. Gawilan, a four-time Asian Para Games gold medalist, has been bunched with Argentina’s Inaki Basiloff, Ukraine’s Andrii Trusov, Cuba’s Yosjaniel Hernandez Velez and Yurii Shenhur, another Ukranian, in the 400m freestyle.

Mr. Basiloff nosed out Mr. Trusov for the gold medal in their 200m IM encounter over the weekend.

Para swimming coach Tony Ong said he expected Mr. Gawilan to qualify to the 200m IM final but faced problems during the breaststroke sequence of the event and didn’t force his way.

“Anyway, we tried to use this event as part of the tuneup for his favorite event, the 400m free on Monday,’’ said Mr. Ong.

Should Mr. Gawilan get through the heats, the medal race for the 400m free is set early Tuesday morning.

As the Games approach the halfway mark, the Philippines have four more athletes capable of delivering a medal in the nation’s campaign facilitated by the Philippine Paralympic Committee and fully backed by the Philippine Sports Commission (PSC).

Para swimmer Angel Mae Otom will open her bid in the women’s 50m backstroke S5 on Tuesday and wheelchair racer Jerrold Mangliwan steps into the Stade de France anew for the qualifying heats of the men’s 100m T52 race on Thursday.

Ms. Otom, a triple-gold medalist in the 2023 Asean Para Games, gets another crack at a medal in the women’s 50m butterfly S5 on Friday, after which Cendy Asusano closes out the Philippine campaign in the women’s javelin throw F54 on Saturday. — PSC

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