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Flexible workspace sector braves the crisis

Providing accommodation for companies and freelancers, flexible workspaces have experienced the effects of limited business activities due to the COVID-19 pandemic.

Hence, operators made adjustments to mitigate the impact of the global health crisis, according to the Flexible Workspace Report 2021 of real estate services firm Cushman & Wakefield.

Before the pandemic, the flexible workspace industry saw a growth in demand, which was met by a steady increase in the supply of developments, especially those of large operators.

WeWork, for instance, launched four more facilities after opening its first Philippine location in March 2019. Meanwhile, KMC Solutions had plans to grow to 77,236 sq.m. through expanding its footprints in Metro Manila, Clark, and Cebu by the end of 2019. KMC now has a portfolio of 85,992 sq.m. workspace.

However, the pandemic changed several business operations and work arrangements, thereby affecting the supply and demand for flexible workspaces.

The crisis afflicted the sector as shown in the decreased supply of developments. There was a definite decline from the average completion rate by over 30,000 sq.m. of the new annual supply of flexible workspace from 2016 to 2019 to around 6,600 sq.m. in 2020.

“This can be generally attributed to the construction delays brought by the pandemic, pushing back the completion dates of office buildings in the pipeline,” Cushman & Wakefield observed.

There are also reports of reorganization among large flexible workspace operators, resulting to closure of some sites and centers.

In an e-mail to brokers last January, WeWork Philippines decided to close its site at The Brilliance Center in Bonifacio Global City, which is brought about by a global real estate optimization initiative. Nonetheless, WeWork stated it would continue supporting its partners through its other four facilities.

Smaller flexible workspace operators, meanwhile, are in for tough times ahead. “To survive the adverse impact of the pandemic, these players have to be more creative while keeping the fixed cost lower to stay afloat,” Cushman & Wakefield said.

As an example, PaperWork dealt with the COVID-19 crisis by moving from its co-working space in New Manila, Quezon City to a relatively affordable location in terms of rents in San Juan City.

Still, there are major flexible workspace operators that have notable upcoming sites.

This year, The Executive Centre’s flagship site in the country is set to open in the second quarter, while KMC’s first fully-managed building is also scheduled to begin its operations.

However, as market exits and downsizing activities increased in Metro Manila and other urban areas, minimal new leasing transactions have also been noted since the onset of the quarantine.

Many flexible workspace operators reported a major decrease in occupancy due to the non-renewal of short-term clients and the softened demand from new clients.

Moreover, some individual members began choosing to remain safely at home from the start of the pandemic and would likely carry on doing so until the risks end.

Occupancy rates among flexible workspace facilities dropped from the above 90% estimation in the end of 2019 to as low as 30% in the first quarter of 2020.

Nevertheless, even with the declining number of occupants, some major operators managed to create opportunities.

WeWork Philippines was able to grow its enterprise membership by 10% from March to July last year, which could be ascribed to large companies that sought alternative work arrangements and locations for their employees.

But with the demand for flexible workspaces staying low, some operators started formulating adjustments relating to fees.

Metro Manila’s average office rents were stable from the first to the third quarter of 2020. But in the fourth quarter, they showed a decline of 0.1% quarter-on-quarter. Correspondingly, operators also kept their published rates earlier in the pandemic, albeit becoming more negotiable or coming with significant discount offers.

Furthermore, several operators tender rent-free periods in a bid to improve the occupancy of their spaces.

And since tenants would not be working at full capacity for a long while, some operators are open to downsizing requests.

They also try to help alleviate the financial burden of their clients by not raising the service charges despite the intensified sanitation and additional safety tools and equipment to comply with health standards.

Further addressing the COVID-19 situation in flexible workspaces, operators develop creative service offerings or unique solutions.

KMC partnered with SWAT Mobility to provide shuttle services for employees and flexible workspace clients, thus responding to the transportation challenges during the quarantine.

Some companies have also administered measures like one-way foot traffic and decreased capacities in meeting rooms and common areas, among others.

As social distancing continues, questions arise on the future of flexible workspaces, being known for their sense of community and collaboration elements. Nonetheless, for Cushman & Wakefield, offices like flexible workspaces and even traditional ones will still be relevant.

Operators also believe that their offered flexibility is what tenants currently need, in comparison with a long-term commitment to traditional office spaces. They also highlight their catering capacities to the needs of businesses that cannot outlay huge capital expenditures or are looking for a temporary solution.

The supposed hybrid future of workplaces indicates the importance of flexible workspace developments.

“As the situation gets better, people are likely to crave for more conducive work environments,” Cushman & Wakefield said. “[At present,] flexible workspaces are a wise choice.” — Chelsey Keith P. Ignacio

Oriental Petroleum and Minerals Corporation announces schedule of stockholders’ meeting

Newest shifts in the residential market

As the economy gradually bounces back from the coronavirus disease 2019 (COVID-19) pandemic, the real estate industry is beginning to ride that recovery. Within the residential sector, in particular, changes in the market’s preferences and lifestyles are offering several opportunities that players in the field can maximize.

In its latest outlook on the residential real estate market, online property marketplace Lamudi highlighted shifts in property demand in the first quarter (Q1) of the present year as seeker age groups explored different properties, led by Generation X, aged 35 to 44, and the ‘Boomers’, aged 65 or older, among whom digital adoption was observed to have spurred.

While the Q1 of the previous year saw college students and fresh graduates, aged 18 to 24, leading in terms of pageview growth for condominiums, seekers from Generation X were seen to have commanded the highest year-on-year (y-o-y) growth figures for pageviews in the said property type at 106.8%. The same age group also tallied the highest quarter-on-quarter pageviews at 6.68%.

“With flexible schedules and remote work continuing to be the norm, more C-suite executives within the age group may be looking at homes closer to the office,” Lamudi’s report pointed out.

As a side note, real estate firm Colliers Philippines noted that remittances from overseas Filipino workers continue to drive demand for affordable to mid-income condominiums in Metro Manila. “Developers will likely continue to cater to families that receive remittances from abroad,” the firm stated in its latest residential market report. “We recommend that developers monitor the COVID-19 situation in countries that are major sources of remittances.”

Lamudi’s report also revealed that the 25-34 age group — leaning closer to the millennial segment — led the demand for apartments, contributing 42.76% of all leads for that property type. Apartments also earned the largest y-o-y growth for leads by property type by 16.11%, and Lamudi attributed the uptick to “consumers’ desire for extra space without compromising the experience of living large in units smaller and more affordable than the single-detached house.”

The size of apartments, Lamudi’s report noted, is especially attractive to young professionals and couples who are planning to expand their family and wish to move in immediately.

Meanwhile, the 65+ age bracket, also known as the ‘retiree market’, showed the ‘most optimistic’ growth figures in the same quarter. From 107.99% dip in Q1 2020, the segment’s annual pageview growth rebounded to an uptick of 80.32% in Q1 2021. The bracket also posted the highest y-o-y and quarter-on-quarter growths in pageviews for houses in Q1, at 93.58% and 77.16%, respectively.

“The positive trend is indicative of an older population adjusting to the Internet of Things and growing their presence on digital platforms,” the report noted.

Prime on pandemic-driven priorities

In terms of location, demand has been spotted in areas outside Metro Manila. Lamudi particularly noted Antipolo City, Rizal as the prime location of choice for house seekers and land seekers in Q1. The location garnered 24.95% of all pageviews for seekers looking for houses outside the region, plus 39.11% of leads.

“The city’s abundant green space and tranquility makes it an excellent option for seekers looking for a relaxed pace without moving too far away from family in the metro,” the report noted.

Other areas within the region, meanwhile, attracted pageviews from seekers of foreclosed properties. This is led by San Pedro City, Laguna, at 26.74%; followed by Bacoor, Cavite and Lucena, Quezon, at 20.93% each; and General Trias, Cavite, at 15.12%.

“Given all the new residential, commercial, and infrastructural projects developing in Southern Luzon, the trend may be driven by seekers looking to capitalize on more affordable properties in a region ripe with opportunities for price appreciation,” the report stressed.

Moreover, real estate company Santos Knight Frank, in a webinar, shared some insights from its “Wealth Report 2021”. It observed that as people want to create a “better normal” and live in dense areas, demand has increased for residential properties outside the Metro such as Nuvali in Santa Rosa, Laguna, and coast areas in Batangas.

Within Metro Manila, nevertheless, the firm sees an apparent “flight from condominium-living to house-living”, driving the demand for properties in so-called prime villages.

Collier Philippines, likewise, sees an opportunity in the luxury segment as it is “the least-affected during an economic slowdown”. “Despite the higher price, the average take-up in these projects reached 85% as of the end of 2020,” Colliers’ report read. “Given the potential demand, we expect more luxury projects to be launched in the market, and these are likely to include joint venture developments.”

Lamudi’s findings in Q1 also observed the growing preference among seekers for a home environment that promotes their health, well-being, and productivity. The top desired property feature is fitness amenities such as gyms and swimming pools, with a lead share jumping from 32.84% in Q4 2020 to 34.19% in Q1 2021. Seekers also look for reliable Internet connection, as this amenity increased from 12.57% to 18.24%. — Adrian Paul B. Conoza

Aiming for a sustainable, inclusive digital future

By Bjorn Biel M. Beltran, Special Features Writer

The future is digital. That much is evident by how much everyday life has been dominated by online connectivity, particularly during the COVID-19 pandemic. Even before, the world has been at the cusp of what was dubbed ‘the Fourth Industrial Revolution’, a digital revolution which sees the convergence of the physical, digital, and ecological worlds.

As the World Economic Forum puts it, “For some time now, we have been in a new stage of transformation where corporations and countries are focused on equipping themselves with advanced technologies and new business models in order to stay relevant and competitive in a fast-changing world.”

In that light, the organization identified COVID-19 as one of the most formidable challenges in recent history to governments, businesses, and society, so much that it is considered by many to be ‘the ultimate tipping point for the 21st century.’

“The pandemic is a wake-up call for companies to have a plan to deal with disruptions to ensure business continuity. It is also a watershed moment that will signal the fast-track acceleration process for digitization throughout society,” the World Economic Forum said.

How should organizations devise such a plan? And what does it actually look like for Filipino companies and enterprises?

The BusinessWorld Virtual Economic Forum 2021 Special Edition aimed to answer such questions by gathering experts like Mark Mulingbayan, chief sustainability officer of Manila Water Co.; and Denis Hew, director of the Asia-Pacific Economic Cooperation’s Policy Support Unit, for a Fireside Chat.

Mr. Mulingbayan, who talked about “Building Brands through Sustainability and Purpose”, pointed out that a future much worse than COVID-19 could be looming on the horizon, should the world fail to mitigate climate change.

Manila Water Co. Chief Sustainability Officer Mark Tom. Q. Mulingbayan (right), in a fireside chat with Victor V. Saulon of BusinessWorld, shares his thoughts on “Building Brands through Sustainability and Purpose.”

Companies have a social responsibility to champion sustainability before the worst can happen. To this end, Mr. Mulingbayan said that Manila Water has been pushing forward its sustainability initiatives since the beginning, and it has shaped the core of how the company has grown over the years.

“We need to be consistent with our shared value story. That’s the heart of it all. Our sustainability framework has not changed. It’s still the same. But the nuances have been developing through the years. And it’s exciting now that we are moving on to setting new targets,” he said.

Manila Water’s sustainability framework, he discussed, focuses on key areas, the first of which is centered around servicing the Filipino community. He said that by expanding their services to as many people as possible, even the poor and marginalized communities can be more resilient towards natural disasters.

Another focus area is environmental stewardship. “Interestingly, our relationship with the environment is one based on reciprocity. We depend on ecosystem services to provide us raw water, but we also do services to the ecosystem by treating wastewater,” he said.

Most importantly, Mr. Mulingbayan said, they focus on their own employees.

“If we are to grow in the future, we have to have a team of capable and competent employees who are passionate about the work that we do. It’s common for all companies to identify talent management as a core sustainability issue,” he said.

“We communicate with our employees and ensure they know their contribution to the corporate targets, because that is always aligned with our shared value story. At the same time, we try to engage them with our sustainability story. We believe that getting them on the ground and experiencing the impact of our work is the better way to go about it,” he added.

For companies looking to start on their sustainability journey, Mr. Mulingbayan advised looking at the United Nations Sustainable Development Goals and finding out which of the goals are aligned with their business. What is most important is authenticity.

“A company needs to be aligned with what the society needs, and it needs to be relevant. Sustainability work can be a lot of things, or you can do a few things that really matter. A company needs to identify the issues with their stakeholders. A company cannot do it alone,” he said.

APEC Policy Support Unit Director Dennis Hew (right), in a fireside chat with Sam L. Marcelo of BusinessWorld, talks about “Helping SMEs Survive and Thrive through Digital Tools: An APEC Perspective.”

Building on that note, Mr. Hew, who discussed “Helping SMEs Survive and Thrive through Digital Tools: An APEC Perspective,” explored how smaller businesses, particularly micro, small, and medium enterprises (MSMEs) can utilize the tools available during this digital revolution to recover from the effects of the pandemic and thrive in a post-COVID-19 world.

“One of the main drivers that accelerated the pace of digitalization for SMEs is COVID-19, which unfortunately continues onto this year. Companies have adopted digital tools to stay in business essentially. It helps them keep afloat during this difficult time,” Mr. Hew said.

“Some of these digital tools have become extremely critical to business, whether it’s digital payments, fintech financing, logistics services, etc. It provides a kind of lifeline for these businesses to be able to continue operating.”

Unfortunately, the rapid transition has created unforeseen challenges that many enterprises are not ready for.

“Critical challenges like data privacy, cybercrime, some of these things have to be taken into account. Unfortunately, SMEs have become the prime target for cyberattacks because they lack the resources to combat them,” he said.

Mr. Hew said that APEC’s MSME working group has launched initiatives to support MSMEs in the region, including an online repository of information on trade regulations and training and resources for any business.

Among these is the multi-year The Boracay Action Agenda to Globalize MSMEs program, which aims to prepare the region to take advantage of the new opportunities available to them and to allow these enterprises to more significantly participate in global trade.

The Action Agenda aims to build on APEC’s extensive work on regional economic integration and ensure that efforts are relevant and responsive to MSMEs’ needs. To promote the internationalization of MSMEs and integrate them into global value chains, the program will seek to address barriers to trade and investment that disproportionately impact MSMEs in comparison to larger businesses, reduce and eliminate tariffs and non-tariff barriers in the region, and establish a more trade facilitating environment in alignment with the WTO Trade Facilitation Agreement.

“One important point to recognize is that COVID-19 pandemic has increased the inequalities that we have seen before. It is crucial for organizations like APEC to try to address those gaps, meaning better access to education, training that includes digital literacy, as well as better access to healthcare and other types of infrastructure. That is crucial,” he said.

Facing and responding to a digital reality

By Bjorn Biel M. Beltran, Special Features Writer

Digitalization has become the life-saving buoy against the tide of the COVID-19 pandemic for the business world, keeping companies operational even as quarantine measures restricting face-to-face interactions have shut down most offices everywhere.

In fact, more companies are realizing the potential of the digital world towards enhancing their capabilities. In a recent report, the International Data Corporation said that it expects global direct digital transformation investment to grow at a compound annual growth rate of 15.5% from 2020 to 2023, to approach $6.8 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises.

What does this entail for a country like the Philippines?

The recently-concluded BusinessWorld Virtual Economic Forum 2021 Special Edition gathered three experts to illustrate what a digitally-capable future looks like for the country, and the steps needed before it can achieve it. In the first of such Fireside Chats, Karrie C. Ilagan, managing director Cisco Philippines, discussed the importance of digital resilience in a post-COVID-19 world.

“This pandemic has changed the world forever. The digital transformation that is happening now has dramatically altered how we work and live. It has changed the role of many businesses because the needs of their customers are continuing to evolve rapidly. There has never been more urgency for organizations to deliver digital-first services,” Ms. Ilagan said.

She added, “Digital resilience is about being ready for change and disruption. It’s about being ready to adapt and find opportunities in rapidly shifting environments.”

Ms. Ilagan pointed out the importance of building a solid digital infrastructure for a company to find and take advantage of opportunities provided by constantly evolving technologies, whether it is by augmenting operations via digital networks or utilizing cloud services.

To this, such an infrastructure must have security and privacy as its core.

“Cybersecurity is at the core of the success of every digital effort,” she pointed out. “I don’t think anybody can successfully be digitally transformed unless they take to heart cybersecurity.”

Because the scope of the digital world has expanded to encompass even sectors like education, Ms. Ilagan said that there is an urgent need now to simplify systems, placing a strong focus on creating better cybersecurity. She called on organizations, industry leaders, and government officials to educate the public about data security and privacy to create a more digitally resilient society.

Cisco’s UGNAYAN 2030 program is one such effort aimed at launching key digitization initiatives to help the economy, create jobs, and promote innovation and next-generation skills development across the private and public sectors.

To give the government’s perspective on the country’s digitalization journey, Rosemarie G. Edillon, undersecretary for policy and planning of the National Economic and Development Authority, discussed the long process of digitalizing the Philippine economy.

Ms. Edillon was quick to point out that the demand for and the usage of digitalization is not as widespread as it appears in Metro Manila.

“If you look at all across the country, that is not the case. That may be true here in NCR (National Capital Region), but we found that there is very low usage in digital payments and e-commerce outside the capital. Even those putting their products online, they do not allow digital payments and instead prefer cash-on-delivery,” Ms. Edillon said.

“The first thing we need to do is increase this demand, and at the same time improve our digital infrastructure,” she said.

She pointed out that around 64% of barangays in the country do not have telecommunication towers to access the Internet, while 88% of barangays lack free Wi-Fi zones for their residents and 70% of barangays do not have fiber optic cables installed. The huge disparity between these areas and more urbanized areas are creating an increasingly wider digital divide that separates those who can take advantage of digital transformation and those who cannot.

In this effort, both the public and private sectors have roles to play.

“We’ve been consistent that the main driver of the economy is the private sector and the role of government is to steer the economic triggers towards the direction where we want it to go,” she said.

The government, for its part, needs to lay down the policy framework and code of conduct for the players participating in the digital economy. This includes promoting technological adoption among Filipinos, educating them on cybersecurity and digital literacy, and bridging the digital divide by streamlining the process of constructing cell towers.

Ensuring consumer protection during online transactions, making digital transformation inclusive, and trying to bring down the cost of connectivity, she said, are policies and programs that the government can enact to take the country further towards a digital economy.

Mamerto E. Tangonan, deputy governor for payments and currency management sector at the Bangko Sentral ng Pilipinas, discussed this further as he talked about the central bank’s Digital Payments Transformation Roadmap 2020-2023.

Mr. Tangonan said that the volume of digital payments in the Philippines has increased from a 25 million monthly average with a value of $5.92 billion in 2013 to 782 million in the first half of 2020, amounting to $29 billion.

The 2019 BSP Financial Inclusion survey found that 69% of adults own a mobile phone and about 53% use the Internet. Meanwhile, only 12% of mobile phone owners and only 9% of Internet users use these technologies for financial transactions. This is a huge opportunity for financial institutions to reach unbanked Filipinos.

Mr. Tangonan said that the roadmap is aimed at creating financial inclusion through the development of an accessible and secure digital payments framework by building the necessary digital finance infrastructure and digital governance and standards. Future payments digitalization initiatives will include PESONet multiple batch settlement, bills payments, request to pay, and direct debit.

“Digital technology can massively promote financial inclusion, but there is a need to deliberately and purposefully harness this potential by ensuring that anyone can readily open and use an account through digital channels for various financial transactions,” he said.

Mr. Tangonan added, “This roadmap contributes to [central bank] Governor Diokno’s strategic direction of bringing the BSP closer to the Filipino people.”

Optimizing an omni-channel retail strategy

(Clockwise, L-R) Moderator Jenina P. Ibañez of BusinessWorld with panelists Vicky C. Abad of Ipsos Philippines, Exequiel C. Delgado of Radius Telecoms, Jaypee R. Soliman of UnionBank, and Rosemarie Bosch-Ong of Philippine Retailers Association and Wilcon Depot for the session “Effective Convergence of Physical & Digital: The Omni-Channel Retail Experience”

By Chelsey Keith P. Ignacio

Shopping becomes expanded and more convenient with the growth of digital platforms. Nevertheless, many consumers still want the experience of physically browsing and buying in brick-and-mortar stores. Witnessing the consumers’ preference on using various shopping platforms, several retailers transform their businesses through an omni-channel strategy.

A panel discussion on the second day of BusinessWorld Virtual Economic Forum 2021 Special Edition addressed how retailers can effectively enhance the omni-channel experience of the consumers, as advised by experts from the marketing, retail, telecom, and banking industries.

Combining physical and digital for consumers

Vicky V. Abad, country manager of Ipsos Philippines, talked about consumer trends relating to omni-channel and why marketers must focus on them.

“Consumers’ mindsets, behavior, and priorities are shifting,” Ms. Abad said. “One year of staying indoors and limited mobility altered the way consumers shop and spend.”

According to Ms. Abad, consumers will continue to be observant about personal safety, convenience, and speed.

The need for security of supplies; and the demand for entertainment, celebration, communication, and advocacy will also stay relevant among consumers.

Therefore, marketers should consider these to be constant even after the pandemic, Ms. Abad said. “Consumers are going to look for ways to meet these needs and wants [whether] offline or digital; so we need to be mindful of that.”

Recommending ways to apply omni-channel solutions in their business, Philippine Retailers Association President and Wilcon Depot, Inc. Senior Executive Vice-President and Chief Operating Officer Rosemarie Bosch-Ong stressed that retailers must combine both physical and digital.

“You need your customers to be able to find you online,” Ms. Ong said. “Even after COVID-19, consumers will continue to buy online.”

Brick-and-mortar stores, meanwhile, “will have to evolve to keep up with the digital store so that retailers can provide a seamless omni-channel experience for their customers,” she said.

“We need to take advantage of both online and offline [platforms],” Ms. Ong advised. “Think of it as an added revenue stream and business continuity plan when your consumers could access your products in so many channels.”

Consistency is key, Ms. Ong said. “Customers should be able to find the same quality of experience and accessibility of service in all channels. There should be an interaction, an interface,” she added.

She also emphasized the need for retailers to connect their physical and online stores so that they can fulfill sales efficiently.

“With our online and brick-and-mortar infrastructures interacting hand in hand, we will see efficiency in operations and convenience in our customers,” Ms. Ong said.

Thus, applying omni-channel in the retail business, according to Ms. Ong, is a perfect solution in adapting to the new normal and an investment that will benefit retailers in the long run.

Connectivity, payment solutions in retail

In boosting the omni-channel experience, telecommunication and financial services play a vital role.

“Connectivity has surely become a huge driving force behind businesses which have pivoted and retrofitted their operations to potentially serve the ever-changing needs of our customers,” said Exequiel Delgado, president and chief executive officer of Radius Telecoms, Inc.

According to Mr. Delgado, telecommunication services become an important catalyst in business recovery and resilience.” Thus, he offered advice on how retailers can maximize connectivity and digital solutions to enhance their business.

“A wired and stable Internet connection is the preferred route. Wired Internet access provides opportunities for business owners to multitask and address the increasing demands of their customers,” he said.

Furthermore, in designing the network, portal, or touchpoint, Mr. Delgado said it should be highly available, highly secure, and have low latency.

He also said that digital transformation cannot happen without innovation. “You really have to innovate, look at your existing process to make sure that they are continuously improved.”

Meanwhile, UnionBank SME Segment and Platforms Head Jaypee Soliman believes that “the biggest contribution of banking would be activating payment channels in terms of the omni-channel experience.”

Mr. Soliman said that, in the omni-channel experience, ensuring cybersecurity is a big challenge. Unifying multiple modes of payments is a also concern.

Nevertheless, he said that UnionBank is working on these. He shared that the company launched a campaign to educate their customers about security threats.

“We maximize social media and direct communications with customers, and advise them on how to really protect their bank accounts and their information from scammers,” he explained.

Mr. Soliman also shared that they are building a payment gateway that will unify different modes of payment channels available.

“[Unifying] all those channels into one gateway will be a very big help for SMEs, businesses, and even the consumers,” he said.

“We continuously listen to our customers to the point that we involve them during the innovation process,” Mr. Soliman said about UnionBank’s plans that intend to meet the demands of consumers.

“We ask our customers to walk us through their journey, the exact experience they want to have,” he said.

Foundations of the hybrid office

(Clockwise, L-R) Moderator Cathy Rose A. Garcia of BusinessWorld with panelists Elizabeth Fuller of WeWork Southeast Asia, Michael McCullough of KMC Savills, Christophe Vicic of JLL Philippines, and Carol Torres-Mills of Ayala Land Offices and AREIT, Inc. for the session on “A Blueprint for the Hybrid Office: How Workplaces Will Evolve”

By Chelsey Keith P. Ignacio

With the various work arrangements and conditions being experienced by employees during the COVID-19 pandemic, there would be new expectations and demands towards the workplace. For some leaders from the real estate industry, the office will evolve to be hybrid — a model that gives employees the option to work from home, in the office, or even anywhere.

During a panel discussion at the second day of the BusinessWorld Virtual Economic Forum 2021 Special Edition, the speakers highlighted the priorities that organizations must consider in building a hybrid office.

Flexible work, collaborative workplace

Based on the panel discussion, the incorporation of hybridity in the workplace responds to employees’ preference for flexibility and collaboration. The work-from-home arrangement became evidently common.

Nevertheless, offices remain essential for workers, according to Elizabeth Fuller, head of growth at WeWork Southeast Asia.

Citing a global survey done by WeWork, Ms. Fuller noted that 76% of respondents (68 business leaders representing over five million employees) recognize the significance of the office for collaboration.

According to the respective surveys conducted by Salesforce and WeWork, Ms. Fuller said that 90% of millennials prioritize their freedom to work [from anywhere they want] over their salary. She added that the generation who prefers to go to the office the most is the Gen Z.

“I think it’s important what your office is like — the environment, access, and flexibility you have,” she stressed.

Ms. Fuller also said that “companies will be hungry for flexible and scalable solutions to support their growth in both medium and long term.”

“We’re in an uncertain and evolving economic landscape, and the only certainty is flexibility,” Ms. Fuller said.

Meanwhile, Michael McCullough, managing director of KMC Savills, Inc., said that due to the pandemic, there is a clear shift in office demand.

He also observed that the strict lockdown in the country led to difficult working conditions. Operating remotely caused challenges in managing routine, finding motivation, and having relaxation.

“The hybrid workplace — or the office of the future — is going to be all about the employee experience,” Mr. McCullough said.

He noted that companies should provide flexibility and spaces for collaboration in establishing hybridity at work.

“Flexible workspaces have enabled businesses to operate and retain important personnel throughout the pandemic,” he said.

The KMC executive also shared that the benefit of being allowed to work from home became a standard in recruitment. “Having a flexible schedule is now the bare minimum a company will be able to offer their employees,” he said.

He also believes that the office would not disappear. “It’s definitely going to be a place to collaborate,” he said.

Sharing the same insight is Christophe Vicic, country manager of JLL Philippines. “The office will be a social hub and a place for collaboration,” he said.

He noted that there is a quick and drastic shift towards the future office, which is the work-from-anywhere ecosystem.

“[The future office is] not about the physical office location, even it’s work from anywhere. It’s about the human experience, the employee experience, more collaboration space, amenities, more social learning, and fewer individual spaces,” he explained.

Mr. Vicic said that real estate providers, real estate advisors, and organizations must invest in the future workplace.

“Organizations need to redefine the new purpose of the workplace, embrace maximum flexibility, and shift workplace allocation to enable new ways of working,” he said.

He added that hybrid work is here to stay. “The principal reason is it’s about the people, the employees who have clearly tasted a different way of working.”

Safe and healthy workspaces

Carol Mills, president of Ayala Land Offices, Inc. and AREIT, Inc., agrees that the future office is about flexibility. Yet, she emphasized the importance of safety and health in the workplace.

“In whatever form, location, or delivery our clients choose, they can be assured that we are very mindful of safety in our properties,” Ms. Mills said. “Office buildings have to be cleaner. [We are] more deliberate in providing clean and healthy environment for the occupants.”

She added that they also go beyond physical safety to total well-being. “Our office buildings are located within Ayala Land mixed-use developments where one can [experience] that harmonious live, work, play environment within minutes of reach.”

Ms. Mills stressed that working is not just about getting things done or jumping from one virtual meeting to another. “Employees need a community where they can harness their talents and will allow them to be inspired and take part in the richness of life.”

“Our goal is to offer that complete ecosystem, cultivate opportunities, and provide a healthy state of total well-being for the working population,” she added.

Bridging the digital divide in the Philippines

(Clockwise, L-R) Moderator Arjay L. Balinbin of BusinessWorld with panelists Shailesh Baidwan of PayMaya, Andrés Ortola of Microsoft Philippines, and Kevin C. Chua of World Bank for the session “Bridging the Digital Divide”

By Adrian Paul B. Conoza, Special Features Writer

As the push towards a digital economy gets accelerated, with the increased use of and preference for digital tools due to the COVID-19 pandemic, several related issues cannot be overlooked. Among them is the “digital divide” which simply indicates the lack of equity in access to digital tools such as the Internet and digital-enabled services such as electronic payments and online learning.

The Philippines Digital Economy Report 2020 of the National Economic Development Authority and the World Bank highlighted that the Philippines still experiences “a very significant digital divide”, with more than half of total households in the country lacking Internet access and fixed and mobile Internet penetration in the Philippines faring relatively low, compared to its Southeast Asian neighbors. This divide is seen to contribute to unequal access to services that are delivered via the Internet.

During a panel discussion in the BusinessWorld Virtual Economic Forum 2021 Special Edition, two heads from leading digital companies and an economist recognized the need to address this divide, while sharing their thoughts on how it can be done.

Sharing from the digital payments perspective, Shailesh Baidwan, president of PayMaya Philippines, noted that the advent of digital economy allows nearly everyone to participate in the formal economy. He also observed that as the push for digital payments is now taking a ‘natural momentum’ — with various sectors of society further appreciating digital payments — the opportunity opens to include more Filipinos into the financial system.

“For fintechs like us working with the government, the regulators, and other players in the industry, I think this is an opportunity to narrow and break the [digital] divide with financial solutions; and to bring the unbanked, the underserved, and what I call the unhappily served into the formal system,” Mr. Baidwan said.

The PayMaya executive pointed out three priorities in bridging the digital divide, namely bridging online and offline and vice versa; moving at an accelerated pace to include the unbanked sectors; and working on a bigger and deeper digital talent pool.

“The solutions need to be built on automated and digital platforms that can serve large volumes. [We should also] provide sachet-sized financial services in a cost-effective way,” Mr. Baidwan said about including the unbanked.

Giving insights from a broader perspective, Kevin C. Chua, senior economist at World Bank, highlighted several barriers that are causing the digital divide. These include gaps in material access, pertaining to gadgets and network connection; gaps in skills access, referring to digital literacy and competency; gaps in usage access, having to do with the systematic use of programs, applications, content, and services; and gaps in motivational access, which refers to the trust and confidence in using technologies.

Mr. Chua further noted that there are two determinants driving the digital divide. In terms of access, income becomes the determining factor, with well-off consumers more able to afford gadgets and connectivity. In terms of digital skills, age generates the gap, with the younger population being more tech-savvy and receptive to change.

The senior economist added that while there are indications that the digital divide may be narrowing in the Philippines, including surge in the number of Internet and digital payments users, much work remains to be done. “There’s a lot of catching up [which] will require addressing these barriers to material, skills, usage, and motivational access,” he said.

Mr. Chua recommends that devices, gadgets, and connections should be made more available and affordable by mobilizing the private sector and encouraging competition.

He also stressed the need to support the young and working-age population through education and digital skills training. “We need to encourage the young people to move beyond entertainment, gaming, and communication, into [learning] more advanced tasks, and education would be key to that,” he added.

Mr. Chua also finds it important to address the gaps in motivational access by building trust and confidence in the use of technology. “This involves strengthening cybersecurity measures, data privacy, and data protection ecosystem,” he said. “In e-commerce, we should set up a regulatory framework to protect both sellers and buyers from fraud and unscrupulous practices.”

Going deeper into other aspects of addressing the digital divide, Andrés Ortola, country general manager of Microsoft Philippines, noted the value of activating partnerships and collaborations especially in education, with many students struggling to access quality online learning.

“We must continue building coalitions, partnerships, and initiatives to tackle this digital divide,” he said, adding that public and private institutions coming together to tackle societal problems is needed to create new economies.

Mr. Ortola further stressed that the future of a digital society must be built in the pillars of trust, inclusion, growth, and security. “It’s our responsibility as leaders to ensure inclusive access, leverage technology to reach millions of people, and empower them with the necessary skills to thrive in the digital era,” he added.

He also said that while many technologies are already available, the greater challenge is driving innovation in a more pervasive way.

Among these technologies, the Microsoft executive noted the potential of cloud infrastructure to allow solutions to be deployed faster, more securely, and more broadly. “The Philippines is an ideal country for cloud,” he said. “Cloud would bring this level of resiliency and service that everybody needs.”

Clearer directions for organizations’ digital journeys

(Clockwise, L-R) Moderator Wilfredo G. Reyes of BusinessWorld with panelists Anthony Oundjian of Boston Consulting Group, Miko B. David of David & Golyat, and Martha M. Sazon of GCash for the session on “Digital Transformation for a Better Normal”

By Adrian Paul B. Conoza, Special Features Writer

Beyond being a buzzword in the business community, digital transformation has really become a turning point for many businesses as they rose from the impacts of coronavirus disease 2019 (COVID-19).

In efforts to curb the spread of the virus, digital tools have been sought to help organizations continue operations while ensuring safety and even add flexibility and convenience among workforces. Their digital journeys, nonetheless, are in progress, with much more opportunities to maximize, pitfalls to avoid, and concerns to prioritize.

The first panel discussion held during the BusinessWorld Economic Forum 2021 Special Edition last May 26 further explored how digital transformation can build a better normal for businesses, with two experts from business strategy and consulting firms and an executive from a leading digital platform sharing their insights.

Anthony Oundjian, managing director and senior partner at Boston Consulting Group, first noted that while COVID-19 has laid bare some gaps and triggered an accelerated digitalization, digital has already been helping build the country’s economic resilience even before recovery from the pandemic has been discussed.

“A lot of the continuity that we got was [brought] by some digital tools,” Mr. Oundjian said, citing the trends in remote work, electronic commerce, and online learning.

Nonetheless, the need remains to further build an environment that keeps in step with digital transformation, starting with initiatives such as the national identification system. “More investment in infrastructure, both from the public and the private sector, will certainly help us to be more resilient and stronger in the next crisis,” he said.

Mr. Oundjian also pointed out that digitalization is imperative for economic recovery, given that consumers are behaving differently and businesses are not going back to former ways of working and engaging with customers. At the same time, digitalization opens opportunities as it transcends physical borders.

“We see people looking for talents across the world when they used to look for it locally,” he explained. “If you are a talented data scientist in the Philippines, you have fantastic opportunities working at home. If you are a startup, you immediately have a broader reach.”

Mr. Oundjian also stressed that digital transformation does not start with technology, but with designing solutions to address consumers’ pain points. “Digital transformation starts with how we can make things easier, more intuitive for consumers or customers. The thinking needs to start there,” he said.

Citing data gathered by his firm, Miko David, president and co-founder of David & Golyat, shared that there are immense opportunities for businesses in rising consumption across different online channels, particularly social platforms and e-commerce marketplaces.

At the same time, levels of competition have become more intense in terms of capturing the online market, as indicated by increased advertising in online channels.

“Across the board, this is a theme we see for the economy. There are a lot of opportunities despite gaps and missteps that are happening [among both] leaders and other incumbents,” he said.

Mr. David noted that even traditional sectors have been quite good to adapt, particularly in terms of opening up more channels of communication, but the challenge to keep at pace with the accelerated push for digitalization remains among organizations.

“The biggest challenge for a lot would be translating their historical activities to these existing channels,” he said. “When you look at the options that they should utilize for their executions on digital, it’s not always translating as well.”

Mr. David added that organizations need to look into other dimensions such as their culture, structure, and strategy. He sees that such “enablement activities” can help improve employee morale and perseverance.

“Companies who have this culture or mindset of always being in the know and staying hungry to learn, test something, or just be aware of the market, actually end up learning from their mistakes really early and implement better than what their competitors have done,” he added.

Aside from highlighting how GCash has leveraged digital products amid the increased need for digital payments and transfers, Martha M. Sazon, president and CEO of Mynt (the e-wallet platform’s operator), noted the deepened appreciation for customer centricity.

“Because of the change in the conditions that we’ve seen, people are forced to reimagine the business in a way that will service the customers, in a way that will reach the customers even better,” Ms. Sazon said.

The executive also stressed that as long as there are friction points in the customer industry, there will be a reason for any competitor to play. “Customer is king. It’s always been like that, but more and more businesses are realizing and are lazer-focused on customer experience,” she said.

Ms. Sazon also noted that the current situation calls for transformative leaders who are agile and flexible.

“[One has to have] a growth mindset [and a] very entrepreneurial spirit that always finds opportunities to grow and frictions to address,” she continued. “[This should be] combined with empowering the organization, trying to spot that talent who can deliver and encourage collaboration among other parts of the organization.”

Destination up north: Ayala Land takes Central Luzon to new heights

The Alviera Industrial Park is a 64-hectare eco industrial park for light to medium industries that will help generate work opportunities for communities within and outside the estate, which will further boost the economic potential of the region.

Propelled by economic movement and infrastructure support, Ayala Land’s Alviera in Pampanga and Cresendo in Tarlac are destined to be the region’s growth engines

While Metro Manila’s core and fringes are now filled with some of the country’s top urban centers, its northern neighbors in Central Luzon are bursting with fresh promise. The provinces of Pampanga and Tarlac are undergoing developments that will soon epitomize growth outside of the nation’s capital — as seen in the Alviera and Cresendo Estates of leading property developer Ayala Land, Inc. (ALI).

Combining a remarkable mix of economic energy and relaxing suburban pace, ALI’s Alviera and Cresendo estates are already showing vigor for high-investment potential. Top property consultancies recently reported a renewed interest in residential property purchases, particularly in places outside of Metro Manila. Colliers, in their first quarter report for the year, shared that house-and-lot investments are on the rise, with buyers’ preference shifting to spots outside of Metro Manila such as Central Luzon.

The commercial and residential interest in Central Luzon is further boosted by improvements in infrastructure, which will support the region’s thriving communities and maximize investors’ gains. One of the country’s major gateways, Clark International Airport, is strategically located in Angeles, Pampanga while ongoing national projects such as the Central Luzon Link Expressway-Phase I and Subic-Clark Railway are set to complement the existing North Luzon Expressway, Subic-Clark-Tarlac Expressway, and Tarlac-Pangasinan-La Union Expressway.

With market confidence and infrastructure in place, Alviera in Porac, Pampanga, and Cresendo in Tarlac City are poised to bring ALI’s seasoned and distinct development touch to the north, while enabling more opportunities for Filipino businesses, families, and individuals to realize their goals through integrated yet relevant commercial and lifestyle offers.

Consonance of lifestyles amid nature
Showcasing ALI’s master-planning expertise are Alviera’s four main districts which will comprise the 1,800-hectare development. Together, these districts will present a spectrum of settings for a lifestyle that seamlessly melds business, leisure, tourism, and education. ALI’s development ethos also ensures that Alviera will capture urban conveniences, while still being strongly grounded in nature, an intrinsic feature of the property.

Alviera’s first district is the City Center, the community’s central business district. Here, offices stand side by side with retail and commercial establishments that can house both local and multinational operations. The district also hosts the Alviera Country Club, a key lifestyle anchor and the first of its kind in Central Luzon. Residential spaces, parks, and open grounds round up this contemporary core, which will serve as the development’s nucleus.

The east and west sections of the property are also groomed for polar yet harmonizing features. Alviera East will host the new campus of the Holy Angel University, one of the region’s most esteemed institutions, while the 64-hectare Alviera Industrial Park will house light to medium industries which will provide work opportunities for communities in the area. The park is aimed to become one of Pampanga’s premier business hubs and will be open to PEZA and non-PEZA registered companies. On the other end of the property is Alviera West, which is designated for leisure and tourism-related establishments. Themed hotels, wellness centers, and recreational developments are set to rise in this part and will be fused with pockets of retail and residential spaces that look out to a rich natural landscape.

These three sections will be connected by the Alviera Greenbelt, the last of the estate’s four districts. This five-kilometer open space will be headlined by the La Salle Botanical Gardens, an environmental and educational facility with 25 themed gardens, a laboratory, a plant nursery, greenhouses, and libraries.

Historic charm in a city of the future
ALI has also moved further north to Tarlac City, the province’s capital. The 290-hectare Cresendo will amplify Tarlac City’s position as one of the Philippines’ high-potential cities as recognized in the Digital Cities 2025 report. With IT and business process management as new growth founts for the city, an integrated estate like Cresendo can help supercharge Tarlac City’s development trajectory.

Cresendo Downtown will feature shophouse lots that will allow employees
and entrepreneurs to live right by their business ventures — a viable location
for future micro, small and medium enterprises.

Cresendo is built with local elements as inspiration, promoting design and an estate plan that calls to mind poblacions from the province’s storied past. The vision is to keep Tarlac City’s charming local character while propping it for expansion and growth through the property.

Cresendo Downtown and Cresendo Industrial Park are the estate’s main draws, each occupying 47 hectares and 32 hectares, respectively. Cresendo Downtown serves as the property’s set piece, housing commercial, civic and institutional establishments such as a church, a K-12 school, a technical training center and the focal Cresendo Town Plaza. This 1.5-hectare plaza will visually take visitors and residents to a bygone era while also providing modern comforts and areas for seasonal activities and community events.

Commercial lots will be available in the Cresendo Downtown together with micro commercial lots where Shophouse-style commercial spaces will be built in 20th-century architectural blocks, making this part of the estate a truly dynamic and unique spatial experience. These shophouse lots are aimed to serve small businesses whose owners and employees would opt to live next to their jobs and ventures.

Like its equivalent in Alviera, the Cresendo Industrial Park will support light to medium industries. The park will feature industrial lots with sizes ranging from 1,300 sq.m. to 15,000 sq.m. and is expected to provide 2,000 new jobs to Tarlac City’s residents and other nearby communities. ALI has reported manufacturing, packaging, logistics, and warehouse companies as new sign-ups in this new economic hub.

Navigating Cresendo also hails ALI’s use of natural scenery as the property boasts of 30% of open space. Cresendo will also have a 1.5-kilometer greenway for walking around while incorporating the 7-hectare River Terraces, a multi-functional sustainable garden.

Strong investment in new centers of growth
The creation and development of ALI’s Alviera and Cresendo Estates indeed define the next stage of growth in Central Luzon, while also providing businesses, families, individuals, and investors new opportunities. These estates are expected to benefit from the region’s rising economic potential as supported by public and private projects that aim to bring development outside of Metro Manila.

Those keen on riding on this wave of development can also rely on ALI’s long-held track record and expertise in property development, with an estate portfolio that corners the most sought-after properties in the Philippines. Everyone is invited to explore and join the movement towards modern communities up north with Alviera and Cresendo Estates.

Tracking the path towards a digital economy

Digitalization, related trends explored in BusinessWorld virtual forum

By Adrian Paul B. Conoza, Special Features Writer

Along the journey of organizations to adapt to the changes brought by the coronavirus disease 2019 (COVID-19) pandemic, one significant course of action that is regarded as necessary towards economic recovery is digitalization. In fact, the Philippines Digital Economy Report 2020 by the World Bank and the National Economic and Development Authority revealed that an opportunity already lies for the Philippine economy to hasten its recovery and build up its resilience by further embracing digital technologies.

BUSINESSWORLD President and CEO Miguel G. Belmonte opens the first day of the economic forum.

This discourse was continued during the special edition of the BusinessWorld Virtual Economic Forum, which was held last May 26 and 27. Themed “The Digital Economy PH: Towards a Faster Economic Recovery”, the online forum further explored the vision of a digital economy in the country and the initial steps that must be taken to realize such goal, along with underlying issues that must be resolved.

As BusinessWorld President and Chief Executive Officer (CEO) Miguel G. Belmonte shared in his opening remarks on the forum’s first day, the special edition of the forum picks up from the conversations from last year’s first BusinessWorld Virtual Economic Forum, which largely tackled digitalization. “[This year’s forum] would be a very good venue to tackle digital transformation as an urgent component in accelerating the country’s recovery and creating a stronger, more resilient, and sustainable economy,” Mr. Belmonte said.

BusinessWorld Executive Vice-President Lucien C. Dy Tioco delivers his welcome remarks on the forum’s second day.

Meanwhile, Lucien C. Dy Tioco, BusinessWorld’s executive vice-president, pointed out on the forum’s second day the need to fully accept and understand the changes that have recently taken place. “We were all anticipating to move forward without really understanding what has changed, its effects, and how to effectively solve it,” Mr. Dy Tioco said in his welcome address on Day 2, adding that the pandemic is teaching organizations to manage how the future should take shape by finding solutions to current problems.

The way forward

Starting off the forum with his keynote address, Fernando Zobel de Ayala, president and CEO of Ayala Corp., stressed that digital transformation, as the “the way forward towards a resilient, progressive, and equitable country”, goes beyond developing or pushing the latest technologies and so must take into consideration other factors.

“Meaningful and genuine digital transformation is deeply understanding our stakeholders’ needs and aspirations, and integrating technology to provide them with relevant and inclusive solutions,” Mr. Zobel de Ayala said.

While he observed that digitalization has made a tremendous impact on several sectors such as financial services, healthcare, and e-commerce, to name a few, Mr. Zobel de Ayala further stressed that the Philippines faces a “persistent challenge to ensure widespread and equitable access to digital infrastructure and the Internet.”

Ayala Corp. President and CEO Fernando Zobel de Ayala talks about “Accelerated by the Pandemic: Digital Transformation as the Way Forward” in his keynote address.

He said that a digitally developed economy should be built on reliable infrastructure, a national ID system, digital records and online access to services, and cybersecurity.

Among organizations, the Ayala Corp. president and CEO said that digital transformation should be accompanied by highly regarding the “fundamental components” of such shift which are the stakeholders.

“Specifically, institutions should be deliberate in deeply understanding stakeholder pain points and aspirations. There should also be a commitment to address underserved needs, most especially the inequalities the pandemic exacerbated,” he said, adding that holistic stakeholder understanding requires mining insight from both big data and small data.

Mr. Zobel de Ayala also emphasized that managing the complexities of the future of work lies in promoting greater flexibility and choice, where the main principle is to work where one is most effective for the job at hand.

The first day of the two-day forum continued with panel discussions on how digital transformation can enable a ‘better normal’ and how the digital divide in the country — a pressing issue in building a digital economy — should be bridged.

These were coupled with fireside chats on topics such as “Building the Foundation of Digital Resilience”, “Digitalizing the Philippine Economy Now”, as well as the Digital Payments Transformation Roadmap 2020-2023 of the Bangko Sentral ng Pilipinas.

Along the digital track

The forum’s second day took a deep dive into the trends that go along with building a digital economy, led by keynotes from Bernadette Nacario, country director of Google Philippines; and Kais Marzouki, chairman and CEO of Nestlé Philippines.

Google Philippines Country Director Bernadette Nacario shares her insights on “The Emerging New Economy: New Skills, Jobs, and Business Tools” in her keynote speech.

Discussing the topic “The Emerging New Economy: New Skills, Jobs and Business Tools”, Ms. Nacario of Google Philippines highlighted the opportunities that have opened up through digital transformation.

Citing the “e-Conomy SEA 2020” report of Google, Temasek, and Bain & Company, Ms. Nacario noted that many Filipinos went online “searching for solutions to their sudden new challenges”; while e-commerce has driven significant growth in the country at 55%, largely offsetting declines in travel and transport.

The overall Philippine ‘e-conomy’, she added, is expected to reach $28 billion in value in 2025, reaccelerating to a compounded annual growth rate of roughly 30%.

“The future is indeed bright. Yearly, our growing digital economy presents ripe opportunities for Filipinos,” Ms. Nacario said.

Barriers, however, still exist. Among these include challenges around talent, which the Google Philippines country director observes as “a key blocker that all sectors need to keep working on”.

To optimize such opportunities and address such barriers, she continued, Google is committed to invest in digital skills and education, as well as to provide tools and platforms for businesses. “Together with our partners from the public and private sectors, we will continue closing the gap in digital opportunity,” she said.

Nestle Philippines Chairman and CEO Kais Marzouki, in his keynote address, discusses “From Brown to Green Economy: Is the Philippines Ready?.”

Meanwhile, in his keynote on the readiness of the Philippine economy to transition from a brown to green economy, Mr. Marzouki of Nestlé Philippines noted that businesses are called upon by the pandemic to reflect and to act on their collective impact on the environment by transitioning from a fossil fuel-dependent brown economy to a sustainable green economy.

“In a green economy,” Mr. Marzouki explained, “growth in employment and income are driven by public and private investments into such economic activities; infrastructure and assets that allow reduced carbon emission and pollution; enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.”

While getting to a green economy takes much more time as it involves a whole-of-society approach, Mr. Marzouki said that a “window of opportunity” is now open “to make brave new choices that will allow the country to grow economically within sound ecological boundaries.”

Panel discussions on the second day gathered thoughts on how a hybrid mode of work is shaping today’s workplaces, as well as on how an omnichannel experience is being realized in retail.

The fireside chats gathered insights on how organizations can build their brands through sustainability and purpose, as well as on how digital tools can be utilized by micro, small, and medium enterprises for them to survive and thrive amid the global crisis.

BusinessWorld Editor-in-Chief Wilfredo G. Reyes wraps up the two-day forum.

Wilfredo G. Reyes, BusinessWorld’s editor-in-chief, wrapped up the virtual forum, in his closing remarks. “The COVID-19 crisis made us a little bit more adept at promptly improving the way we do things even if this takes a complete overhaul. We need to mesh digital more into our strategies and not to treat it as something completely separate,” he said.

BusinessWorld Virtual Economic Forum 2021 Special Edition was presented by BusinessWorld Publishing Corp.; with co-presenter GCash; gold sponsors Cisco, Globe, Meralco, Radius Telecoms, and San Miguel Corp.; silver sponsors Ayala Group of Companies, BPI-Philam, FWD Life Insurance, Toyota, UnionBank, and Vista Land; bronze sponsors BDO, BPI, First Gen Corp., J&T Express, Mabuhay Energy Corp., PAGCOR, PayMaya, Pacific Cross, PLDT, Smart, SGV & Co, and SM Investments Corp.; partner organizations Asia Society – Philippines, British Chamber of Commerce Philippines, French Chamber of Commerce and Industry in the Philippines, Financial Executives Institute of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, and Philippine Franchise Association; official TV partner OneNews; and media partner The Philippine STAR.

SM Foundation presents college scholar-graduates for 2020-2021

SM Foundation, in a virtual gathering, recognized the 219 SM scholar-graduates for 2020 and 2021 — 38 of whom graduated with honors/distinction.

SM Foundation’s Scholarship Program, which was established in 1993, aims to contribute in eradicating the intergenerational cycle of poverty in the country by giving scholarship grants to poor but deserving students. It has already produced almost 7,600 college and tech-voc scholar-graduates — enabling them to uplift the lives of their families out of poverty.

This program is anchored on the belief of SM Group late founder, Henry Sy Sr., that education is the greatest equalizer and that if he could help send one child to school, that child can then help his or her siblings finish schooling and together, they can help uplift their family out of poverty.

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