{"id":19478,"date":"2024-06-27T03:01:44","date_gmt":"2024-06-27T03:01:44","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/ceos-worry-over-business-viability\/"},"modified":"2024-06-27T03:01:44","modified_gmt":"2024-06-27T03:01:44","slug":"ceos-worry-over-business-viability","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/ceos-worry-over-business-viability\/","title":{"rendered":"CEOs worry over business viability"},"content":{"rendered":"
\n

By Justine Irish D. Tabile, <\/b>Reporter<\/i><\/p>\n

OVER HALF of Philippine-based chief executive officers (CEOs) are concerned over the viability of their businesses in the next 10 years without reinvention, according to a report by PwC Philippines.\u00a0<\/span><\/p>\n

The Philippine report of PwC\u2019s 27th<\/sup> Global CEO Survey showed that 54% of CEOs believe that their companies \u201cwill not be economically viable in the next decade if they continue on their current path.\u201d This is lower than the Asia-Pacif<\/span>ic average of 63%.<\/p>\n

Asked about the long-term viability of their businesses, 46% of Philippine-based CEOs expressed concern, much higher than the 34% average in the Asia-Pacif<\/span>ic region.<\/p>\n

Conducted from October to November 2023, the survey covered 1,774 CEOs in the Asia-Pacific region, including 35 CEOs in the Philippines.<\/span><\/p>\n

More than half or 57% of Philippine-based CEOs are optimistic that the global economy will improve over the next 12 months, higher than the Asia-Pacif<\/span>ic average of 40%.<\/p>\n

Around 77% of Philippine-based CEOs said the United States is the most important for their growth prospects, while 40% cited China.<\/p>\n

\u201cThe Philippines has undertaken efforts to improve its investment climate and attract foreign direct investment. This sustained growth and the positive investment climate could have promoted optimism among CEOs regarding both local and global economies,\u201d PwC Philippines Deals and Corporate Finance Managing Partner Mary Jade Roxas-Divinagracia said in a statement. <\/span><\/p>\n

For the next 12 months, 40% of Philippine-based CEOs identif<\/span>ied geopolitical conf<\/span>lict as a key threat, while 37% cited inf<\/span>lation. At least 29% of the CEOs said macroeconomic volatility and cyber risks are also main threats.<\/p>\n

PwC Philippines Chairman and Senior Partner Roderick M. Danao said that there is growing impetus to reinvent among Philippine business leaders.<\/p>\n

\u201cMany of our country\u2019s business leaders are now working on accelerating the transformation of their business models, investing in technology and their workforce, and managing the risks and opportunities related to climate change,\u201d Mr. Danao said in a statement.<\/p>\n

\u201cIn this era of continuous reinvention, CEOs have vast opportunities to reshape their organizations and themselves, to thrive on disruption, and to transform aspirations into realities,\u201d he added.<\/p>\n

According to the report, 97% of the Philippine respondents said that they have already taken steps to change \u201chow they create, deliver, and capture value over the past f<\/span>ive years.\u201d<\/p>\n

Meanwhile, 86% said that they at least took one action that largely impacted their company\u2019s business models.<\/p>\n

However, 71% of the Philippine CEOs cite the lack of workforce skills as a barrier to reinventing the business models of their companies. <\/span><\/p>\n

The other top challenges cited by business leaders are the lack of technological capabilities (69%) and competing operational priorities (65%).<\/span><\/p>\n

Michael L. Ricafort, chief economist of the Rizal Commercial Banking Corp., said that businesses will need to digitize and adopt the best technologies globally to drive growth.<\/span><\/p>\n

\u201cThese will help grow their business by leaps and bounds, further boost productivity and output, and reduce costs,\u201d Mr. Ricafort said in a Viber message.<\/p>\n

Aside from making their businesses viable, he said digitization and the adoption of the latest technologies will also help improve businesses\u2019 competitiveness.<\/p>\n

Sought for comment, Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said organizations that want to remain viable need to reinvent themselves by improving and adjusting to the current environment.<\/p>\n

\u201cBeing relevant can ensure its existence and hopefully prof<\/span>itability and resilience,\u201d he added.<\/p>\n

AI IMPACT
\n<\/b>According to PwC, CEOs are seeing generative artificial intelligence (GenAI) as a catalyst for reinvention \u201cthat will power efficiency, innovation, and transformational change.\u201d<\/span><\/p>\n

At least 60% of the CEOs in the Philippines are expecting GenAI to impact the workforce in the next three years, while 57% believe GenAI will positively impact revenue and prof<\/span>itability.<\/p>\n

Mr. Danao said that they have been seeing \u201cheightened interest\u201d from business leaders in GenAI.<\/p>\n

\u201cTheir enthusiasm over the opportunities for growth and innovation that GenAI brings demonstrates their understanding of the need for fundamental reinvention of their businesses,\u201d he added.<\/p>\n

However, 80% of the CEOs said that to be able to reap the \u201ctransformative benefits\u201d of GenAI, there is a need to upskill the workforce.<\/span><\/p>\n

Meanwhile, 69% of them are concerned about cybersecurity risks, while 57% are concerned about misinformation.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OVER HALF of Philippine-based chief executive officers (CEOs) are concerned over the viability of their businesses in the next 10 years without reinvention, according to a report by PwC Philippines.\u00a0<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[4677,14644,14757,1401,18535,613],"class_list":["post-19478","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-business","tag-bworldonline","tag-ceos","tag-over","tag-viability","tag-worry"],"yoast_head":"\nCEOs worry over business viability - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/ceos-worry-over-business-viability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CEOs worry over business viability - 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