Dennis Uy urges businesses to embrace change

MANILA, Philippines — Davao-based businessman Dennis Uy is urging the business community to embrace change, citing his growing conglomerate’ success story in disrupting various sectors.

During the BusinessWorld Economic Forum yesterday titled Disruptor or Disrupted: Philippines at the Crossroads, Uy said change is inevitable.

“Change is coming, and we have no choice but to embrace it. If we do not evolve, we become extinct. We will be the products of yesterday, instead of being the brands of the future,” said Uy who gave the keynote speech.

He cited his holding company, the Udenna Group in having been able to penetrate various businesses such as the petroleum industry through Phoenix Petroleum, now the country’s top independent oil player.

He said Phoenix was just a small player which dared to grow big.

 “Our goal for Phoenix back then was just to survive. But as our network and sales grew, we dared to dream bigger. We aimed to become the leading independent oil company in Mindanao, and, after listing in 2007, we set our sights higher: to be the top independent in the country. And this we achieved last year, after only 12 years as a brand,” Uy said.

But he said the company makes sure it sets realistic goals.

“At Udenna we set realistic goals, maintain good relationships with our stakeholders and customers, and ensure we have as much control of the value chain as possible. But we are not afraid to explore, to learn new things, to spread our wings. After all, that attitude is what got me here in front of all of you,” Uy said.

Now, Uy said, “Udenna is a group of 70 companies in six different industries, and still growing.”

“Sure there will be headwinds, but as long as we can turn our sails we could make it as a tailwind,” he said.

The group has also diversified into the tourism sector, which Uy said is a growth area.

“Our diversification is a strategic move, anticipating disruptions and economic developments that could either help us or hurt us. Our purchase of hospitality school Enderun Colleges and our Emerald City project in Cebu dovetail with our bullish outlook for the Philippine tourism industry.

International tourist arrivals have been increasing at around 11 percent over the past three years: from 5.36 million in 2015 to 5.97 million in 2016 and 6.62 million in 2017,” Uy said.