Business groups to expand crisis recovery initiatives

MANILA, Philippines — Business leaders are urging the private sector to sustain the push for more economic recovery programs to address the worsening economic slump and help small and medium entrepreneurs digitize their business.

In a recent virtual forum organized by the Stratbase Albert del Rosario Institute on “The private sector as a reliable partner to government in economic recovery,” Ayala Corp. chairman Jaime Augusto Zobel de Ayala said the private sector “acted swiftly, dug deep and used our balance sheets in order to protect our employees’ financial and physical well-being.”

“We pivoted our businesses to stay afloat so we could extend payrolls and preserve jobs, knowing that our employees depended on us to feed their families and afford other expenses. We supported our customers so they too could stay afloat and in turn, extend similar help to their own set of customers.”

Stratbase ADRi president Dindo Manhit said the private sector is key in creating a more sustainable and inclusive economic recovery through eight strategic initiatives:

* Address inequality and ensure livelihood by creating jobs.

* Reduce the digital divide thru digital acceleration.

* Address climate change and reduce greenhouse gas emissions.

* Help strengthen the health system.

* Push for public private collaboration driven by public interest.

* Focus and advocate for stakeholder capitalism.

* Create access to opportunity: quality education and social protection for all.

* Demand transparency and accountability in governance by encouraging an entrepreneurial state and smart local governments.

“We now have an opportunity to overhaul the flawed structures of government bureaucracies to become a digitally revitalized ecosystem of efficient processes and well-managed resources,” Stratbase ADRi chairman Albert del Rosario said.

“The governments of neighboring economies and other developing nations have long seen this and have been investing heavily in building strategic digital infrastructure to harness the benefits of a digitally enabled, and connected population,” he said.