International Container Terminal Services Inc. chairman Enrique Razon advised Filipino companies to start preparing for the return of protectionism in order to survive the changing global environment.
“Changes are coming and they are not going to stop. We are entering an era of protectionism and the earlier these corporations realize the better, and so that they will not be run over by denial disease,” Razon said during the inaugural Pilipinas Conference organized by Stratbase Albert del Rosario Institute at Manila Peninsula Hotel in Makati City Thursday.
Razon, whose company aggressively expanded overseas with 31 ports in 24 countries, said the world was entering an era of protectionism.
Razon said companies should adapt to the changes. “Protectionism is coming. This is the 1930s all overall again after the roaring 20s. History keeps repeating itself. The more things change the more things will remain the same,” Razon said.
Analysts said with the recent global developments such as the exit of Great Britain from the European Union and the election of US president Donald Trump, there could be a growing move towards the return to protectionism.
Meanwhile, Ayala Corp. chairman Jaime Augusto Zobel de Ayala cited the need for the country to focus on education to enable Filipinos to adjust to the changing landscape.
Zobel de Ayala said while Philippines was one of the beneficiaries of globalization, capitalism resulted in the widening of the gap between losers and winners.
He said Ayala Corp. started investing outside the Philippines as it saw the need to “build bridges” with other countries in the region.
Ayala Corp.’s property unit has an investment in Malaysia while its water unit has projects in Vietnam.
Various sectors earlier expressed concerns over the prospects of the business process outsourcing industry, because of what they described as Trump’s protectionist views.