A report by multinational professional services provider PricewaterhouseCoopers International Limited (PwC) reveals a sense of urgency among Filipino chief executives on business reinvention.
The 27th Annual Global CEO Survey says 54 percent of Philippine CEOs worry their companies might not survive in the next decade without significant changes.
Despite viability concerns, 97 percent of Philippine CEOs enacted significant changes to their value creation and delivery models in the past five years. About 86 percent implemented at least one major action with a substantial impact on their business model.
The lack of skilled workforce, technological limitations and competing operational priorities are cited as the biggest hurdles to reinvention.
PwC’s research emphasizes that successful companies focus not only on their business model, but also on the underlying operating and technology models that enable it. This requires a continuous improvement in mindset and significant leadership focus.
Philippine CEOs, however, are cautiously optimistic for the next year. Over half or 57 percent expect global economic growth to improve, outpacing the Asia Pacific average. The US and China are seen as key to their 2024 growth prospects.
At least 60 percent of them anticipate workforce impacts within three years, along with positive outcomes for their businesses like increased revenue and profitability.
The survey says concerns remain about workforce upskilling, potential cybersecurity risks and the spread of misinformation.
Philippine CEOs are making strides on climate commitments. Three-quarters have taken steps to improve energy efficiency and innovate climate-friendly solutions. About 68 percent initiated measures to protect their assets and workforce from climate risks.
The Philippines is one of 105 countries surveyed, with 4,702 CEOs participating in PwC’s research.
