Enable public and private sector collaboration towards economic recovery and a fully digitized Philippines
November 28, 2020The economic downturn brought about by the pandemic has been complicated by the onslaught of the recent typhoons that hit Luzon. These natural calamities, typhoons, floods, and landslides, have put many Filipinos at increased risk, destroyed crops and infrastructure, and disrupted vital supply lines. All of this happens while ordinary consumers struggle to make ends meet and must continuously remain vigilant against the still-raging pandemic.
A beacon of hope in the midst of this evolving crisis is an outpouring of support from the private sector in the spirit of bayanihan and compassion for their fellow citizens. In the recent typhoons and resulting floods that struck Luzon, the business sector was crucial to recovery, providing much needed aid in the form relief goods, and communications services.
But this recent burst of efforts is only a confirmation of the continued role of the private sector in securing the welfare of the public. Throughout this crisis, major private enterprises have played a crucial role in the recovery of the Philippines – economically and socially. Private companies continued to pay their employee’s salaries despite the risk of incurring losses. This is in addition to the significant contributions of business in tracing, testing and treatment facilities as immediate support to gaps in government aid.
In the fifth and final session of the Pilipinas Conference of Stratbase ADR Institute, entitled “The Key Role of the Business Sector in Economic Recovery,” it was highlighted that the Philippines will only move forward with private sector’s collaboration with other sectors and the support of public sector actors.
During the session, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said that “the swift and decisive measures of the BSP on the onset of the pandemic provided crucial support to the economy and market confidence,” adding that “digital transformation of the banking system accelerated through the increased accessibility points and use of digital financial platforms,” showing the power of synergizing effective policy and administrative support with private sector-based innovation.
In addition, Chairman and CEO of the Ayala Corporation, Mr. Jaime Augusto Zobel de Ayala shared this in his talk regarding restarting the economy: “The private sector has a role and the public sector have a role, so all of us have to use whatever balance sheets we have, matched up, of course, with the changing nature of demand, which will increase again, to start re-allocating resources and building new jobs and getting that cycle moving again. The public sector as well have their own balance sheet, their own spending, and we would hope that they would also be catalysts to jumpstart spending at a time like this to get infrastructure moving…this is a symbiotic relationship.”
These statements from key leaders in the public and private sectors respectively show that collaboration between the sectors is a core component in driving recovery from the pandemic, be it from the health or economic perspective.
Chief among the solutions that the private sector leads is the accelerated digital transformation of a broad range of products and services. Government support by allowing public investment in critical digital infrastructures will hasten the development of the post-pandemic Philippines, future-proofing our economy and ensuring our safety.
CitizenWatch Philippines stands with Filipino consumers in supporting the call for the government to work with the private sector for economic progress. We call for increased public and private partnerships, which will foster a future-proofed Philippines with the full adoption of digital solutions and technologies.
Let us continue to build meaningful inter-sectoral cooperation and build towards a digitally robust Philippines for the benefit of all Filipino citizens.