Written by John Carlo Tria
To say that we are in uncharted territory in this age of disruption is cliche enough. Events and numbers move quickly. So do forecasts and statistics. As we celebrate National Statistics month we take a look at this and how the need for statistics at the regional level becomes urgent.
Each region in the country obviously has varying recovery prospects given its characteristics. Every one is an economy that has to chart its growth path and build resilience especially amid these disruptions. Local socio economic data, such as quarterly total and sectoral Gross Regional Domestic Product, unemployment data is therefore more essential than ever been before.
As the NEDA and the Philippine Statistics Authority develop the data sets on these regional numbers, I reiterate a part of last weeks column where, in an event, I encouraged the academe to work with government agencies such as the to develop this data. As written, the MSME sector will benefit from such information as we chart the recovery and resilience path of our own businesses.(https://mb.com.ph/2020/09/28/imperatives-and-hopes/)
The Digital Leapfrog
Knowing this numbers will help many of us set our strategy as we approach 2021, which promises to be a year of recovery. A game changer therefore, is leapfrogging into the digital economy, especially for the bulk of businesses that are small and medium enterprises.
While many have begun going online to generate sales, a great number remain unable to engage this increasingly necessary migration, not only to recover, but to engage the future filled with potentially new and exciting world of expanded markets, new suppliers and over all, a new way of doing business.
This is the future wave accelerated by the recovery from the pandemic. We are seeing a faster, digital, more competitive economy. The question begging many answers among businesses is : what will we be in 2025? Many countries, including our business counterparts in ASEAN are accelerating this engagement. Competition will be tougher. All businesses need to prepare with the right strategy based on data.
Continue to stay safe and vigilant against COVID 19!
Cover image from Ian Panelo / Pexels
Article first appeared in the Manila Bulletin website last October 5, 2021.