Local businesses reminded anew to stay ahead of ASEAN integration

CEBU, Philippines – Although transformation in doing business has already started even before the ASEAN integration, businesses are warned of a more intensive shift in market and business in the onset of the ASEAN Economic Community platform.

For this reason, ASEAN  Business Advisory Council (ABAC Philippines) representative for SMEs Jay Yuvallos reminds Filipino businesses anew to be a step ahead in the fast changing environment of doing business. He added that utilizing analytics and other technology-related tools is very critical in this day and age of doing business.

What worked in the past (in business) may no longer be applicable in today's very fluid market, Yuvallos said.

He mentioned the transformation that happened like the democratization of travel, of which airlines are offering cheaper fares due to competition. Similar developments are expected in the coming years while the global market access is becoming smaller and borderless.

According to Yuvallos, this is not the time for serious businesses to be complacent and be confident with their long-time success in business, adding that the world has changed, and that businesses have to catch up with the unpredictable business environment.

Among the many changes is the unstoppable trend of consolidation, wherein companies have to decide whether to merge with bigger firms, just to stay in business.

Based on a study by The Economist, Yuvallos narrated that 55 percent of large ASEAN companies have established partnership, presence, in almost every corner of the ASEAN bloc. This is how businesses can thrive under the new environment.

Yuvallos had been calling the attention of Filipino businesses, get ahead of the ASEAN development, saying "the new reality is here. AEC is taking shape and it’s not going to wait."

While preparation, awareness, and reminders about the pitfalls and opportunities of the integration had been disseminated, the Filipinos' success in fighting the giants is all in their hands, Yuvallos concluded.