Family businesses in the Philippines are the most assured in Southeast Asia about their future-readiness, say new SAP-sponsored study by The Economist Intelligence Unit.
As part of the regional study, family business leaders from Southeast Asia including Indonesia, Malaysia, Philippines, Singapore, and Thailand rated their future readiness across categories of people, environment, processes, and technology.
The study revealed that family firms in the Philippines report the highest levels of confidence or readiness in Southeast Asia, averaging 8.29 on a ten-point scale, 10 being most confident, across the four categories. The country also scored the highest in terms of the development of skills (8.6, tied with Thailand.)
According to the study, Filipino family businesses are positive towards their capabilities to deploy the latest technology such as cloud computing (8.25 score versus SEA benchmark of 7.88) and automation (8.125 score versus SEA benchmark of 7.86). Family businesses in the Philippines also report one of the highest likelihoods to adopt new business models and enter new markets.
Despite the optimism, Filipino family businesses report the highest concern in the region for regulatory and regional geopolitical risks.
Pressing onto to the future, they expect the most prominent benefit to collaborations will be in developing new products and services and in expanding reach into new geographical markets, which is in line with the country’s growing economic growth and reported high levels of consumer optimism.
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