MANILA - Public and private coordination as well as digital innovation could hasten economic recovery and resilience against the COVID-19 pandemic, the Aboitiz Group said Wednesday.
There should be regional cooperation in terms of resources since no country can handle the pandemic alone, Aboitiz Group and the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) said in a statement.
The private sector should also help the government in achieving its digital transformation goals to "sustainably thrive" in the new normal, ABAC member and Aboitiz Group President and Chief Executive Officer (CEO) Sabin Aboitiz said.
“We know that no country in the world, regardless of socio-economic status, can claim that they were well-prepared to handle COVID-19. This further highlights the need to maximize regional cooperation to share resources. Countries need to come together to address the gaps in both resources and strategy on the road to ‘building back better’," Aboitiz said.
A forum attended by business groups and the government, focused on digital innovation for financial inclusivity among others, to empower micro, small and medium enterprises.
In July, APEC reported that COVID-19 has caused a 3.7 percent drop in the Asia Pacific region's economic growth for 2020 with a total output loss at $2.9 trillion.
Digital transformation and other tools such against cyber crimes can help keep companies "afloat" during the pandemic, Aboitiz said.
Aboitiz said it has embarked on its own digital transformation initiatives.