Key Takeaways from the Philippines: 41st ASEAN Innovation Business Platform Conference & Exhibition Day 1
Valerie Tan
Constructing the Innovation and Digitalisation Story for the ASEAN Community
The 41st ASEAN Innovation Business Platform Conference & Exhibition Philippines brought together the country’s key innovation and digitalisation leaders to address and share their best practices for "The Growth Imperative: Innovating for Impact through Technology and Sustainability". The day’s discussions revolved around addressing
The conference also celebrated the winners for the 2023 ASEAN (Philippines) Enterprise Innovation Awards, Megaworld Corporation and mWell by Metro Pacific Investments Corporation.
Crucial Partnerships
The keynote panel Rafael Jaime Recio, Chief Strategy & Investment Officer, Ayala Healthcare Holdings, Inc. (AC Health), Atty. Adrian Jude G. Echaus, Assistant Bureau Director, National ICT Planning, Policy, and Standards Bureau (NIPPSB), Department of Information and Communications Technology (DICT), Mike Liwanag, Chief Strategy Officer, JG Summit Holdings Inc., Glenn Estrella, Head of Ideation & Acceleration Group, 917Ventures, discussed various aspects of digital transformation, innovation and collaboration, from the use of technology to optimise supply chains and logistics, to augmenting healthcare services with technological solutions. AI was discussed as a way to improve efficiency and customer experience. However, proper foundations must be in place before the benefits of technology can be maximised, especially in the healthcare industry.?
The startup scene in the Philippines is growing, with more investments and returning entrepreneurs. The government aims to provide connectivity and access to information, especially in rural areas through policies and programs that support startups. Partnerships were seen as important for both enterprises and startups, with technological and other types of partners. Enterprises are partnering with both global technology providers and local startups to drive innovation
When you think about the change in tech, I think it's easy to dismiss it, take it for granted… They may or may or may not necessarily be the next unicorn … but they will drive very interesting businesses in terms of optimisation in advancing efficiency… Before the pandemic we created an internal product called Memo app, because a lot of the executives would sign documents. This is before the pandemic. So the memo was just used by a small group of people, and when the pandemic hit accelerated adoption… so this was pretty much almost before the DocuSign came in, and we were already using it internally.?
Glenn Estrella, Head of Ideation & Acceleration Group, 917Ventures
In a nutshell, a healthy ecosystem of mutually supportive enterprises, government and startups is necessary to support digital transformation in the Philippines, and in creating locally relevant innovation that considers the Philippines' unique context and needs.
Cybersecurity Challenges in Talent & Usability
The Department of Information and Communications Technology (DICT) Philippines has drawn up the National Cybersecurity Strategy 2028. Dr. Thelma D. Villamorel, Chief, Critical Infrastructure Evaluation and Cybersecurity Standards Monitoring Division, Cybersecurity Bureau, Department of Information and Communications Technology (DICT) shares the plan’s six pillars which will be focused on enacting cybersecurity laws, securing critical infrastructure, defending against threats, building CERT capabilities, developing the cybersecurity workforce, and international cooperation.
Many organisations struggle with attracting and retaining cybersecurity talent. Outsourcing functions and investing in technology can help address this issue.?
Four years ago, we had a huge attrition in our cybersecurity team. We were faced with, “how do we now support our operations and continue to protect our assets?” ..The cybersecurity attacks are increasing.. And our incidents were piling up… We had to do something and expand our outsourcing to actually cover (cyberattack) investigations.. We chose a partner who uses their AI technology to help us in the threat hunting, conduct analyses and analyse our vulnerabilities.
Tina Alvarez, Chief Information Officer, JG Summit Holdings, Inc
Implementing identity management and single sign-on systems can improve the user experience while enhancing security. However, organisations must balance usability, user experience and cybersecurity.
Alexander Antukh, Chief Information Security Officer, Aboitiz Power, Marlon Sorongon, Chief Information Security Officer, Maybank, Dr. Francisco Castillo, Senior Vice President, Chief Information Officer, Maynilad Water Services, Inc, joined by? Kanishka Kumar Sinha, Director - Hyper Automation Professional Services, Ingram Micro Inc., discussed challenges and opportunities in digital transformation and cybersecurity in the Philippines.
To stay ahead of threats, organisations should keep up to date on the latest risks, collaborate with peers through collective defence, and constantly practise and improve. Data privacy and security regulations can incentivize improvements, but education and awareness training are also critical to build a strong security culture. Simple and clear communication is needed to gain user buy-in for security measures.
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We also need to acknowledge the systemic nature of the technology of the digital reasons which means that every new addition to assets of extra headache and it means that we need to be aware of what is the technology of how it's connected to already existing ones, how we protect that to define the role of cybersecurity in general.
Alexander Antukh, Chief Information Security Officer, Aboitiz Power
Fit-for-market digital skills
There is a pressing need to develop digital skills and talents in the Philippines to keep up with the changing job landscape. Several issues were highlighted during the discussion. Firstly, there is a lack of students pursuing STEM courses and developing mathematical and logical thinking from a young age. Initiatives like KodeGo and targeted training programs are helping democratise education and upskill workers for in-demand IT jobs. Conglomerates partner with both global technology providers and local startups.
There is also a need to change the mindset of recruiters to focus on competencies rather than just credentials. Micro-credentials and aligning curriculum with industry needs can help produce job-ready graduates. The IT and BPO industry still rely heavily on low-cost labour rather than innovation, highlighting the importance of reskilling and upskilling the existing workforce to keep up with changing job requirements. More importantly, there needs to be a market fit for the skills acquired.
As much as 20-30% of our workforce haven't completed their university degree and more of our members are employing senior high school students who have been offered the same pay. It’s about skills now, no longer about what degree did you have? Even if you studied something five years ago, it may not be relevant anymore. We really need to go on this lifelong learning journey and make it our personal responsibility to learn, unlearn, and then relearn every six months, and that's the only way that we can, you know, ensure that we are relevant and on a path of lifelong employment.
Jack Madrid, President & CEO, IT and Business Process Association of the Philippines (IBPAP)
Digital skills training can also help support economic benefits to rural areas through flexibility and affordability. While attrition is a challenge for companies investing in upskilling, targeted programs focused on specific company needs can help reduce attrition. There is a need for more companies to offer internship opportunities to bridge the skills gap.?
Fintech Frontiers: Regulations and Financial Inclusion
Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer, Rizal Commercial Banking Corporation (RCBC); Chief Digital Transformation Advisor, Yuchengco Group of Companies, shared about “Accelerating Digital Economy: Issues, Impact and Innovation”, and Joe Duronio, Strategic Partnerships Director, APAC & Japan, Snowflake shared about “Navigating the Fintech Frontier: Exploring Trends and Innovations in the Data Blizzard”
The BSP is taking a balanced approach to regulation that enables innovation while focusing on consumer protection and risk management. Digital banks have advantages like convenience, lower costs, and ability to innovate due to their new tech stack. However, trust must be built through proper security measures, education, and oversight from regulators. Cybersecurity needs to keep up with hyper innovation while not negatively impacting customer experience. Zero trust is seen as important.
Data usage, personalization, and sustainability will be major trends in the next 3 to 5 years. However, complexity is cybersecurity's biggest enemy, so reducing complexity through improved visibility and policy enforcement will be key.
The BSP has launched ASTERisC*, an advanced search engine for risk-based compliance and cybersecurity supervision. The race for banks will be to provide the best customer experience while meeting financial inclusion targets and prioritising consumer protection.
Innovation and digital transformation will continue, but the BSP will remain vigilant to ensure a balanced approach that enables responsible innovation while protecting consumers and the financial system.
Stay tuned as we look continue our discussions in the Philippines on:?
Updates from the Region: Find out more about our 2023 AIBP Conference and Exhibition?