Philippine SMEs (Small and Medium Enterprises) obtained a net positive score (NPS) of almost ninety-three and a half percent (93.3%), making them second in the region after Vietnamese SMEs recorded ninety-four percent (94%).
Based on a survey carried out by Ernst & Young Global Ltd.(EY), a UK audit firm, Philippine SMEs are optimistic about growth in 2020.
For next year, SMEs (Small and Medium Enterprises) in the Philippines are strategizing on how they will propel investments in transformative or digital technologies.
The average NPS score for Southeast Asian Nations’(ASEAN) SMEs was eighty-six percent (86%).
NPS score for Philippine SMEs favorable
The NPS score is founded on the responses availed by three hundred sixty-eight (368) prominent SMEs decision-makers from Vietnam, Thailand, Singapore, Malaysia, Indonesia, and the Philippines.
The report by Ernst & Young ascertained that the NPS score recorded by Philippine SMEs was favorable based on the resilient growth instigated by the government’s infrastructural thrust.
Additionally, household spending has also been enhanced by increasing wages and effective inflation measures.
Liew Soon, a regional managing partner of Ernst & Young, asserted that many Philippine SMEs had the objective of enhancing investments in transformative and present technologies as compared to fixed assets. This plan is to be effective for the next three years.
By 2022, nearly eighty-eight percent (88%) of Philippine SMEs responded that they had to heighten their investments in present technologies. Expressly, the current ones entail expanding and upgrading the ICT assets being utilized, for instance, network infrastructure.
Philippine SMEs urge for transformative technologies
By 2022, less than eighty-three and a half percent (83.3%) of Philippine SMEs will have invested heavily on transformative technologies, such as smart sensors, Internet of Things, blockchain, and artificial intelligence.
As compared to SMEs in ASEAN, Philippine ones have depicted their activeness and urge in technological solutions investment. SMEs in ASEAN averaged almost eighty-one percent (80.7%) versus those in the Philippines that recorded less than eighty-three and a half percent (83.3%).
Soon’s sentiments echo the commitment shown by Philippine SMEs that the attainment of a digital mindset requires more than carrying out discrete projects as continuous innovations are needed in daily operations.
The Philippines is also committed to propelling learning through digital education. One of the ideas involves NUADU, a platform that will offer teachers and students customizable learning experience.