CEOs worry about business survival

Cite need to reinvent over next 10 years

- LOUELLA DESIDERIO

More than half or 54 percent of chief executive officers (CEOs) in the Philippines are worried about the viability of their business beyond the next decade without implementing changes to their business model, according to a new survey conducted by global consulting firm PwC.

Based on PwC's 27th Annual Global CEO Survey, which covered 4,702 CEOs from 105 countries, almost all or 97 percent of CEOs in the Philippines have taken steps to change the way they create, deliver and capture value in the past five years.

Over the same period, 86 percent said they have taken at least one action that had a large or very large impact on their company's business model.

Despite actions being taken, 71 percent said the lack of workforce skills poses a challenge to reinventing the company's business model.

Lack of technological capabilities in their company (69 percent) and competing operational priorities (75 percent) were also cited as challenges.