Beyond the pandemic: Local businesses must go digital to thrive

The post-pandemic digital age is accelerating faster than ever, and it is reshaping how businesses operate and adapt. But as technology advances, businesses that fail to evolve risk becoming outdated more quickly than before.

- GABRIELL CHRISTEL GALANG

Spain's IE University has studied the rising career trends, such as entrepreneurship and technology-driven occupations, and how emerging professionals step into their early careers.

IE University, which actively partners with Philippine academic institutions such as Ateneo de Manila University, De La Salle Santiago Zobel, and Saint Pedro Poveda College, shared insights on how today's youth approach career choices, many of which are increasingly rooted in technology.

Santiago Iñiguez, president of IE University, explained that most of its recent graduates are building their own businesses from the ground up, as he told Manila Bulletin, "One of the most notable trends is the increasing number of graduates who choose to launch their own ventures... These ventures often emerge in high-impact sectors such as fintech, sustainability, digital services, and health innovation—demonstrating how our graduates are shaping the future of business."

In the Philippines, about 1.2 million micro, small, and medium enterprises (MSMEs) were recorded in 2023, according to the Philippine MSME Statistics. These small businesses made up 99.63 percent of the total businesses in the country, while only 0.37 percent are considered large enterprises.

Subsequently, these MSMEs brought in six million jobs in 2023, with micro enterprises bringing in the largest share of employment.

However, these MSMEs encounter several challenges, namely regulations, financing, operations, technological gaps, and market access. According to the Department of Trade and Industry's (DTI) MSME Development Plan 2023-2028, lack of financial knowledge and limited training opportunities affect these entrepreneurs' goals.