It's time for our business groups to rise, meet new challenges

The barebones truth is that global confusion has continued to grip us since the end of the pandemic.

- #MINDANAO JOHN TRIA

This new reality requires entrepreneurs to see an economy that bears new threats and opportunities beyond their borders and current capabilities to pursue other markets. This means that local business groups must lead their members in understanding and taking advantage of the opportunities these new realities present.

With this, there is a need to examine various trade agreements that aim to foster higher volumes of trade, and how local businesses can benefit from the provisions arising there from.

The first is our neighboring Southeast Asian countries. ASEAN economic integration will proceed whether we like it or not. Our neighbors Malaysia and Indonesia and Thailand which we were in the same league as ASEANs top economies decades ago take advantage of the lower tariffs. Their businesses are scouring opportunities beyond their borders, as evidenced by many trade missions from their countries seeking local distributors for their products. We now see many of their products on our store shelves. We will need to do the same if we are to remain a competitive ASEAN economy.