The graduate students of the International Business and Global Strategy class held an academic talk titled “Global Business: Trends, Challenges, and Opportunities” via Zoom on November 26, 2022. The webinar was broadcast live on Facebook.
Around 188 people attended, including students from other universities, students from UST undergraduate programs, and some Graduate School faculty members.
The first speaker was UST alumnus and Department of Trade and Industry Assistant Secretary for Industry Development and Trade Policy Atty. Allan B. Gepty. After discussing International Trade: Considerations, Challenges, and Opportunities, he stressed the significance of free trade agreements where he elaborated on the benefits of the agreement, which include eliminating behind-the-border barriers that would otherwise impede the flow of goods or services; encouraging investment; and improving rules governing issues such as intellectual property, e-commerce, and government procurement.
He also brought up the Fourth Industrial Revolution and the Evolution of Business Models. Transportation, hospitality, manufacturing, and the rise of artificial intelligence are among the industries mentioned. He also emphasized the role of globalization, which he defined as the integration and democratization of the world’s culture, economy, and infrastructure through transnational investment and the rapid proliferation of communication and information technologies.
The speaker also provided a brief overview of PH International Trade Relations, including the trade deficit, the lack of bilateral FTAs, the optimal use of FTAs, the enhancement of export capabilities, better opportunities for people and businesses, and the identification of a PH niche in the international market. According to the speaker, policymakers play an important role. They are the ones who foresee future trends and develop rules that foster a business-friendly environment. Finally, he enacted game-changing legislation, including the Retail Trade Liberalization Act, the Foreign Investment Act, and the Public Services Act. He concluded the event by reminding everyone that our country is progressing by responding to digitalization and seizing PH opportunities.
Also a speaker during the event was the Philippine Chamber of Commerce and Industry (PCCI) Chairman of the Board and Vice Chairman of the Philippine Exporters Confederation of the Philippines Dr. William S. Co.
Co described PHILEXPORT’s achievements in a globalized economy following the passage of R.A. 7844, also known as the Export Development Act (EDA) of 1994. He also shared his experiences during the COVID-19 pandemic lockdown in March 2020. It served as a stark reminder of the structural flaws in national and global economies. He spoke about the country’s semiconductors and manufacturing industries, which have been the main drivers of economic growth in the Philippines, employing three million people directly and indirectly. According to Co, they began to see an increase in exports in September 2021, owing to the reopening of China’s economy, which resulted in a 43.3% increase in shipment to Beijing. He also discussed Project FIRE, or the Fourth Industrial Revolution, which was launched in June 2020. This project had several requirements, including smart cities and industries, the emerging global recession, and e-governance.
Co initiated the promotion of hybrid rice and corn modern fishery and aqua resources, as well as the export of Philippine tropical fruits around the world. The relaxation of quarantine measures in some countries, the gradual reopening of businesses, and the resumption of production all indicate that the export sector is regaining its footing.