Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Reboot button: Health and hygiene measures complement digitalisation efforts in a bid to prepare for tourism’s new normal

  The global tourism industry has been hit hard by the Covid-19 pandemic, as border closures and travel restrictions prevented tourists from venturing overseas. In emerging markets such as the Philippines the slump in international tourism took a heavy toll on local communities that depend on the industry for their livelihoods, as well as starved these countries of a vital source of foreign exchange. Tourism generated P4.7trn ($93.5bn) for the Philippine economy in 2019 and supported nearly a quarter of all jobs in the country,

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Balanced building: The government’s infrastructure programme is pressing ahead to create jobs and fuel the economic recovery

  As the Philippines’ response to the Covid-19 pandemic began to take shape in the first half of 2020, it soon became clear that transport and infrastructure spending would be protected as a key driver of economic continuity and recovery. In an April outline of the socio-economic response, Carlos Dominguez, the secretary of finance, stated that the government would press on with its Build, Build, Build (BBB) infrastructure programme to generate economic activity and create employment. As early as May the Department of Transportation (DOTr)

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George Richani-CEO-Al Ahli Bank of Kuwait

Changing dynamics: Will the pandemic result in a lasting shift in global supply chains for essential pharmaceutical and agricultural goods?

  As globalisation has increased, the world’s supply chains have become substantially more interconnected, and goods often have more stages to pass through before reaching the end consumer. From national lockdowns to closed airspace and land borders, Covid-19 resulted in unprecedented disruption to the mechanics of most economies, regardless of their size or stage of development. In particular, these barriers placed a major strain on international supply chains, including essential linkages relating to food and medicines. Pharmaceuticals While commercial airlines temporarily repurposed their civilian aircraft

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Confidence build: An ambitious infrastructure agenda offers opportunities for local materials manufacturing and broader economic rebound

  Faced with recession and uncertainty over the length of the pandemic, President Rodrigo Duterte’s administration is hoping that landmark projects under the P8trn-9trn ($159.1bn-179bn) Build, Build, Build (BBB) infrastructure plan can kick-start economic recovery. Supply & Demand The initial phase of the pandemic proved disruptive to global supply chains, leading to fears that the construction industry would be unable to source the building materials or commodity inputs from overseas necessary to carry out projects. In March 2020 imports fell by 26.2% year-on-year (y-o-y) to

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

The office space race: Co-working spaces emerge as a solution for firms and employees

  With the pandemic inducing a significant shift towards working from home as companies follow social-distancing rules, in the Philippines co-working spaces are emerging as a solution for firms seeking to decentralise while ensuring a sound operating environment for employees. In a sign of the economic fallout from Covid-19, in late September 2020 the Department of Trade and Industry said that around 90,000 businesses – or 6% of all those registered – remained closed. However, adaptation has been key to ensuring business continuity for those that have stayed open or reopened. Remote Workforce A report from advisory firm Willis Towers Watson found that during March

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Pham Hong Hai-CEO-HSBC Vietnam

Diversified growth: South-east Asia’s super apps adapt to evolving consumer needs in light of the Covid-19 pandemic

  After years of exponential growth, South-east Asia’s super apps were forced to reassess their business models due to measures to contain Covid-19, with many refocusing their priorities as they plan for the post-pandemic world. In recent years super apps – online or mobile platforms that combine multiple services into one portal – have sought to expand their offerings. While many started with one core business such as online messaging, ride-hailing or digital payments, they have since expanded into increasingly diverse services. Big Names The

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Express lane: Traditional retailers shift online as e-commerce services expand in a socially distanced world

  In an effort to promote social distancing and restrict the movement of people during the Covid-19 pandemic, retailers selling hardware, clothing and electronics were mandated to close during the Philippines’ strictest lockdown phase. However, grocery and convenience stores, as well as delivery services, were deemed essential businesses and permitted to continue operations. This opened the door for e-commerce players to widen their market penetration and encouraged traditional retailers to expand into the online space. The shift was immediate. Prior to the pandemic, e-commerce accounted

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Prasanta Das Sarma-Managing Director-Airtel Kenya

Healthy prospects: Emerging business process outsourcing segments are positioned to offset a fall in demand for more established services

  Business process outsourcing (BPO) was disrupted by fluctuations in demand and restrictions on the mobility of workers during the early part of the Covid-19 pandemic, but there are signs that new engines of growth are emerging that could bode well for the longer-term development of the sector. BPO is frequently described as one of the two pillars of the Philippine economy, alongside remittances. As BPO revolves around international companies delegating operations to the local workforce, it has long been regarded as a vital source

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Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Work the plan: Universal care goes into effect as the authorities focus on mitigating the impact of the pandemic

  The Universal Health Care (UHC) Bill was signed into law by President Rodrigo Duterte in February 2019, with the implementing rules and regulations approved in October by Francisco Duque III, the secretary of health. This set the stage for 2020 to be the Philippines’ first year of UHC. Although many stakeholders knew that the system would need time to mature, the unexpected arrival of the Covid-19 pandemic in the first quarter of the year drastically shifted health and economic priorities. Funding In mid-2019 the

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Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Paying it back: Increased levels of tax compliance to support efforts to alleviate the economic impact of the pandemic

  The government implemented various programmes to help alleviate the economic impact of the Covid-19 pandemic. To sustain these measures, the Department of Finance issued Revenue Regulation (RR) No. 21-2020 in September 2020, which outlines the guidelines for the implementation of the Voluntary Assessment and Payment Programme (VAPP) for the 2018 taxable year. Compliance To limit contact with taxpayers in light of social-distancing measures, the Bureau of Internal Revenue (BIR) aims to reduce the number of audits by encouraging tax compliance through the VAPP. The

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