The Philippine business scene in Q3 2021 has been abuzz with activity. Despite the challenges posed by the global pandemic, the country’s businesses have continued to adapt, evolve and innovate. In this article, we delve into some of the most significant developments and trends in the Philippine business landscape in Q3 2021.
Digital transformation continues to be a top priority for companies across industries. The pandemic has accelerated the need for organizations to build robust digital capabilities, and Q3 2021 saw several businesses take decisive steps in this direction. A significant example of this is Ayala Corporation’s partnership with Amazon Web Services (AWS) to establish a Philippine-based data center. This move is seen as a strategic one that will enable Ayala Corporation to provide cutting-edge cloud services to businesses in the Philippines.
Another notable development in Q3 2021 was the IPO of Del Monte Philippines. The food company listed its shares on the Philippine Stock Exchange, making it the first IPO in the country since the beginning of the pandemic. The listing was a resounding success, with investors showing keen interest in the company’s future growth potential. With the successful IPO, Del Monte Philippines has laid a strong foundation for its future expansion plans.
The Q3 2021 period also saw significant advances in sustainable business practices. Globe Telecom, a leading provider of telecommunications services, launched an initiative called ‘Project 1 Phone’ that seeks to reduce electronic waste. The program encourages people to dispose of their old phones and gadgets in an environmentally responsible manner. Globe Telecom plans to collect and recycle half a million phones by the end of 2021, thereby reducing e-waste in the country significantly.
In the retail sector, Q3 2021 was marked by several major announcements. International retail giant IKEA announced its plans to open its first Philippine store in 2022. This is seen as a vote of confidence in the Philippine retail market, which has been growing steadily in recent years. Meanwhile, SM Investments Corporation, one of the largest conglomerates in the Philippines, revealed that its consolidated revenues grew by 20% in Q3 2021, driven by a strong performance in its retail and property segments.
In conclusion, Q3 2021 was a period of significant developments in the Philippine business landscape. From digital transformation initiatives to sustainability and retail sector advances, businesses in the country continue to demonstrate their resilience and adaptability. While the pandemic continues to pose challenges, businesses in the Philippines are taking proactive steps to build a brighter future for themselves and the country as a whole.
