First Balfour reaffirms its commitment to innovation in its recent ‘FutureScape 2024’ sessionFirst Balfour leaders and banking and technology industry experts gathered for “FutureScape 2024: Economic Foresight, Analytics and AI for the Sustainable Future,” a session aimed at discussing valuable economic insights and data analytics in support of the company’s growth plans and digital transformation initiatives.

In his opening speech, First Balfour head of strategic business planning Vicente de Lima II highlighted that with the company’s anticipated growth trajectory, “business as usual and incremental change won’t allow us to sustain the next big leap.” This sentiment underscores the imperative for leaders to practice disciplined execution and align efforts closely with the company’s growth plans.

Alvin Arogo, first vice president and head of the research division and economist at Philippine National Bank (PNB), discussed the “Big 4” indicators and their impact on the Philippine economy.

Easing cycle

The research conducted by PNB experts in 2024 highlights that while government spending indeed boosts GDP, it also leads to rising inflation and a weakening USD-PhP exchange rate. However, the economy is expected to enter an easing cycle. Notably, the research found that private construction has yet to fully recover, presenting opportunities for more projects, particularly as the government aims to reduce spending and strengthen capital formation. In line with First Balfour’s mission, sustainable projects will be crucial in driving economic investment and align closely with the company’s strategic interests.

Michelle Alarcon, president and cofounder of the Analytics and Artificial Intelligence Association of the Philippines and president and founder of Z-Lift Solutions, spoke on the evolving landscape of analytics and AI. She covered key concepts and the latest trends and developments in the field, emphasizing that today’s environment is a race to insight.

“Now, you have new skill sets, systems and technologies for storing data. Imagine the same companies in the same industry capturing the same data sets. Who gets to the insight first?” Alarcon pointed out.

She underscored that leveraging AI to quickly uncover trends and make data driven decisions is crucial for maintaining a competitive edge.

Digital transformation

Building on the insights shared by the guest speakers, First Balfour chief operating officer Anthony Fernandez officially launched the company’s digital transformation project. He highlighted the strategic alignment between technological investment and First Balfour’s historical growth trajectory, emphasizing the critical role of leveraging the company’s tech expertise to drive financial advancement.

The digital transformation project is currently led by the steering committee composed of Rey Villar, EVP and managing director for construction operations; Malcolm Lorimer, EVP and managing director for commercial operations; Jonathan Tansengco, SVP, CFO and head of strategic investments; and Carlos Pedro Salonga, SVP and head of human resources. Limuel Banaag, innovation section head, encouraged everyone’s active participation in this initiative.

The event concluded with a closing address from Salonga, who emphasized the transformative power of technology, analytics and AI in shaping both the future of business and everyday life. He reaffirmed the company’s commitment to innovation and uplifting the quality of life of the Filipino, leaving participants with a sense of excitement and optimism for First Balfour’s promising future in 2025 and beyond.

(Story/Photos by:Happy Angel Samson)