Former Defense Secretary Gilberto (GIBO) Teodoro, Jr. said that there is a lot of fine tuning that needs to be done in order to inject vigor and competitiveness into the country’s private sector. The private sector, Gibo Teodoro said, must establish their initiatives first and foremost based on sustainability.

Gibo Teodoro, who has key experience in various private companies and industries, said enterprises must consider Environmental, Social and Governance (ESG) standards for company operations, the criteria used by many investors. Investors are increasingly applying ESG as non-financial factors as part of their analysis to identify material risks and growth opportunities. He said that what works in terms of ESG for first world countries may not for the Philippines.

Gibo Teodoro, a 2022 senatorial candidate, stressed that we have to incentivize our private sector in order to make them competitive as against the highly subsidized and motivated private sectors in other countries.