GO Negosyo founder Jose Maria “Joey” Concepcion 3rd believes that in order to attract more business interest, the concept and image of agriculture need to change. Speaking at The Manila Times Forum “Microenterprise 2024, Growing MSMEs, nurturing prosperity,” Concepcion emphasized the importance of inspiring the new generation to take up agriculture.
Concepcion pointed out the stark contrast between digital entrepreneurs and farmers, stating, “If you look up the digital entrepreneurs and then compare them with the farmers, who would want to drive farm equipment when you can drive expensive cars? We really have to change that mindset.”
Highlighting the success stories of passionate agriculture entrepreneurs, Concepcion stressed the need for aspiring farmers to see more of these role models. To address this, Go Negosyo partnered with the Department of Education (DepEd) and Vice President Sara Duterte to set up gardens in schools. This initiative aims to spark interest in agriculture among learners.
According to several micro, small, and medium enterprises (MSME) stakeholders, agriculture, along with financial technology (fintech) and digitalization, will become popular among businesses by 2024. PLDT Enterprise SMBIZ Customer Relationship Management Head Euan Rex Toralballa revealed that big businesses are increasingly exploring investment opportunities in the agriculture sector.
Toralballa emphasized the importance of the sector’s ability to grow its own products and reduce dependence on imports. He stated, “And since this cannot be done by the agriculture sector themselves, it is up to the private sector to do a multifaceted approach, and this is what they have been doing currently as well as continue the push for digitalization.”
Advancements in technology have the potential to accelerate the transformation of various sectors, including agriculture. Toralballa explained, “Now that technology is at the forefront of everything, we believe that it can accelerate the transformation of various sectors (including the agriculture sector) to ten, maybe twenty times versus the way we predicted it five years ago.”
He highlighted the role of technology in enhancing productivity, particularly through the use of artificial intelligence (AI) and the untapped potential of the Internet of Things (IoT) market. However, Toralballa acknowledged that despite technological advancements, challenges remain, making people think twice before entering the agriculture industry.
One of the main challenges is scaling in agriculture. Toralballa acknowledged the difficulties faced by Filipino farmers and those in the agriculture business, stating, “The trick with agriculture is to scale, and I think that is a very hard part that the Filipino farmers and those in the agriculture business face until now.”
He also mentioned the limitations imposed by government regulations, such as land ownership. However, Toralballa emphasized that digitalization plays a crucial role in overcoming these challenges. It enables farmers to make quick decisions regarding marketing and selling their products, thus becoming a game-changer for the sector.
The future of agriculture in business lies in changing perceptions and leveraging technology to overcome challenges. By inspiring the new generation, promoting digitalization, and addressing scaling issues, the agriculture sector can attract more business interest and foster sustainable growth.
