CONFIDENCE is fragile among Philippines-based chief executive officers (CEOs), as megatrends, including technological disruption and climate transition, converge. More than half of Philippines-based CEOs (54 percent) note that their businesses will not be viable beyond the next decade without reinvention.

Nearly all or 97 percent of these Philippines-based CEOs note they have taken steps to change how they create, deliver and capture value in the past 5 years. Over that timeframe, 86 percent have taken at least one action that had a large or very large impact on their company's business model.

These are according to the Philippines' report of PricewaterhouseCoopers International Ltd. (PwC)'s 27th Annual Global CEO Survey. The Philippines is among the 105 countries and territories included in this latest survey, which has gathered the insights of a total of 4,702 CEOs.

While CEOs are taking action, they are faced with a number of challenges. Data shows that 71 percent cite the lack of workforce skills as inhibiting their ability to reinvent their business model to at least a moderate extent, 69 percent point to a lack of technological capabilities in their company, and 75 percent point to competing operational priorities.

As the pressure to adapt rises, more CEOs will prioritize big moves to support business model reinvention. Although this is necessary, it's rarely sufficient. PwC research finds that top companies focus not only on their business model but also on the operating and technology models that enable it.