IN the past decade, Asia's digital growth has been fueled by the increasing availability of affordable technology and internet access, particularly in emerging markets such as the Philippines. As a result, Asia has become a hotbed for digital innovation and entrepreneurship, with startups and tech giants alike driving the region's digital economy forward.
The Philippines today is recognized as one of the fastest-growing digital economies in Southeast Asia. With a young and tech-savvy population and government support, it is poised to continue its growth in this sector for years to come. According to DigiPinas, the Philippine digital economy is currently estimated to be about $20 billion, but has the potential to grow on an upward trajectory to as much as $150 billion in the next decade. The government is heavily invested in realizing its digital transformation goals by introducing roadmaps and policies for key sectors such as e-commerce, manufacturing, public sector along with enhanced digital governance capabilities. Growing the digital economy can enable the country to expedite short-term economic recovery, boost long-term economic resilience, and cater to the increasingly digital-savvy population. However, the country faces several barriers to expediting digital transformation initiatives, including a cautious macroeconomic outlook, gaps in access to digital tools, and digital skills shortage.
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