December 10, 2023

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Technology Adoption Spurs Philippine Economy Recovery

The rapid adoption of digital technologies can help support the Philippines in tackling the impact of the Covid-19 pandemic, recovering from the crisis, and realising its vision of becoming a middle-class, poverty-free society. A recent report from one of the Philippines’ banks on the rapid adoption of technology in both production and other economic activities. Despite the lockdowns in August and September of last year, the domestic economy expanded by 7.1% in the third quarter, according to the bank.

“Adjustments from both consumers and businesses have mitigated the economic impact of the pandemic. The increasing adoption of technology in production and other economic activities has contributed to the recovery,” it says.

Gross domestic product (GDP) growth in the third quarter of this year was slower than the previously revised 12%. Despite the most stringent movement restrictions, the enhanced community quarantine (ECQ) from August 6 to 20 and the altered ECQ until September 7, GDP exceeded expectations. To date, GDP has averaged 4.9%, which is close to the upper end of the government’s 4% to 5% growth forecast for the year.

According to the report, the domestic economy’s output is as of now at 94% of its pre-pandemic level. Added that the Philippines’ economy is on its way to full recovery by 2H (second half) 2022, Authorities attributed the third-quarter 2021 growth of the economy to a 7.1% increase in household consumption.

The report also indicated that the expansion of e-commerce was a factor in the increase in household consumption. Food, housing, and utilities will account for 52% of total consumer spending in 2021, up from 45.5% in 2019.

The bank forecasts 5.1% growth for the year, with a 7.3% growth forecast for 2022. Finally, it emphasised that the previous 11 months’ experience demonstrated that it is possible to achieve economic growth amid the pandemic, as the economy will likely adjust.

Although another surge in Covid-19 cases is possible in the coming year, the economic impact is likely to be less severe due to the availability of vaccines and treatments. Moreover, the report demonstrates that technology has advanced significantly, thereby greatly contributing to the recovery.

In addition, Trade Secretary Ramon Lopez stated that the country can become the next technological leader in Southeast Asia as Filipinos adapt to digital technology during the pandemic. The Department of Trade and Industry (DTI) agrees with the Digital Pilipinas Movement that the Philippines has the potential to be a technological leader in Southeast Asia in the future.

OpenGov Asia reported the Philippines’ economic recovery from COVID-19 can be accelerated by tech-ing up its industry with emerging technologies that can propel the country to the next level on the world stage. Widespread digital adoption of advances like open finance, cybersecurity, and “new money” might revolutionise and enhance businesses while also increasing their international competitiveness. In an upcoming virtual fintech conference, tech experts, government authorities, and business leaders will lay out a road map to full nationwide digitalisation, changing areas such as finance, property, insurance, and e-sports, among others.

The Monetary Authority of Singapore (MAS), one of the Philippines central banks, a Marketing consultant in Makati, Philippines, Inc. and Digital Pilipinas, the national movement that uses technology to solve age-old challenges that slow progress, are co-organising the global version of the Singapore Fintech Festival, one of the top global tech events. The Philippines has been invited to participate in the fintech forum for the second year in a row, joining Australia, Brazil, Cambodia, Denmark, Hungary, India, Japan, Kenya, Nigeria, and the United States as host countries.

“Now on our second consecutive year, the Philippines’ participation in the fintech forum can help steer our national progress more quickly into a newer, more technologically advanced direction,” says Digital Pilipinas Convenor and Co-founder.


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