February 29, 2024

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The Philippines to Improve Digital Economy Indicators

The Philippines’ digital economy has evolved, and digital technologies have become more accessible because of technological advancements in various industries. Even though these technological advancements have resulted in a more complex method of measuring the digital economy, there are several country-level efforts to calculate the contribution of digital activities to the Gross Domestic Product (GDP). It was noted, however, that measuring digital endeavours has been tough due to description, classification, and measurement issues.

In 2019, the Philippine Statistics Authority (PSA), through the Macroeconomic Accounts Service (MAS), collaborated with the World Bank (WB) to estimate the size of the digital economy and its contribution to economic growth in the country.

While there is no internationally agreed definition and classification for the digital economy, the PSA builds on earlier initiatives of other institutions such as the Organisation for Economic Co-operation and Development (OECD), the United States Bureau of Economic Analysis (BEA), and the Australian Bureau of Statistics (ABS), as well as the experiences and insights gained from these initiatives.

With the results of the PSA-WB Project, PSA is committed to further enhancing the methodology and exploring additional indicators to capture the digital economy’s contribution. In 2020, the World Bank published the Philippines Digital Economy Report with preliminary estimates of the digital economy’s contribution to GDP.

The preliminary digital economy estimates for 2018 to 2021 provide data on the Gross Value Added (GVA) of e-commerce, digital media/content, and digital-enabling infrastructure, which includes computer, electronic and optical products, wholesale trade, telecommunication services, professional and business services and computer and communication equipment repair.

Data for the preliminary estimates of the digital economy were gathered from a variety of sources. The major data sources for estimating the digital economy are listed below.

The Production Approach or Value-Added Approach is used to estimate the contribution of the digital economy in the Philippines. This method involves adding the GVA of all industries identified as part of the digital economy.

The list of the Philippines’ core ICT industries serves as the foundation for defining the statistical coverage of the digital economy. These industries represent the digital economy’s digital infrastructure and digital content/media components.

For more comprehensive coverage, the country’s digital transactions or electronic commerce (e-commerce) is included. Estimates for this component are based on the percentage of industries that have e-commerce transactions or non-core ICT industries that have received orders via the Internet.

The Gross Output (GO) for each industry classified as part of the digital economy is estimated. To calculate GVA, the NAP GVA ratio was applied to the GO of each industry. The total GVA for the digital economy is the sum of the GVAs of industries identified as being part of the digital economy.

Furthermore, there are eight key technologies that could change the way businesses and workers in the Philippines do their jobs. These include the mobile Internet, cloud computing, big data, artificial intelligence (AI), financial technology (FinTech), the Internet of Things (IoT) and remote sensing, advanced robotics, and additive manufacturing. By making it possible to create new business models and save time and money, these technologies could help the Philippines’ economy in a big way.

The COVID-19 pandemic is likely to have long-term effects on three parts of the Philippine economy: a) the rise of a hybrid workplace that supports digital freelancing; b) a faster shift toward digital payments; and c) severe disruptions to the business operations of MSMEs.

Technology applications can help businesses deal with the long-term economic effects of the COVID-19 pandemic and stay prepared for future “black swan” events by giving MSMEs access to global markets, giving businesses the digital tools, they need to do business electronically and making remote work easier.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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