February 22, 2024

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The Philippines to Leverage Digital Technologies for Economic Recovery

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 a marketing consultant in Makati, Philippines.

Despite, or perhaps because of, the pandemic’s challenges, the Philippines government, the business community, and people have demonstrated their ability to adapt to technological change. E-commerce, cryptocurrencies, cybersecurity, and other types of technology are on the rise and becoming increasingly incorporated into society. The forum, which will be hosted in conjunction with Digital Pilipinas, is expected to showcase innovations and the next essential steps that firms must take not only to excel but also to establish themselves as a regional tech and economic centre.

According to a report released by the World Bank and the National Economic and Development Authority (NEDA), rapid adoption of digital technologies can help the Philippines overcome the impact of the Covid-19 pandemic, recover from the crisis, and achieve its vision of becoming a middle-class society free of poverty.

The use of digital technologies such as digital payments, e-commerce, telemedicine, and online education is on the rise in the Philippines, according to the report, and has aided individuals, businesses, and the government in coping with social distancing measures, ensuring business continuity, and delivering public services during the pandemic.

According to NEDA Undersecretary Rosemarie G. Edillon, the pandemic has created significant disruptions in the domestic economy due to community restrictions that have limited people’s travel and reduced commercial operations across the country. As individuals have become accustomed to the new normal, the use of digital technology and digital transformation has become critical for Filipinos in coping with the current crisis, regaining economic stability, and returning to our long-term goals.

Supporting the digital economy will need to foster innovation and enhance the business environment in the country. As per the report, recent government initiatives to accelerate the implementation of mobile network infrastructure through a common tower policy are steps in the right direction.

OpenGov Asia reported, the launch of the e-Commerce Philippines 2022 Roadmap will propel the country to become a technological leader in the region. The roadmap envisions 1 million e-commerce businesses by 2022, up from half a million last year. It also intends to train a digitally literate workforce to support the expanding e-commerce industry.

The new project will obtain propositions from local start-ups for innovative government technology solutions. The government remains committed to taking the lead in enabling the country’s various stakeholders to ensure that our people reap the benefits of e-commerce, including the jobs and employment it creates. But we are also confident that, with everyone working together, our country will be able to ride the wave of technology into the future and become one of the region’s technology leaders,” he concluded.


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