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.

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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