By Dean Aubrey Caratiquet
According to a recent report by Google, Temasek, and Bain & Co., the Philippines showed a 20% growth of the overall digital economy based on Gross Merchandise Value, surging from USD 26 billion to USD 31 billion in 2024.
This helped the country to reclaim the title as the “fastest growing internet economy in Southeast Asia,” further bolstering the country’s trajectory toward becoming a major player in the global digital economy.
“The results of the 2024 Google, Temasek, and Bain & Co. Study reaffirms the effectiveness of the administration’s digital economy strategies. The country’s whole-of-government approach fosters economic growth, drives innovation, and ultimately improves the lives of all Filipinos,” said Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque.
“This collective effort includes the DTI’s digitalization of micro, small, and medium enterprises; the DICT’s (Department of Information and Communications Technology) acceleration of digital infrastructure; the BSP’s (Bangko Sentral ng Pilipinas) promotion of digital payments; the DOF’s (Department of Finance) adoption of a digital taxation and customs policy, and the Congress’ passage of relevant laws,” the trade chief further explained.
The Google report also validates the findings from the UNCTAD (United Nations Trade and Development) Digital Economy Report 2024, which identifies the Philippines as one of the leaders in e-commerce sales growth among 43 economies. That study reveals a clear upward trajectory in the country’s online business transactions between 2016 and 2022.
Roque emphasized that further action is still needed to sustain the country’s growth in the internet economy. These priorities comprise the development of an Online Business Database, an Online Dispute Resolution System, an Online Consumer Complaints mechanism across the whole of government, and an E-commerce Trustmark.
The trade chief also stressed the importance of the private sector in stimulating the growth of e-commerce in the Philippines, as well as establishing trust between online consumers and businesses.
She sees the country’s digital transformation as crucial for boosting our global competitiveness and attracting foreign investment.
“The Philippines is strategically positioned to maximize its demographic advantages and technological capabilities and become a dominant force in the global digital economy,” Sec. Roque remarked.
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