An economic report on Southeast Asia said that the Philippine digital economy is projected to reach USD20 billion (around Php1.1 trillion) before the year 2022 ends.
As per the annual e-Conomy SEA report, the Philippines’ digital economy experienced a 22 percent growth over the past year.
It also forecasts that the digital economy in the country will reach USD35 billion in 2025 with an annual growth rate of 20 percent. The report also expects the industry may hit USD100 billion to USD150 billion by 2030.
Particular sectors in the Philippines are also projected to experience significant growth in 2022. The study says that the transport and food delivery sector may reach USD1.9 billion, travel for USB 1 billion, digital financial services at USD6 billion, and online media at USD 3.1 billion.
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The report also hailed the Philippines as the “second fastest growing digital economy” in Southeast Asia, following Vietnam.
This should make the country a “hot investment hub across sectors including digital financial services.”
The report said that the country has the “fastest growing digital investments sector” this 2022 in SEA with a 63 percent growth rate from the past year.
They added that 73 percent of the investors are expected to have increased deal activity in the country’s local digital economy from 2025 to 2030.
It is said that investors are particularly interested in digital financial services as 56 percent of them made investments in the said sector in 2022, raising about USD450 million just in the first half of 2022.
The yearly e-Conomy SEA report studied the digital economies of Southeast Asian countries: Vietnam, the Philippines, Singapore, Thailand, Malaysia, and Indonesia.
Via: ABS-CBN News