Amid the influx of digital transactions, the Philippines’ digital economy hits an all-time high of Php2.08 trillion in 2022, an 11 percent increase relative to 2021’s Php1.87 trillion, per the initial report by the Philippine Statistics Authority (PSA).
In the same report, it states that 9.4 percent of the country’s gross domestic product (GDP)—or the accumulated value of every good and service made in a particular period—for 2022 was accounted for by the digital economy.
The digital economy, per the Statistics agency, is made up of digital transactions that encompass E-commerce, digital media/content, and digital-enabling infrastructure.
Of the entire composition, the digital-enabling infrastructure occupied the largest part of the recorded data, putting it at a staggering 77.2 percent of the valuation, or equivalent to Php1.60 trillion.
Within the digital-enabling infrastructure, the PSA said that Professional and Business services and Telecommunication services were its major contributors at 27 percent and 30.7 percent, respectively.
E-commerce provided 20 percent of the digital economy, with a value of Php416.123 billion. Digital media/content, meanwhile, contributed 2.8 percent or Php57.41 billion.
In the same year, the digital economy also saw the employment of 6.05 million people, which was an increase of 8.2 percent from 5.59 individuals in 2021.