Digital shift to generate P5-T in economic value by 2030
The Philippine economy could generate P5 trillion (US$98 billion) in annual economic value by 2030 if it maximizes the use of digital technologies, according to a report by strategic economics consultancy firm AlphaBeta commissioned by Google Philippines. This amount would be equivalent to 27% of the country’s 2020 GDP.
Of that projected amount, P3.5 trillion (US$698 billion) would come from technologies designed to help businesses recover from the economic fallout of the COVID-19 pandemic.
Google Philippines Country Director Bernadette Nacario said that local businesses and consumers “derive over P578 billion (US$11.3 billion) in annual benefits, brought about through increased revenues and millions of connections online.”
AlphaBeta founder Fraser Thompson noted that the country’s “tech-savvy” youth is an excellent starting point to push digital transformation in the Philippines.
Further, Google PH is confident that digital trade could render a P1.9 trillion (US$37 billion) opportunity for the country’s economy.
