Digital trade in Philippines expected to reach PHP1.9tr by 2030
The Philippines’ digital trade value is predicted to reach PHP1.9tr (USD36.4bn) by 2030, according to a report from Hinrich Foundation. The report showed that the country’s digital trade was worth PHP160bn in 2017, equivalent to 1.8% of GDP, and is seen to hit PHP1.9tr by 2030 provided the country takes full advantage of the opportunities offered by digital trade and digital technologies. Digital trade includes the production, distribution, marketing, sale, or delivery of digitally enabled products and services, and cross-border data flows. Digitally enabled products and services include services using digital technologies such as information technology-business process outsourcing (IT-BPO), and export of data processing and online software consultancy services, among others. The report also revealed that the country’s digital exports are expected to rise by 218% to hit PHP594bn by 2030 if the country takes advantage of available opportunities. The IT-BPO sector is the primary driver of Philippine digital exports, the report added.