Digitalizing small and medium businesses (SMBs) in the Philippines could add P1.17 to P1.36 trillion ($26 to $28 billion) to the economy by 2024, which is vital to the country’s post COVID-19 recovery.
This is according to the Cisco-commissioned 2020 Asia Pacific SMB Digital Maturity Study of the International Data Corporation (IDC), presented in a virtual press conference yesterday.
Digitally mature SMBs enjoy higher benefits in revenue and increased productivity, contributing to their growth and overall economic recovery. Significantly, 100 per cent of Philippine SMBs surveyed acknowledged digital transformation is critical to their business.
“The SMB sector has been among the hardest hit by the COVID-19 pandemic. [Still], the country’s SMBs showed great resilience and leveraged technology to continue to operate. Their digital transformation plays a pivotal role in their recovery and contributes to overall economic growth,” said Cisco Philippines managing director Karrie Ilagan.