Digitalizing PH SMBs could add P1.36 T to economy – Cisco
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.
Related news
- BPO firm shuts down office as two employees test positive for COVID-19 · 25 Aug
- Thirteen government agencies and organizations now PEZA’s investment partner · 25 Aug
- Japanese firm seeks to invest in PH BPO companies · 24 Aug
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
