#FinancePH - DigiPinas Group calls on gov’t to accelerate digital transformation efforts

The government needs to speed up its digital transformation programs if it wants to fully realize the potential of the so-called e-conomy, since it is predicted that the Philippine digital economy could grow to as much as $150 billion, or roughly P8.3 trillion at the current peso-dollar exchange rates.

While the government is moving in the right direction toward a new digital world, according to Digital Transformation ng Pilipinas (DigiPinas), a multisectoral initiative for digital transformation in the government led by UBX, the Philippines has not yet fully realized the potential of its digital economy.

“The national government is definitely on the right track towards achieving a new digital world where everyone is included. But while the Internet is considered the greatest equalizer, the national and local governments play an important role in driving digital services that fully cater to their constituents on a more intimate scale,” said DigiPinas Spokesperson Mikan Leachon.

The Philippine digital economy is presently valued at $20 billion, according to a 2022 assessment on Southeast Asia's e-conomy through 2030 done by Google and Temasek. It is anticipated to increase steadily over the coming ten years, reaching as much as $150 billion.

The majority of the values derived from the e-conomy are found in digital shopping, online travel, online media, digital payments, and online transportation and food deliveries. The study finds that more and more Filipinos are embracing the digital trend.

With the epidemic standardizing internet transactions, the reopening of Southeast Asian economies had a tremendous impact on consumers and the digital economy. Despite the restoration of offline economic activity, Google and Temasek data indicate that digital transactions are continuing on their upward trajectory.

Given this, the Philippine government must quickly address the demand for digital government solutions to complement this uptrend. 

“The Philippines is going through a digital revolution and the government has to step up its game to enable this to succeed. The current administration’s desire to pursue digital transformation is a welcome development, we just have to turn this idea into a reality. DigiPinas is able and willing to support the government in this initiative,” Leachon said. 

In order to address long-standing issues such poor digital adoption, lack of knowledge, access barriers, a shortage of digital skills, and complex laws, DigiPinas advocates for the enforcement of legislation relating to digital transformation.

Each government partner will be given digital tools and solutions to help them deliver services to their constituents more quickly.

This project is being led by UBX, the top open finance platform in the Philippines, which is supplying the national and local governments, particularly those in remote and rural towns, with its knowledge of digital financial solutions.

“We are eager to partner with various government agencies – both national and local governments – and equip them with the right solutions for digital transformation,” Leachon said. 

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