Google PH: Digital transformation crucial in post COVID-19 recovery, could unlock ₱5 trillion in economic value

Digital transformation is considered to be among crucial factors to economic recovery post COVID-19 pandemic.

10/20/2021 1:16:00 PM

Digital transformation is considered to be among crucial factors to economic recovery post COVID-19 pandemic.

Digital transformation is considered to be among crucial factors to economic recovery post COVID-19 pandemic.

Of this value, ₱3.5 trillion could come from technologies used to help businesses in mitigating the impacts of the pandemic.Singapore-based economists at AlphaBeta identified key technologies such as artificial intelligence, Internet of Things (IoT), mobile internet, cloud computing; big data; financial technology; advanced robotics; and additive manufacturing.

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“The COVID-19 pandemic is likely to have long-term implications in three aspects of the Philippine economy, namely: the emergence of a hybrid workplace that supports digital freelancing; accelerating the shift towards digital payments, and severe disruptions to the business operations of small enterprises," Google Philippines Country Director Bernadette Nacario said in a virtual briefing on Tuesday.

"By providing businesses access to global markets, equipping businesses with digital capabilities to conduct electronic transactions, and facilitating remote work, technology can help businesses manage the long-term economic implications of the COVID-19 pandemic and while staying resilient against future similar events,” she added.

The report also found out that the Philippines is well placed to benefit from digital transformation.The country’s potentials include a young and digitally savvy population, fast-growing internet economy and several national policies advancing digital adoption.

Barriers in digital transformationThe country, however, faces challenges and barriers in fully realizing digital transformation.In 2020, over 50% of micro, small and medium enterprises did not have any web presence which means that there is low percentage of digital adoption in MSMEs.

There is also lack of awareness on digitization programs. The report said that only 26% of micro, small and medium enterprises (MSMEs) were aware of digitalization programs offered.Only 32% of households in Metro Manila and 5% of households in rural regions have access to internet, indicating a gap in terms of internet access.

The country also lags behind neighboring countries on equipping skills of the digital workforce. The trade costs in the Philippines are also higher compared to other ASEAN member states.  Read more: CNN Philippines »

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