The Philippines emerged as Southeast Asia’s fastest-growing internet economy, according to the 9th edition of the Google e-Conomy SEA Report by Google, Temasek and Bain & Company.
The report highlighted a 20-percent growth in the Philippines’ digital economy, with gross merchandise value (GMV) increasing from $26 billion to $31 billion in 2024, underscoring the nation’s digital transformation and position in the global digital economy.
The study attributed the growth to strong domestic consumption, a robust services sector and increased remittances from overseas workers.
Stabilizing inflation and falling unemployment rates boosted private consumption and demand for digital services.
Department of Trade and Industry Secretary Ma. Cristina Roque attributed the Philippines’ good standing in the report to the success of the Marcos administration’s digital reforms.
“The results of the 2024 Google, Temasek and Bain & Co. Study reaffirms the effectiveness of the administration’s digital economy strategies. The country’s whole-of-government approach fosters economic growth, drives innovation, and ultimately improves the lives of all Filipinos,” Roque said.
Meanwhile, the Philippine Statistics Authority (PSA) revised upward the second-quarter gross domestic product (GDP) growth of the Philippines to 6.4 percent from 6.3 percent.
The PSA said in a statement the major contributors to the upward revision were manufacturing which grew by 3.9 percent, and accommodation and food service activities which went up 12.1 percent.
The PSA said real estate and ownership of dwellings, which rose 7.6 percent, also contributed to the upward revision.
Upward revisions were also observed in the second quarter annual growth rates of the gross national income from 7.9 percent to 8.1 percent and the net primary income from the rest of the world from 24.7 percent to 25.7 percent.
