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Saturday, April 20, 2024

Big technology firms set eyes on PH expansion

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Real estate and property expert Santos Knight Frank said it expects hyperscalers or big technology companies to look at the Philippines as their next destination.

The real estate advisor said tech giants such as Amazon AWS, Microsoft and Alibaba have their eyes on the Philippines which is expanding its hyperscaler market.

“As we expand the amount of activities that require us to store and process data, as we continue to move more functions to the internet and to the cloud from business to our personal lives, there will be a continuing demand for data center space and investment,” said SKF data centers lead Monica Gonzales during the “Rise of Data Centers” forum organized by the European Chamber of Commerce of the Philippines, SKF and Quisumbing Torres.

She said given the country’s average of 76 million users logging in 10 hours of internet usage daily, big firms would likely capitalize on that, coupled with its investment-friendly climate, strong IT and engineering talent pool.

“Moreover, current statistics show that the Philippine digital economy was worth P1.87 trillion in 2021 and contributed 9.6 percent to the country’s economy,” said Gonzales.

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