House Committee on Information and Communications Technology (ICT) chairperson and Navotas Rep. Toby Tiangco attributed the stronger online purchasing power of Filipinos to the strategic reforms of the Marcos administration aimed at expanding the country’s digital economy.
In a statement published by his office Sunday, Tiangco said the Philippines is “now reaping the benefits of this renewed focus on ICT development and digital transformation,” which is among the key pillars of the national government under President Ferdinand Marcos Jr.
Tiangco cited the recent e-Conomy SEA (Southeast Asia) report by Google, Temasek, and Bain & Company, showing that the Philippines’ internet economy grew the highest among six economies in the region.
“By improving connectivity, expanding access to internet, cybersecurity, and streamlining digital technology, the administration has laid the groundwork for digital economies to prosper,” the Navotas lawmaker said.
“Likewise, the effective management of inflation, stronger relations with the public-private sector collaboration, and declining unemployment have been pivotal in boosting demand for digital services,” Tiangco added.
Similarly, data from the Bangko Sentral ng Pilipinas (BSP) showed the share of digital payments to total retail payment transactions in the country had grown to 52.8 percent in 2023, up from 42.1 percent in 2022, according to the seasoned politician.
“I am confident that these positive trends will continue as the country fully embraces the digital revolution. More importantly, targeted government initiatives will further empower digital economies as drivers of growth,” Tiangco said.
“We would also like to thank the private sector for their trust and collaboration in the government’s mission to position the Philippines as a major player in the global digital economy,” he added.
Tiangco, however, urged the Department of Information and Communications Technology and the National Telecommunications Commission to strengthen efforts against cybercrime.
He earlier expressed concern over the increase in sophisticated text fraud and warned the public to stay vigilant against scams disguised as legitimate e-wallet advisories.
