Accelerating a digitalized Philippine economy MBOpinions READ:
Digitalization is fast becoming a keystone of economic growth in the modern world. And the Philippines today is among the leading countries in the region that is riding the crest of this transformation and taking advantage of the opportunities brought by the shift to a digital economy. It is driving digital adoption and creating a lot of opportunities unseen before.
Another study conducted by ACCESS Partnership highlights that, if fully leveraged by 2030, the country’s digitalization could create up to $101.3 billion in economic value equivalent to about 27 percent of the country’s GDP in 2020. To fully capture this, the study prescribes three areas of action: enhancing digital skills training, accelerating digital adoption and innovation, and promoting digital trade.
As experienced in other countries, policymakers and regulators are finding it challenging to navigate the intricacies of new digital business models that are now fast-changing the lifestyles of citizens and disrupting traditional institutions. Examples would be the shift from just providing services to creating customer experiences, the rise of industry ecosystems, and digital platforms. The digital economy requires focused attention, tailored strategies, and policymaking efforts.
The use of data analytics is essential for businesses and governments to make informed business and policy decisions leading to more effective policies and regulations. Developing a supportive regulatory environment including well-crafted laws that promote innovation and the protection of intellectual assets, and privacy would encourage the use of digital technologies.
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