swerte gaming PH’s internet economy post fastest growth among SEA — report

Digital e-conomy

The Philippines’ internet economy grew the highest in six southeast Asian economies, growing by a fifth in 2024, as it led by a huge margin in the e-commerce sector.

The latest e-Conomy SEA report by Google, Temasek, and Bain & Company reported that the Philippines’ overall digital economy, measured in terms of gross merchandise value, managed to grow to $31 billion from $26 billion in 2023.

Article continues after this advertisement

“The Philippines is poised for continued strong growth, underpinned by robust domestic consumption, a revitalized services sector, and increased remittance form overseas workers,” a portion of the report read.

FEATURED STORIES BUSINESS Weak peso might delay BSP easing BUSINESS PH, Saudi Arabia see power tie-up materializing in three months BUSINESS PH leads Asean in vehicle production growth in September

“Stabilizing inflation and declining unemployment rates will further stimulate private consumption, driving increased demand for digital services,” it added.

READ: E-commerce, semiconductors growth continue to boost logistics demands

Article continues after this advertisement

In a statement on Wednesday, the Department of Trade and Industry (DTI) welcomed the findings in the report, attributing this “success” to the President Ferdinand Marcos Jr. administration’s strategic reforms aimed at expanding the country’s digital economy.

Article continues after this advertisement

“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,” Trade Secretary Cristina Roque said.

Article continues after this advertisement

The report also showed that the sales made by the Philippines’ e-commerce sector grew by 23 percent to $21 billion from $17 billion during the month.

This is the highest growth rate during the year compared to Indonesia’s 11 percent growth, Malaysia’s 17 percent, Singapore’s 12 percent, Thailand’s 19 percent, and Vietnam’s 18 percent.

Article continues after this advertisement

Other core sectors also posted double digit growth rates, with online travel recording a 13 percent growth, transport and food with 13 percent, and online media with 12 percent.

Meanwhile, digital payments grew by 22 percent, digital lending by 19 percent, digital wealth by 47 percent, and digital insurance by 28 percent.

Despite these positive findings, the DTI said that further action is needed, emphasizing ongoing efforts to fully implement the Internet Transactions Act.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

It said the measures intended to help the country’s internet economy develop further include the development of an online business database, an online dispute resolution system, an online consumer complaints mechanism for government agenciesswerte gaming, and an e-commerce trust mark.

READ NEXT Office supply increase leads to rising vacancies, lower rents RCR announces dividends for investors EDITORS' PICK What went wrong for Harris? Experts weigh in Liam Payne’s body flown home to Britain The politics we’re stuck with – the diversity of Trump Berry-flavored vapes harm lungs more than non-flavored, study suggests PBA Finals: Tim Cone admits Ginebra got ‘little too satisfied’ Marce nears Cagayan, to make landfall within hours – Pagasa MOST READ 40 more aspirants file COCs, CANs for BARMM polls as deadline nears LTO names driver, owner of SUV with No. ‘7’ plate Villanueva puzzled by national attention on SUV busway violation issue Orion Perez reflects on Constitution, Lee Kuan Yew’s vision for PH Follow @FMangosingINQ on Twitter --> View comments