MVP urges ASEAN businesses to invest in digital technology

• Nov 17, 2017

MANILA, Philippines — Tycoon Manuel V. Pangilinan rallied businessmen in the 10-member Association of Southeast Asian Nations (ASEAN) to invest in digital technology, saying this is necessary for the economic bloc to fully evolve.

Leading the panel on entrepreneurship in the digital economy during ASEAN Business & Investment Summit Tuesday, Pangilinan said it is important for businesses to continue investing in digital transformation to help nations fully develop.

ASEAN, he said, is no exception and its members would significantly benefit from the digital transformation.

“ASEAN will only evolve after its members develop that internet practice and consciousness. The first step is to have the appropriate infrastructure. Internet cannot exist without infrastructure such as highways and connectivity,” Pangilinan said.

After putting the necessary infrastructure in place, it is then necessary for consumers to have the devices, he added.

“At the moment, 40 percent here in the Philippines have smartphones so we have to solve that problem,” Pangilinan said.

Corollary to the digital transformation, Pangilinan said it is necessary to develop the financial system.

He said that for consumers to have access to smartphones, internet companies must be able to provide access to lending and make smart devices more affordable to consumers.

Source: http://www.philstar.com/business/2017/11/17/1759579/mvp-urges-asean-businesses-invest-digital-technology