Philippines digital economy at P2.1-T in 2022, is 9.4 pct of GDP

MANILA – The country’s digital economy, valued at P2.08 trillion, contributed 9.4 percent of the Philippines’ total gross domestic product (GDP) growth in 2022, according to the data from the state statistics bureau. 

The total value of the digital economy last year grew 11 percent from the P1.87 trillion recorded in 2021, the Philippine Statistics Authority said. Its value was at P1.73 trillion in 2020.

The digital economy is composed of digital transactions, digital-enabling infrastructure, e-commerce and digital media or content.

Out of the total digital transactions in 2022, digital-enabling infrastructure made up the largest share reaching P1.60 trillion or 77.2 percent, data showed. The top 2 contributors under the same category were telecommunication services and professional and business services with 30.7 percent and 27 percent shares, respectively.

E-commerce contributed 20 percent of the total digital economy last year, growing 26.5 percent while digital media or content accounted for 2.8 percent of the total digital economy in 2022, the PSA said. 

In 2022, 6.05 million were employed in the digital economy, up 8.2 percent, based on the PSA data. Out of the total, 77.2 percent were employed in the digital-enabling infrastructure, 20.4 percent in e-commerce, and 2.4 percent in digital media.

The PSA said the results were gathered through a pilot study whose methodology is still being refined. 

Source: https://news.abs-cbn.com/business/04/27/23/ph-digital-economy-at-p21-t-in-2022-is-94-pct-of-gdp