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Philippines digital economy now worth P1.87 trillion

  • Oct 31, 2022

MANILA, Philippines — The value of the country’s digital economy rose eight percent in 2021 from a year ago as digital adoption continued amid the pandemic.

Data from the Philippine Statistics Authority (PSA) showed the Philippine digital economy’s value reached P1.87 trillion last year, higher than the P1.73 trillion in 2020.

The PSA said the digital economy contributed 9.6 percent to the country’s economy or gross domestic product last year.

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

Of the total digital transactions last year, digital-enabling infrastructure accounted for the bulk or 79.6 percent at  P1.49 trillion, up by 7.6 percent from P1.38 trillion in 2020.

“Under the digital-enabling infrastructure, telecommunication services, and professional and business services had the highest shares to digital economy,” PSA said.

In particular, telecommunications services had a 31.5 percent share amounting to P588.72 billion, while professional and business services accounted for  27 percent or P506.53 billion.

E-commerce, which had a 17.6 percent of total digital transactions, reached P329.68 billion last year, 8.2 percent higher than the P304.72 billion in 2020.

Digital media or content accounted for 2.8 percent or P51.47 billion last year, rising 10.3 percent from the P46.66 billion in 2020.

PSA said the number of those employed in the digital economy also increased by 11.6 percent to 5.59 million individuals last year from 5.01 million employees in 2020.

Digital-enabling infrastructure recorded the highest share or 76.9 percent of employment in the digital economy last year with 4.3 million individuals.

E-commerce came in next with a 20.7 percent share or 1.16 million employees, while digital media or content had a 2.4 percent share or 135,486 employed individuals.

Source: https://www.philstar.com/business/2022/10/31/2220379/philippines-digital-economy-now-worth-p187-trillion