E-commerce has been the most dynamic segment of the Internet economy in ASEAN over the past three years. The value of e-commerce rose four-fold, from $5.5 billion in 2015 to more than $23 billion in 2018.
WHILE the local digital economy is expected to balloon to $25 billion by 2025, the Philippines stands to be the nation with the smallest digital economy among six countries in the Southeast Asian region, according to a study conducted by Temasek and Google.
Called the Regulatory Pilot Space (RPS), the initiative was conceived to drive the region’s digital economy by giving businesses certainty that the handling of data across borders complies with the ASEAN Framework on Personal Data Protection.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said 30 percent of the payments transactions in the Philippines are now digital or electronics-based, way ahead of the target of achieving at least a 20 percent cash-less payments by 2020.
Following the country’s ongoing digital transformation program, the BSP has launched digital payment systems namely ‘eGov Pay’ and ‘QR PH’, to expand its digital capabilities.
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