PH’s speedy internet economy to surpass $40B in 2025

    According to a study issued by Google, Temasek, and Bain and Co., food delivery services and e-commerce have propelled the Philippines as the fastest-growing digital economy in Southeast Asia today.

    MANILA, Philippines — According to the e-Conomy Southeast Asia Report, the Philippines’ whole internet economy in terms of gross merchandise value (GMV) would most certainly surpass $40 billion by 2025.

    “Overall, the Philippines was the fastest- growing market in the region, driven by strict lockdowns as well as a tipping point on the adoption of certain digital services,” said the report.

    The country’s GMV is expected to reach $17 billion in 2021, a 93 percent rise from 2020, thanks in part to government initiatives and widespread digital usage.

    Since the epidemic began in March 2020, an additional 12 million new digital customers have been recorded. More than half, or 63 percent, are not from cities.

    Meanwhile, a great majority expressed a desire to continue using the services even after the outbreak.

    “Pre-pandemic users…have consumed an average of 4.3 more services since the pandemic began and 95 percent of pandemic consumers are still consumers today.

    “Despite rapid growth in the last 18 months, there remains significant headroom since the Philippines has the lowest digital consumer penetration in the region, with only 68 percent of internet users consuming online services,” the report said.

    Thirty-nine percent of digital merchants stated they would not have survived the pandemic if it hadn’t been for digital platforms.

    “The digital adoption we’ve seen in the Philippines since last year has contributed to the accelerated growth of the country’s internet economy, magnifying its vast potential,” Bernadette Nacario, Google Philippines Country Director, said in a statement. (RA/The MiNT)

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