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Manila Bulletin devider Philippines devider National devider Marcos admin's ICT reforms boost Philippine digital economies, says Tiangco

Marcos admin's ICT reforms boost Philippine digital economies, says Tiangco

Published Nov 10, 2024 10:24 am

At A Glance

  • Navotas City lone district Rep. Toby Tiangco says the continued rise of digital economies in the country is a direct outcome of the Marcos administration's strategic reforms on expanding the Information and Communication Technology (ICT) industry.

pexels-shvetsa-4482896.jpg(Pexels)

Navotas City lone district Rep. Toby Tiangco says the continued rise of digital economies in the country is a direct outcome of the Marcos administration’s strategic reforms on expanding the Information and Communication Technology (ICT) industry.

"President Marcos identified Information Technology as one the key pillars of his administration, and we are now reaping the benefits of this renewed focus on ICT development and digital transformation," Tiangco said in a statement on Sunday, Nov. 10.

Tiangco, chairman of the House Committee on Information and Communications Technology, said Marcos’ commitment to the ICT industry has outlined the goals for digital transformation in the Philippines.

Specifically, he said the administration “laid the groundwork” for digital economies, such as e-commerce platforms and digital payment systems, to prosper.

This is through the prioritization of the improvement of connectivity, expanding access to the Internet, strengthening cybersecurity, and streamlining digital technology, he said.

"Likewise, the effective management of inflation, stronger relations with the public-private sector collaboration, and declining unemployment have been pivotal in boosting demand for digital services," added Tiangco.

Based on the latest e-Conomy SEA report by Google, Temasek, and Bain & Company, the Philippines has emerged as the fastest-growing internet economy among six Southeast Asian economies.

Likewise, data from the Bangko Sentral ng Pilipinas (BSP) showed the share of digital payments to total retail payment transactions in the country had grown to 52.8 percent in 2023, up from 42.1 percent in 2022.

Tiangco said this means that Filipinos are continually expanding their online purchasing power.

"I am confident that these positive trends will continue as the country fully embraces the digital revolution,” the lawmaker said.

“More importantly, targeted government initiatives will further empower digital economies as drivers of growth," he explained.

Tiangco, however, urged the Department of Information and Communications Technology (DICT) and the National Telecommunications Commission (NTC) to strengthen efforts against cybercrime.

He pointed out that as Filipinos’ purchasing power continues to grow, alongside the further development of digital economies, scams are likely to remain prevalent.

The congressman earlier expressed concern over the increase in sophisticated text scams. He warns the public to stay vigilant against scams disguised as legitimate e-wallet advisories.

Related Tags

digital economy Information and Communications Technology President Marcos Toby Tiangco
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