The Philippine Chamber of Commerce and Industry (PCCI) expressed its support for the country’s push to complete negotiations for the world’s first region-wide agreement on the digital economy, aimed at unlocking new growth opportunities for businesses.

In a statement, PCCI said it welcomes the Philippines’ commitment to oversee the signing of the Digital Economy Framework Agreement (DEFA) as this year’s chair of the Association of Southeast Asian Nations (ASEAN).

“This agreement gives the country a chance not just to adapt to the digital economy but to help lead it,” the group said.

DEFA is envisioned to set the region’s common rules on e-commerce, digital trade, cybersecurity, digital payments, emerging technologies, and cross-border data flows.

The agreement is expected to double the value of ASEAN’s digital economy, which is already on track to reach around $1 trillion by 2030.

PCCI said this represents a historic opportunity for the Philippines to attract investments, scale up exporters, and position Filipino workers at the center of regional digital value chains.

Through DEFA, the group said companies will have an easier time doing digital business across the region, as it would harmonize rules on e-commerce while reducing regulatory uncertainty and compliance costs.

“For Philippine firms, it means more customers, more opportunities, and a clearer path to compete regionally in the digital economy,” PCCI said.

Completing negotiations for DEFA is among the top priorities for the Philippines as it hosts the ASEAN Summit and related meetings this year.

The agreement is anticipated to enter into force within the year, with signing seen during the formal summit in the fourth quarter.

Once signed, PCCI said businesses could begin to see positive effects within the first three years through greater regulatory alignment and cooperation.

“Bigger benefits such as lower compliance costs and smoother cross-border digital trade are expected over five to 10 years,” it said.

PCCI said there should be no sudden legal overhauls resulting from DEFA’s implementation, noting that the country has already laid much of the groundwork needed to keep pace with the digital economy.

It cited ongoing efforts to digitalize and broaden financial inclusion, align cybersecurity frameworks with global standards, and invest in technology-related skills as factors that position the country to benefit from the agreement.

However, PCCI stressed that DEFA should not be treated as a substitute for domestic reforms, urging the government to step up efforts to help businesses grow.

“The agreement opens doors, but we still need to help Philippine firms and workers walk through them,” the group said.