PH’s digital economy seen to hit $24B in 2023
MANILA -The Philippines’ digital economy is set to hit $24 billion this year, continuing its double digit climb toward $35 billion by 2025 and making the country one of the fastest growing digital economies in Southeast Asia.
This is according to this year’s edition of the annual e-Conomy SEA report- which combined Google Trends, Temasek insights and Bain & Co. analysis- on the Philippines and five other countries in the region such as Indonesia, Malaysia, Singapore, Thailand, and Vietnam.
The trend is expected to continue, fueled by the immense potential of AI and the digital participation of internet users outside Metro Manila which could drive medium to long term growth, said Nikki Del Gallego, head of data and insights at Google Philippines.
The projection this year marks a 13-percent increase compared to the size of the country’s digital economy in 2022.