Digital transformation to create P5 trillion in annual economic value for PHL — Google report

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By BusinessWorld

Digital transformation is estimated to create up to P5 trillion in annual economic value for the Philippines, a report commissioned by Google Philippines showed.

Fraser Thompson, AlphaBeta founder and managing director, said at a virtual briefing on Tuesday that P3.5 trillion will be driven by technologies that would assist businesses in mitigating the economic impact of the coronavirus disease 2019 (COVID-19) pandemic.

Economists at Singapore-based AlphaBeta prepared the report for Google Philippines.

Key technologies include artificial intelligence, Internet of Things (IoT), mobile internet; cloud computing; big data; financial technology; advanced robotics; and additive manufacturing.

“The sectors projected to be the largest beneficiaries are the consumer, retail and hospitality; education and training; and agriculture and food sectors. By allowing the creation of new business models and productivity savings, these technologies could create significant economic value for the Philippines,” the AlphaBeta report said.

“By generating productivity gains, revenue boosts, cost savings, and GDP increments, digital technologies can unlock up to P5 trillion worth of economic value annually in the Philippines by 2030,” it added.

Mr. Thompson said digital adoption is important for the Philippines to become more resilient, especially after the pandemic.

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