THE country’s digital economy is expected to grow substantially in the next two years, digital transformation consultant Publicis Sapient said.
“The Philippines’ digital economy is poised for growth, with a projected value of $35 billion by 2025 and a CAGR (compound annual growth rate) of 209%,” Publicis Sapient said.
It said the Philippines is entering a “growth stage” amid 69% internet penetration.
It also cited the “ongoing expansion to smaller cities nationwide, increased social media advocacy, and a growing reliance on online purchasing, with nearly 63% of users now using mobile applications for e-commerce transactions.”
E-commerce, streaming, and food delivery sectors are three industries that are poised for continued growth, with the e-commerce market expected to grow at a CAGR of 17% in the forecast period of 2022-2025, it added.
“With 63% of the population in the Philippines being unbanked, and with mobile users spending an average of over five hours daily on their smartphones, banking is set to be the largest superapp opportunity in the Philippines,” said Andrew Male, Client Partner for ASEAN at Publicis Sapient. (GMA Integrated News)
