THE Philippine digital economy is seen to reach up to $150 billion by 2030, Google’s e-Conomy Southeast Asia 2023 Report said Thursday, Nov. 2.
In the report, Google said the Philippine digital economy could grow 20 percent to $35 billion by 2025, then reach the $80 to $150 billion mark by 2030, on the back of growth in the e-commerce space.
E-commerce may grow to about $60 billion by 2030, Google said.
“E-commerce is also expected to benefit from the shift of informal, unorganized commerce to organized e-commerce platforms,” the report said.
E-wallet and other online payment platforms will see the fastest growth as these entail lower costs for merchants, Google added.
Digital payments may reach $126 billion in 2025 and $220 billion in 2030.
The report said the services sector would drive growth over the medium to long term. Meanwhile, private consumption will see an uptick driven by lower unemployment, increased remittances from overseas, and tourism recovery.
Google said domestic and regional transport providers expanding to outer cities would spur long-term growth. (ABS-CBN News)
