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Technology Adoption Spurs Philippine Economy Recovery

The rapid adoption of digital technologies can help support the Philippines in tackling the impact of the Covid-19 pandemic, recovering from the crisis, and realising its vision of becoming a middle-class, poverty-free society. A recent report from one of the Philippines’ banks on the rapid adoption of technology in both production and other economic activities. Despite the lockdowns in August and September of last year, the domestic economy expanded by 7.1% in the third quarter, according to the bank.

“Adjustments from both consumers and businesses have mitigated the economic impact of the pandemic. The increasing adoption of technology in production and other economic activities has contributed to the recovery,” it says.

Gross domestic product (GDP) growth in the third quarter of this year was slower than the previously revised 12%. Despite the most stringent movement restrictions, the enhanced community quarantine (ECQ) from August 6 to 20 and the altered ECQ until September 7, GDP exceeded expectations. To date, GDP has averaged 4.9%, which is close to the upper end of the government’s 4% to 5% growth forecast for the year.

According to the report, the domestic economy’s output is as of now at 94% of its pre-pandemic level. Added that the Philippines’ economy is on its way to full recovery by 2H (second half) 2022, Authorities attributed the third-quarter 2021 growth of the economy to a 7.1% increase in household consumption.

The report also indicated that the expansion of e-commerce was a factor in the increase in household consumption. Food, housing, and utilities will account for 52% of total consumer spending in 2021, up from 45.5% in 2019.

The bank forecasts 5.1% growth for the year, with a 7.3% growth forecast for 2022. Finally, it emphasised that the previous 11 months’ experience demonstrated that it is possible to achieve economic growth amid the pandemic, as the economy will likely adjust.

Although another surge in Covid-19 cases is possible in the coming year, the economic impact is likely to be less severe due to the availability of vaccines and treatments. Moreover, the report demonstrates that technology has advanced significantly, thereby greatly contributing to the recovery.

In addition, Trade Secretary Ramon Lopez stated that the country can become the next technological leader in Southeast Asia as Filipinos adapt to digital technology during the pandemic. The Department of Trade and Industry (DTI) agrees with the Digital Pilipinas Movement that the Philippines has the potential to be a technological leader in Southeast Asia in the future.

OpenGov Asia reported the Philippines’ economic recovery from COVID-19 can be accelerated by tech-ing up its industry with emerging technologies that can propel the country to the next level on the world stage. Widespread digital adoption of advances like open finance, cybersecurity, and “new money” might revolutionise and enhance businesses while also increasing their international competitiveness. In an upcoming virtual fintech conference, tech experts, government authorities, and business leaders will lay out a road map to full nationwide digitalisation, changing areas such as finance, property, insurance, and e-sports, among others.

The Monetary Authority of Singapore (MAS), one of the Philippines central banks, a Marketing consultant in Makati, Philippines, Inc. and Digital Pilipinas, the national movement that uses technology to solve age-old challenges that slow progress, are co-organising the global version of the Singapore Fintech Festival, one of the top global tech events. The Philippines has been invited to participate in the fintech forum for the second year in a row, joining Australia, Brazil, Cambodia, Denmark, Hungary, India, Japan, Kenya, Nigeria, and the United States as host countries.

“Now on our second consecutive year, the Philippines’ participation in the fintech forum can help steer our national progress more quickly into a newer, more technologically advanced direction,” says Digital Pilipinas Convenor and Co-founder.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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