Tiangco credits Pinoys’ higher online buying power to admin’s digital investments, reforms
HOUSE Committee on Information and Communications Technology Chairperson and Navotas Rep. Toby Tiangco on Sunday said the stronger online purchasing power of Filipinos online stems from the administration’s strategic reforms aimed at expanding the country’s digital economy.
“President Marcos identified Information Technology as one the key pillars of his administration, and we are now reaping the benefits this renewed focus on ICT development and digital transformation,” Tiangco said.
Tiangco noted President Ferdinand “Bongbong”R. Maros Jr’s strong commitment to ICT and how the administration clearly outlined the goals for digital transformation in the country.
“By improving connectivity, expanding access to internet, cybersecurity, and streamlining digital technology, the administration has laid the groundwork for digital economies to prosper,” he said.
“Likewise, the effective management of inflation, stronger relations with the public-private sector collaboration, and decliningunemployment have been pivotal in boosting demand for digital services,” he added.
The latest e-Conomy SEA report by Google, Temasek, and Bain & Company showed that the Philippines’ internet economy grew the highest among six Southeast Asian economies.
Similarly, data from the Bangko Sentral ng Pilipinas (BSP) showed the share of digital payments to total retail payment transactions in the country had grown to 52.8 percent in 2023, up from 42.1 percent in 2022.
“I am confident that these positive trends will continue as the country fully embraces the digital revolution. More importantly, targeted government initiatives will further empower digital economies as drivers of growth,” he said.
“We would also like to thank the private sector for their trust and collaboration in the government’s mission to position the Philippines as a major player in the global digital economy,” he added.
However, Tiangco urged the Department of Information and Communications Technology and the National Telecommunications Commission to strengthen efforts against cybercrime.
He had earlier expressed concern over the increase in sophisticated text scams and warned the public to stay vigilant against scams disguised as legitimate e-wallet advisories.
