The Philippines has regained its position as Southeast Asia’s (SEA) fastest-growing internet economy, according to the latest Google, Temasek, and Bain & Company report.
The 9th edition of the Google e-Conomy SEA Report highlights a 20% growth in the digital economy, with Gross Merchandise Value rising from $26 billion to $31 billion in 2024.
The Department of Trade and Industry (DTI) credits this growth to strategic reforms in the digital economy under the Marcos administration.
DTI Secretary Ma. Cristina Roque emphasized that these reforms, including the Internet Transactions Act and 12% value-added tax on non-resident digital services, have driven innovation and economic progress.
“The results of the 2024 Google, Temasek, and Bain & Co. study reaffirms the effectiveness of the administration’s digital economy strategies. The country’s whole-of-government approach fosters economic growth, drives innovation, and ultimately improves the lives of all Filipinos,” Roque said in a statement on Wednesday.
She also praised the collective efforts across various government agencies, including DTI’s support for digitalizing micro, small, and medium enterprises (MSMEs); DICT’s digital infrastructure improvements, BSP’s promotion of digital payments, and DOF’s digital taxation policies. Additionally, Congress’s passage of key laws has supported this progress.
The report also confirmed the Philippines’ rise as a leading hub for e-commerce, validating its strong trajectory in online business transactions.
Roque highlighted the essential role of the private sector in this achievement, saying, “in strong partnership with the private sector, we are actively implementing the e-Commerce Philippines 2028 Roadmap.”
She further emphasized that the country’s thriving e-commerce sector is a key driver of economic growth, job creation, and increased revenues for both businesses and government.
“This roadmap outlines our strategies to stimulate the growth of e-commerce and build trust between online consumers and businesses. We are committed to a more vibrant e-commerce, recognizing the vast potential of our large, young, and tech-savvy population,” Roque said.