Philippines' digital transactions up to exceed 32 bln USD in 2021-Xinhua

Philippines' digital transactions up to exceed 32 bln USD in 2021

Source: Xinhua

Editor: huaxia

2022-10-31 16:56:01

MANILA, Oct. 31 (Xinhua) -- The Philippines' digital economy in 2021 amounted to 1.87 trillion pesos (roughly 32 billion U.S. dollars), representing an increase of 7.8 percent from the figure recorded in 2020, data from the Philippine Statistics Authority (PSA) showed.

The agency said the Philippines' digital economy contributes 9.6 percent to the country's gross domestic product last year.

The digital economy comprises digital transactions covering digital-enabling infrastructure, e-commerce, and digital media or content.

Of the total digital transactions in 2021, digital-enabling infrastructure shared the bulk with 79.6 percent. E-commerce contributed 17.6 percent while digital media or content contributed 2.8 percent.

Under the digital-enabling infrastructure, telecommunication and professional and business services had the highest shares at 31.5 percent and 27.1 percent, respectively.

The PSA said the strict quarantine restrictions during the COVID-19 pandemic in 2020 and 2021 highly affected e-commerce transactions, particularly in accommodation, transport, and other tourism-related activities.

While e-commerce transactions increased for online selling, delivery, and courier services, the PSA said the total transactions declined by 31.4 percent in 2020, mainly due to a decline in online tourism-related activities.

Data showed 5.59 million Filipinos employed in the digital economy in 2021, posting an increase of 11.6 percent from the number of 5.01 million in 2020.

Employment in digital-enabling infrastructure recorded the highest share in 2021, with 76.9 percent, followed by e-commerce (20.7 percent) and digital media or content (2.4 percent).