Manila: President Ferdinand R. Marcos Jr. on Tuesday vowed to accelerate the Philippines' digital transformation, stressing that technology must be harnessed not only to modernize systems but also to bridge inequalities and improve Filipinos' lives. Speaking at the Manila Tech Summit 2025, Marcos highlighted the country's progress, noting that more than half of payment transactions in 2024 were made digitally because of the advancement in financial technologies that made paying bills and sending remittances 'safer and less burdensome.'
According to Philippines News Agency, he also touted that in 2024 alone, the digital economy reached PHP2.25 trillion, accounting for 8.5 percent of the country's gross domestic product and generating around 11.3 million jobs. Marcos emphasized how digital technology simplifies life for Filipinos through shorter queues, faster transactions, and easier access to various services, including government services. This digital evolution also aids farmers in registering products online, teachers in accessing digital tools, and entrepreneurs in reaching larger markets.
Marcos mentioned several government initiatives aimed at building a "truly digital Philippines," such as the National Fiber Backbone (NFB), which is expected to provide 17 million Filipinos with faster and more reliable internet by 2028. Additionally, the full deployment of the Philippine Identification System is anticipated to streamline access to financial services, while the expansion of the Free Wi-Fi for All Program aims to enhance digital resource access for students and teachers in remote areas.
However, he acknowledged the risks associated with rapid technological advancements, including online scams, fraud, and cybersecurity threats. Marcos noted the increasing sophistication of fraudulent schemes due to advancements in artificial intelligence and digital currencies. He highlighted the necessity of strengthening defenses to manage risks and block malicious attempts before they impact the people.
Marcos referenced several government interventions, including the enactment of laws such as the Anti-Financial Account Scamming Act, the Internet Transactions Act, and the Subscriber Identity Module (SIM) Registration Act. He also cautioned about the dangers of online gambling and the disruptive potential of artificial intelligence, particularly concerning job displacement and privacy concerns.
To address these challenges, the government is focused on reskilling and upskilling more Filipinos, preparing them for jobs in artificial intelligence, cybersecurity, e-commerce, and creative industries. Marcos emphasized the importance of placing technological innovation at the center of governance to improve service delivery, efficiency, and transparency.
He called upon industry leaders and innovators to make the Philippines a "FinTech innovation hub and a key voice in shaping the global financial system," envisioning a nation where every Filipino can reach their full potential through the opportunities presented by new technologies.
The Manila Tech Summit, marking its fifth year, gathered over 1,300 delegates from more than 300 organizations. With the theme "Forging a New Global Order: Risks and Opportunities Redefined," the summit aimed to position the Philippines as a key player in the global fintech ecosystem. It was organized by FinTech Alliance.PH, the country's largest digital industry association, representing over 130 companies that drive more than 95 percent of digital retail transactions.
