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Digital transformation consultant Publicis Sapient predicts that the Philippine digital economy will experience substantial growth in the next two years and is expected to reach US$35 billion by 2025, with a compound annual growth rate of 209%.
The report pointed out that the Philippines is entering the “growth stage” of the digital economy, with the Internet penetration rate reaching 69%. The e-commerce, streaming and food delivery industries are considered three industries that will continue to grow, with the e-commerce market expected to grow at a compound annual growth rate of 17% from 2022 to 2025.
Publicis Sapient is optimistic about the potential of digital financial services in the Philippines, especially emphasizing that the banking industry will become the Philippines’ largest super application opportunity.
(Source: gmanetwork Image source: freepik)
