More opportunities await businesses in the Philippines as the government improves digital infrastructure to accelerate their growth and be future-proof, Eastern Communications believes.
“This belief is aligned with the International Institute for Management Development research which reported that the Philippines improved in terms of competitiveness in shifting to digital technology as a catalyst for economic transformation,” the telecommunications and information and communications technology firm said in an email message to The Daily Tribune.
“Providing increased efficiency and enhanced operations, digital transformation helps businesses drive growth through the pandemic aftermath and unforeseen economic situation.”
Many customers now expect to transact with businesses digitally, and employees to work from home as over 70% of Filipinos use the internet.
The government is also building the blocks toward digitalization to grow the economy. These include satellite operations through Starlink of technology billionaire Elon Musk and its partnership with the Department of Information and Communications Technology.
The Department of Trade and Industry and the Technical Education and Skills Development Authority have also teamed up with SkillsFuture Singapore to adopt a framework for firms to develop digital skills of their employees.
These moves support growth in the country’s trade within the Asia-Pacific region.
As growth factors, DTI Assistant Secretary for Digital Philippines and E-commerce Lead Mary Jean Pacheco cited the “increased market demand, private sector investments on telecommunications, e-commerce logistics and digital payments, as well as a strong push by government on infrastructure development and digital trade-related policy reforms.”
Pacheco said that in a webinar organized last year by the Philippine Institute for Development Studies and the United Nations Economic and Social Commission for Asia and the Pacific.
Eastern Communications shares these digital trends which will direct how businesses operate in this digital age: Cloud computing, remote and hybrid work, cybersecurity, artificial intelligence, and metaverse.
In the Philippines, the cloud technology, which enables storage of data using the internet, can earn revenues up to $845 billion this year, according to Statista.
Meanwhile, AI has multiple uses such as analysis of data in the internet to come up with different outputs like text or images. It also automates software updates and purchases through Software as a Service or SaaS.
“Based on FinancesOnline, the popular SaaS currently represents the largest world market segment for public cloud service and is expected to reach $623 billion by this year at a compound annual growth rate of 18%,” Eastern Communications said.
Metaverse is also something to watch as it can be an engaging marketing tool by creating a digital world similar to the actual world.
“The adoption of the Metaverse enables businesses to take work, recreation, shopping, and socializing to a whole new level. Highlighting several sectors such as finance, real estate, construction, and retail, metaverse can improve employee and client experiences by transforming traditional business processes into immersive ones,” Eastern Communications said.
Meanwhile, in a study by Microsoft Philippines, 60% of Filipino hybrid workers said they were considering shifting to full-remote setup post-pandemic.
But while the internet has allowed consumers to get products and services more conveniently, it has also tempted cyberhackers to commit crime.
“According to research by Tessian, cyberattacks aggressively increased over the past 12 months in 2021. Cybersecurity awareness is critical to prevent the onslaught of threats and attacks,” Eastern Communications shared.