However, most of the imported goods in August 2021 were also electronic products with an import value of $2.80 billion which accounted for 27.9 percent to the total imports.
The NEDA said its prioritization of technology, innovation, use of data science, digital information, innovative business processes, knowledge management, and human resource have profoundly transformed the agency.
Meanwhile, state-run Land Bank of the Philippines said it has onboarded 5.3 million unbanked PhilSys registrants for their own transaction accounts through account opening booths at select PhilSys co-location areas nationwide.
DTI secretary Ramon Lopez noted that while the manufacturing sector was severely impacted by the pandemic in 2020, it is now leading the economy’s recovery from a recession.
The BSP said it is also boosting whole-of-government efforts to diversify the broadband market so that Filipinos across the country can have affordable Internet connectivity and digital financial services available to them.
NEDA director-general Karl Chua said he saw the significance of digitalization during the pandemic when social protection programs cannot be delivered because there was no single registry or database of Filipinos to identify beneficiaries.
Interestingly, manufacturing activities in the computer and electronics industry slowed down to 96 percent in May 2021 from 108.3 percent in April this year.
NEDA has urged the government to speed up the implementation of the digital contact tracing system that could help reduce the period from detection of Covid-19 virus to isolation from 7 to 5 days.
While SMEs are increasingly turning to digital technologies and online sales, the report said it is vital for governments to provide support and assistance during the transition.
