The Institute of Corporate Directors (ICC) has encouraged domestic small and medium enterprises (SMEs) the need to undergo digital transformation to harness the benefits of technological developments under the new globalization era.
The digital exports of the Philippine are projected to grow rapidly by 218 percent to hit $11.3 billion by 2030 if the country would adopt domestic legislation and international agreements on digital trade.
A survey conducted by AIM found that for SMEs, regulatory compliance was perceived to be "moderately burdensome," with the BIR and LGUs seen as among the most difficult agencies to deal with.
A recent study by the Philippine Institute for Development Studies (PIDS) revealed that certain policies and regulators have limited the ICT sector from gaining its full potential.
NEDA chief Ernesto Pernia said the Philippine Innovation Act will be a landmark legislation because innovation is an important driver of long-term growth, and that science and technology is key to making the Philippines a more competitive player in the global knowledge arena.
The Bangko Sentral ng Pilipinas (BSP) said it has launched a number of initiatives aimed at establishing adequate safeguards to manage the potential risks brought by financial technologies (fintech) while providing enough room for companies to develop and implement their innovations.
The Maritime Industry Authority (Marina) has unveiled an online appointment system that would allow Filipino seafarers to book the seafarer's identification and record book (SIRB) or the seaman's book.
DOST secretary Fortunato De la Pena said that under the Small Enterprise Technology Upgrading Program (SETUP), 45,000 MSMEs have been provided with technological assistance with an average productivity improvement of 38 percent that created 227,000 jobs.
The Philippines has the lowest share of mobile e-commerce traffic in Southeast Asia at 15% with Indonesia leading the pack with an 87% share followed by Vietnam at 26%.
