digital transformation

Digital transformation of local businesses could create up to P5 trillion in annual economic value by 2030, according to a new report commissioned by Google Philippines.

There is now an urgent need for businesses to reconsider their infrastructure, their business model, and their ways of doing transactions.

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.

Australian technology solutions firm JCurve said the pandemic is fueling the demand for technology solutions such as cloud computing.

The Securities and Exchange Commission (SEC) said it will migrate by April 19 to a new company registration portal called the electronic simplified processing of application for registration of company (eSPARC).

ADB chief economist Yasuyuki Sawada said accelerating the country’s digital transformation could lead to substantial growth in global output, employment, and trade.

DTI undersecretary Rafaelita Aldaba said the pandemic has also forced traditional enterprises and startups to create new digital business models to diversify revenue streams.

The newly developed SEC Payment Portal is a Web-based system that also allows for the payment of fees and penalties online using debit and credit cards, digital wallets, and other cashless payment options.

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.

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