As a result, face-to-face interactions and analog practices are still pervasive in the country making social distancing economically costly, according to the World Bank-led report “Philippines Digital Economy Report 2020”.
Tag: World bank
But a report from the World Bank noted that the country’s Internet connectivity – the foundation of the digital economy – is limited in rural areas, and where they are available, services are relatively expensive and of weak quality.
A recent survey conducted by the World Bank (WB) revealed that almost two-thirds of Philippine companies have turned to digital solutions for sales, marketing, and payment methods to adapt to the new normal.
The global economy is on track to shrink by 5.2 percent this year amid the Covid-19 pandemic, the deepest recession since World War II, the World Bank Group said on Monday, June 8.
DTI secretary Ramon M. Lopez said that if the Philippines wants to achieve its goal of barging into top 40% of the rankings, it needs to implement more electronic systems in the government.
The World Bank also noted that digital payments adoption is lagging in Southeast Asia compared to other parts of the world.