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Philippines the Fastest Growing Internet Economy
in Southeast Asia
16 Nov 2021
THE PHILIPPINES is the fastest-growing internet economy in Southeast Asia fueled by e-commerce and food delivery services, according to a report by Google, Temasek, and Bain & Co.
The e-Conomy Southeast Asia Report released on Wednesday showed the Philippines’ overall internet economy in terms of gross merchandise value (GMV) will likely reach $40 billion in value by 2025 (Read related story).
“Overall, the Philippines was the fastest- growing market in the region, driven by strict lockdowns as well as a tipping point on the adoption of certain digital services,” the report read.
The Philippines’ GMV is estimated to reach $17 billion this year, an increase of 93% from a year ago, due to government initiatives and mass digital adoption. This strong growth has also been fueled by double-digit growth in sectors such as food delivery services.
The Philippines also added 12 million new digital consumers since the pandemic started in March 2020. Of this, 63% are from non-metro areas. Majority also said they plan to continue using these services even after the pandemic.
“Pre-pandemic users — those who used the services before the pandemic — have consumed an average of 4.3 more services since the pandemic began and 95% of pandemic consumers are still consumers today.."
Source:
Published 16 Nov 2021
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