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How tech has improved the Philippines?

There’s no doubt that Southeast Asia’s tech startup scene is getting hotter by the year, as high levels of investment continue to pour in and valuations soar accordingly.

In this respect, the region continues to evolve as a global technology hub, with some experts predicting that the next ‘Silicon Valley’ could well emerge in Southeast Asia.

In this post, we’ll ask what role the Philippines can play in driving this trend, while looking at how innovation has improved this country during the digital age?

How the Philippines has Emerged as a Vibrant Tech Hub

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There’s no doubt that the Philippines has been one of the many Southeast Asian nations to embrace technology market growth, as it continues to grow in terms of its preparedness for upcoming innovations in the coming years.

More specifically, the Philippines climbed to 55th spot in a list of 82 economies tracked in the latest Technological Readiness Ranking, claiming a score of 5.5 and sharing its position with countries such as Jordan, Serbia, Sri Lanka and Colombia.

While this may not sound particularly impressive by itself, the Philippines is now ranked as the fourth most tech-ready economy in Southeast Asia. 

This means that the Philippines is surprisingly well-placed to cope with the impact of digital disruption and transformation in the near-term and through 2022, by proactively building its Internet access, digital economy and underlying tech infrastructure.

Overall, the previous rankings for technological readiness between 2013 and 2017 saw the Philippines assume 60th place in the list, with an average score of just 4.7. This highlights just how far the country has evolved in a relatively short period of time, while it’s also indicative of how the Southeast Asian region has grown as a whole.

How is Technology Assisting Businesses and Economic Growth?

According to research from the Philippine Institute for Development Studies (PIDS), the national economy could grow by up to 10% quicker if emerging technologies continue to take hold in businesses and households alike.

Digitisation and the so-called ‘fourth Industrial Revolution’ will also help to accelerate this growth, which without such interventions would continue at an average annual rate of 6%.

Such increased economic growth is also reflected by the performance of the Philippine peso, which advanced for a fourth consecutive day last week and rose to its highest level since November 2016.

Of course, this was also caused by an increase in the amount of cash being sent home by overseas workers, but there’s no doubt that currencies like the peso will continue to grow in line with innovation and wider economic expansion.

Overall, there’s no doubt that technological advancement has improved the Philippines’ prospects, while driving changing consumer behaviours and wider economic growth. This trend is set to continue in the near-term too, which is great news for businesses and particularly the tech sector.