VIENTIANE, Laos — President Ferdinand Marcos Jr. urged his fellow Southeast Asian leaders to “invest in robust cybersecurity protections” to secure the region’s path to becoming the fourth largest economy in the world.
In his remarks during the plenary session of the 44th Association of Southeast Asian Nations (Asean) Summit here on Wednesday, Marcos said that the digital economy was one the significant catalysts for connectivity in Asean.
“We should lay the groundwork for a safe and trusted digital environment that can propel Asean into a new era of innovation, growth, and opportunity,” Marcos told his fellow Asean leaders.
President Ferdinand R. Marcos Jr. Photo from Presidential Communications Office
“With the Asean Digital Economy Framework Agreement (DEFA) poised to boost our region’s digital economy to $2 trillion by 2030, it is critical that we invest in robust cybersecurity protections, equip our people with digital skills, and build the digital infrastructure necessary to secure Asean’s path to becoming the fourth largest economy in the world,” he added.
Marcos said that developing the digital economy would also benefit some 70 million micro, small and medium enterprises (MSMEs) in Southeast Asia, which makes up for 99 percent of all businesses in the region.
“These enterprises are the backbone of our economies,” the President said.
“Addressing financing gaps, supporting digitalization, and enhancing the capacities of MSMEs that will enable our MSMEs to integrate into global value chains and become key drivers of regional growth,” he added.
Go Negosyo founder Joey Concepcion, in a separate interview, highlighted how digital technology has leveled the playing field for MSMEs.
“Without Grab, Tiktok, Lazada, MSMEs will have little access to consumers. It is very important,” Concepcion said.
“If you are creative, you are innovative, you will be able to sell the message of your product or service, definitely social media will carry it forward depending on how creative you are,” he added.
The country’s growing online population and increasing acceptance of digital solutions among both sellers and buyers are driving the rapid expansion of e-commerce platforms.
A 2023 report by Google, Temasek, and Bain & Company projected that the country’s digital economy could reach $35 billion by 2025, with e-commerce sector growth forecast at 21 percent.
Additionally, the Philippines has been recognized as a leader in Asean for non-cash payment usage, indicating a rising adoption of credit cards and e-wallets.
“It took the pandemic to spur both the sellers and the consumers to try out the digital solutions,” Concepcion said.
“And now that the benefits of convenience and access are becoming felt, we can only see more and more Filipinos adopting these solutions,” he added.
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