Developing frictionless digital ecosystems will greatly benefit Filipino consumers and businesses and drive economic growth, the chief strategist of the Globe Group, the country’s top digital solutions platform, said at a recent forum.
Nikko Acosta, Chief Strategy Officer of the Globe Group, underscored the need for seamless digital ecosystems that would empower more individuals and organizations to fully leverage the power of digital technology.
Acosta shared these insights at a recent forum organized by the Philippine Association of National Advertisers (PANA) themed “Maximizing the Digital Ecosystems: The Interconnectedness of Digital Platforms and Services to Impact Businesses.”
“There is a need to accelerate our digital transformation so we could reap the benefits of technology to drive the development of businesses and the nation as a whole. We have seen how technology helped us cope with the pandemic, when many of our day-to-day activities shifted online. Let us sustain this momentum,” Acosta said.
He noted the projected surge of the local digital economy by 30% year-on-year, following an 11.2% growth to P2.08 trillion last year from P1.87 trillion in 2021. This growth dovetails with a rise in the number of internet users, increasing by 13.4 percent to 85.16 million, and a burgeoning startup scene, with active numbers now standing at 700. These developments have positioned the Philippines 5th in the Global Innovation Index among ASEAN Member States in 2022.
However, Acosta was quick to acknowledge existing challenges. Citing data from various studies on the country’s socio-economic landscape, he shared that 50% of the population lacks access to primary healthcare, 71% remains unbanked, and 60% of high school graduates do not have the financial means to attend college. Meanwhile, just 27% of local companies are actively investing in technological advancements and the upskilling of their employees.
In the face of these hurdles, the Globe Group remains steadfast in its commitment to developing innovative solutions for digital enablement that will benefit Filipinos. The group has been a trailblazer in the country’s digitalization journey since 2012, from mainstreaming internet use and fostering digital content to accelerating financial inclusion and bringing cutting-edge technology.
“The Globe Group brings the same innovative mindset as it expands beyond its core business, offering the Philippines a comprehensive digital ecosystem of life-enabling solutions for consumers and businesses,” Acosta told forum participants.
Globe has successfully diversified its digital platform into several sectors including fintech through GCash and ECPay, health tech via KonsultaMD, e-commerce through 0917 Lifestyle and RUSH, investments via Kickstart Ventures and 917Ventures, adtech through AdSpark and m360, and big data via DeepSea and Inquiro.
Globe Group’s reach is substantial, impacting 84.2 million telco customers, millions of highly engaged GCash users, 6.6 million RUSH registered users, 6 million merchants and social sellers, 423,000 ECPay merchant partners and 12,000 enterprise clients.
Acosta, who also leads the Globe Group’s adtech and data arm, Brave Connective Holdings Inc., said digital empowerment can promote inclusion in the country, where approximately tens of millions continue to grapple with basic needs.
The country’s most vulnerable sectors are expected to bear the brunt of the projected slowdown in the Philippine economy due to external challenges. Despite the country’s Gross Domestic Product (GDP) growth of 7.6 percent in 2022, the Asian Development Bank (ADB) forecasts it will soften to 6% this year before rebounding to 6.2% in 2024.
Amid these economic uncertainties, the Globe Group’s drive to improve lives through its growing digital ecosystem signifies its unwavering dedication to the Philippines and its people. By championing disruptive innovations and making strategic investments, Globe seeks to foster sustainable growth and cultivate diverse leadership. This blend of commitment and strategy cements its position as a vanguard of the country’s journey toward digital enablement.