The Philippines’ digital economy is projected to grow to $31 billion in gross merchandise value (GMV) in 2024, increasing from $26 billion in 2023, according to Google’s latest e-Conomy SEA report, conducted with investment firm Temasek and consulting company Bain & Company.
“The Philippines is once again Southeast Asia’s fastest-growing digital economy — thanks to its tech-savvy population, thriving digital sectors, and supportive government,” said Jackie Wang, country director of Google Thailand and the Philippines.
E-commerce remains a key driver of this growth, with video commerce leading the way. The report noted the country’s e-commerce sector is growing at 23%, projected to reach $21 billion GMV in 2024. It attributed this surge to investments by major platforms and the growing popularity of video-based shopping.
Government initiatives like the Internet Transactions Act are also supporting this expansion. The law requires online businesses to register with the Department of Trade and Industry to safeguard consumers and ensure compliance among e-commerce players.
“These measures aim to create a secure and fair environment for both local and international businesses,” the report said.
The digital payments sector is also booming, with a 22% growth rate expected to hit $125 billion in gross transaction value (GTV) by 2024. Providers are focusing on improving security, reliability, and competitive fees to meet growing demand. Super-apps offering multiple services are anticipated to remain dominant in this sector.
Online media, including video and music streaming and gaming, continues to thrive. The report revealed a 12% growth this year, driven by advertising revenue streams.