Economic recovery via a digitized landscape 

As COVID-19 continues, consumers and businesses have turned to the accelerated trend of digital transformation in financial services to ensure business continuity and meet their day-to-day financial needs. As such, there is an even greater need to build Philippine digital infrastructure. 

In a recent virtual town hall discussion of Stratbase ADR Institute entitled “Secure and Reliable Cloud Banking for Economic Recovery,” members of financial regulatory agencies, industry leaders in the banking sector, and innovators in technology came together to discuss the future of banking and finance in our new normal, highlighting the promising economic outcomes of a strong digitized financial system.

While financial institutions must ensure that the financial system of the Philippines is able to digitize, government must also collaborate with private enterprises to build digital infrastructure. As shared by Mr. Jaime Augusto Zobel de Ayala, Chairman and CEO of the Ayala Corporation, during the Pilipinas Conference hosted by Stratbase ADR Institute, “technology has shifted and has changed, and there are major contributions that have been made to laying out the infrastructure. We’re spending close to one billion dollars a year on a regular basis, year after year, building and rebuilding the infrastructure and adding to it as much as needed.” He went on to add that “many others that were traditionally brick-and-mortar institutions that had a different way of interacting with the customers had also began to evolve,” stressing the economic need for digital infrastructure. 

For this promising future of a digital economy and financial system to become a reality, all sectors of society must also work together to improve our digital infrastructures as the backbone for inclusive digital transformation.

Without a clear plan for the government to work hand-in-hand with private sector institutions, we will not be able to reach our shared goal of creating a sound digital infrastructure network that is capable of supporting our efforts to grow the digital economy and bolster our financial systems with emerging technologies. 

It is worth noting that major telecom companies have done their share by investing heavily in developing our digital backbone. These efforts have even merited praise from Presidential Spokesman Harry Roque, who thanked Globe and Smart for the developments they have achieved in the last few months. In a recent press briefing, Globe President Mr. Ernest Cu said they will spend Php 70 billion to build 2,000 cell sites next year, while Smart President Mr. Al Panlilio said that they have invested Php 260 billion for service improvements in the past five years. In the same briefing, Although, the private enterprises will still need continued support from government to ensure fast construction of critical network structures.

In this light, CitizenWatch Philippines support the government’s move to remove bureaucratic barriers and call for the prioritization of public appropriations for building government digital infrastructure assets as the private sector have responded with huge investments to address the country’s telecommunications tower backlog.

CitizenWatch Philippines continues to promote the welfare of consumers in every aspect of society and across all industries. As our nation moves into economic recovery, we anticipate a future-proofed Philippines empowered by a strong financial foundation and robust digital infrastructure.