NEDA-World Bank report on digital economy out soon

MANILA, Philippines — The National Economic and Development Authority and the World Bank are releasing within the month a report on digital economy in the country.

In a presentation made during a virtual conference hosted by the Philippine Institute of Development Studies (PIDS) yesterday, NEDA Assistant Secretary Carlos Abad said the report features recommendations needed to strengthen the digital economy in the country amid the pandemic.

“NEDA collaborated with the World Bank to come up with a digital economy report. It took us two years to do the report. We will be launching this within this month,” he said.

Facilitating the shift to more digital transactions in the private and public sectors, alongside having more investments in digital infrastructure, are among the reforms supported by NEDA to improve economic recovery prospects amid the pandemic.

Abad said among the top recommendations in the report for strengthening the digital economy in the country are the following:

*Making fast internet affordable and available for all Filipinos. This can be done by streamlining permits for infrastructure provision and rationalization of fees imposed by national and local government agencies as well as private sector associations.

*Digitalizing government processes to promote social distancing and administrative efficiency. As such, government agencies can be mandated to offer e-permits and e-payment options.

*Safer e-commerce transactions and trustworthy by establishing means for strong consumer protection.

Abad said the digital economy in the country continues to be challenged by slow broadband speeds and high cost of internet connection.

This prevents the wider provision of reliable internet services in the country, especially in remote areas.