The digital economy in the Philippines was poised for growth in recent periods, as seen in the gross merchandise value that reached roughly 26 billion U.S. dollars in 2023. The internet economy will continue to see an upward trend in the following years, growing to around 150 billion U.S. dollars in 2030.

The digital economy in the Philippines was valued at 2.05 trillion Philippine pesos in 2023, reflecting an increase from the previous year's value. Digital-enabling infrastructures such as telecommunication and professional and business services were the major contributor to this increasing value.

The e-commerce sector in the Philippines had been boosting the growth of the digital economy in recent years. With a gross merchandise value of roughly 15 billion U.S. dollars in 2022, continued online shopping preference will drive growth to as much as 60 billion U.S. dollars in 2030. Meanwhile, online travel reflected sluggish growth between 2019 and 2021 due to the impact of the COVID-19 pandemic.

Across sub-components, digital-enabling infrastructures, particularly telecommunication services contributed the highest share to the digital economy in the Philippines. In 2023, the gross value added of this sub-sector amounted to around 673.2 billion Philippine pesos. Meanwhile, e-commerce had a GVA of about 286.7 billion Philippine pesos.

In 2023, the digital economy contributed 8.4 percent to the gross domestic product (GDP) of the Philippines, or equivalent to about 2.05 trillion Philippine pesos. The GDP share of the digital economy peaked in 2021.

In 2023, about 9.7 people were working in the digital economy sector in the Philippines, reflecting an increase from the previous year. Digital-enabling infrastructures contributed the highest employment share in that year.

The size of the Philippines ICT market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 8.00% during the forecast period.The Philippines's ICT market is quite rapidly growing as facilitated by the increasing trend of internet penetration, the use of smartphones, and the IT-savvy population. ICT covers a wide array of technologies such as computers, telecommunications, software development, and the internet. At present, in most aspects of modern life, it satisfies not only the need for communication and access to information but also enhances digital transformation. ICT is revolutionizing industries and empowering individualities in the Philippines. E-commerce platforms are booming for convenient online shopping experiences. Fintech solutions transform the financial services industry in enhancing online transaction accessibility and efficiency. With telemedicine, there is expanded healthcare reach, with additional services across remote areas. There is also encouraging innovation in education due to online learning platforms and digital educational tools. Furthermore, the government is cognizant of how the development of ICT potentially contributes to economic growth and social progress. Indeed, the Philippine Digital Strategy targets creating a truly inclusive society by improving internet connectivity, cultivating broader digital literacy, and developing a vigorous digital economy. As long as more reasonable technology is adopted in the country, this ICT market is expected to expand further and innovate in the future. Recent developments include: September 2022: Globe Telecom and Singapore Telecommunication agreed to sell 1,350 cellular towers to a consortium backed by a unit of Australia's Macquarie Group for USD 340 million., October 2022: Globe Telecom deployed 252 5G-ready base stations in Mindanao. The ongoing 5G network deployment will create growth opportunities for the company., August 2022: Stonepeak signed definitive agreements to acquire 2,180 telecom towers and related passive infrastructure from Globe Telecom Inc. for a total consideration of approximately USD 472.2 million. This collaboration aims for Stonepeak to continue expanding its presence in the Asia-Pacific region.. Key drivers for this market are: Rising Demand for 5G, Rising Need to Explore and Adopt Digital technologies and Initiatives. Potential restraints include: Lack of Awareness and Security Concerns. Notable trends are: Growing demand for Cloud Technology.

The gross value added (GVA) share of e-commerce in the digital economy of the Philippines amounted to 14 percent, indicating an increase from the previous year. In that year, the GVA of the e-commerce sector amounted to 286.7 billion Philippine pesos.

Philippines Total Assets: Digital Banks data was reported at 117.658 PHP bn in Dec 2024. This records an increase from the previous number of 107.641 PHP bn for Sep 2024. Philippines Total Assets: Digital Banks data is updated quarterly, averaging 92.795 PHP bn from Mar 2023 (Median) to Dec 2024, with 8 observations. The data reached an all-time high of 117.658 PHP bn in Dec 2024 and a record low of 59.399 PHP bn in Mar 2023. Philippines Total Assets: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

In 2023, employment in the e-commerce sub-sector accounted for the majority of employees in the digital economy in the Philippines at 87.3 percent. The e-commerce sector made up 14 percent of the total gross value added of the national digital economy in that year.

Philippines Net Non Performing Loans Ratio: Digital Banks data was reported at 0.000 % mn in Jan 2025. This records a decrease from the previous number of 0.000 % mn for Dec 2024. Philippines Net Non Performing Loans Ratio: Digital Banks data is updated monthly, averaging 0.000 % mn from Mar 2023 (Median) to Jan 2025, with 23 observations. The data reached an all-time high of 0.000 % mn in Jan 2024 and a record low of 0.000 % mn in Mar 2023. Philippines Net Non Performing Loans Ratio: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB075: Performance Indicator: Philippine Banking System.

Philippines Non Performing Assets to Gross Assets: Digital Banks data was reported at 2.144 % in Dec 2024. This records a decrease from the previous number of 3.003 % for Sep 2024. Philippines Non Performing Assets to Gross Assets: Digital Banks data is updated quarterly, averaging 2.985 % from Mar 2023 (Median) to Dec 2024, with 8 observations. The data reached an all-time high of 5.021 % in Mar 2024 and a record low of 1.742 % in Jun 2023. Philippines Non Performing Assets to Gross Assets: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

Philippines Allowance on NPA: Digital Banks data was reported at 2.812 PHP bn in Dec 2024. This records a decrease from the previous number of 3.002 PHP bn for Sep 2024. Philippines Allowance on NPA: Digital Banks data is updated quarterly, averaging 2.315 PHP bn from Mar 2023 (Median) to Dec 2024, with 8 observations. The data reached an all-time high of 4.106 PHP bn in Jun 2024 and a record low of 1.272 PHP bn in Jun 2023. Philippines Allowance on NPA: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

Philippines Non Performing Assets Coverage Ratio: Digital Banks data was reported at 90.335 % in Sep 2024. This records an increase from the previous number of 79.859 % for Jun 2024. Philippines Non Performing Assets Coverage Ratio: Digital Banks data is updated quarterly, averaging 79.859 % from Mar 2023 (Median) to Sep 2024, with 7 observations. The data reached an all-time high of 113.198 % in Mar 2023 and a record low of 50.481 % in Dec 2023. Philippines Non Performing Assets Coverage Ratio: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

The Philippines remittance market is projected to exhibit a growth rate (CAGR) of 12.20% during 2024-2032. The market in Philippines is majorly driven by robust overseas workforce, continual advancements in digital transfer platforms, supportive government initiatives, heightened economic stability through consumption, and strategic expansions in service networks.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on mode of transfer, type, channel, and end use.

Philippines Non Performing Loans: Digital Banks data was reported at 2.743 PHP bn in Dec 2024. This records a decrease from the previous number of 3.323 PHP bn for Sep 2024. Philippines Non Performing Loans: Digital Banks data is updated quarterly, averaging 3.033 PHP bn from Mar 2023 (Median) to Dec 2024, with 8 observations. The data reached an all-time high of 5.141 PHP bn in Jun 2024 and a record low of 1.194 PHP bn in Mar 2023. Philippines Non Performing Loans: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

The gross value added (GVA) of e-commerce in the Philippines amounted to 286.67 billion Philippine pesos in 2023, indicating a significant increase from the previous year. This sector represented the majority of employees in the digital economy in the Philippines, at 87.3 percent.

Philippines Non Performing Assets: Digital Banks data was reported at 3.323 PHP bn in Sep 2024. This records a decrease from the previous number of 5.141 PHP bn for Jun 2024. Philippines Non Performing Assets: Digital Banks data is updated quarterly, averaging 3.323 PHP bn from Mar 2023 (Median) to Sep 2024, with 7 observations. The data reached an all-time high of 5.141 PHP bn in Jun 2024 and a record low of 1.194 PHP bn in Mar 2023. Philippines Non Performing Assets: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

Philippines Loans: Allowance For Credit Losses: Digital Banks data was reported at 2.812 PHP bn in Dec 2024. This records a decrease from the previous number of 3.002 PHP bn for Sep 2024. Philippines Loans: Allowance For Credit Losses: Digital Banks data is updated quarterly, averaging 2.315 PHP bn from Mar 2023 (Median) to Dec 2024, with 8 observations. The data reached an all-time high of 4.106 PHP bn in Jun 2024 and a record low of 1.272 PHP bn in Jun 2023. Philippines Loans: Allowance For Credit Losses: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.

Philippines Gross Assets: Digital Banks data was reported at 110.643 PHP bn in Sep 2024. This records an increase from the previous number of 108.224 PHP bn for Jun 2024. Philippines Gross Assets: Digital Banks data is updated quarterly, averaging 90.507 PHP bn from Mar 2023 (Median) to Sep 2024, with 7 observations. The data reached an all-time high of 110.643 PHP bn in Sep 2024 and a record low of 60.750 PHP bn in Mar 2023. Philippines Gross Assets: Digital Banks data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.KB076: Performance Indicator: Philippine Banking System: Quarterly.