Partnerships seen narrowing divide

Private sector’s expertise and initiative to adopt digital innovations will help the country anticipate the changes in the digital economy

Strong government-private sector partnership was projected to bridge the digital divide and spur financial inclusion for all Filipinos amid rapid changes in the emerging new economy.

During the kick-off event of the virtual run of Digital Pilipinas 2021 Festival on Friday, Finance Secretary Carlos G. Dominguez said the government needs to encourage a “close working relationship with the private sector in the implementation of its digitalization efforts.”

Dominguez noted that the private sector’s expertise and initiative to adopt digital innovations will help the country anticipate the changes in the digital economy.

He said the experiences of countries in this Covid-19 pandemic underscore what the government already knew:

That economies will have to quickly adjust to the trajectory of modern digital technologies if they are to remain viable.

Adopt fintech via liberal policy

With digital technology having the most significant impact on finance, Dominguez said the government encouraged the rapid adoption of financial technologies (fintech) in the country by putting in place a liberal regulatory environment to enable these digital tools to flourish.

“The private sector can help us provide a more nurturing policy environment for fintech. I am confident that a strong partnership between the private sector and the government will help the Philippines breach the digital divide and achieve President Duterte’s goal of financial inclusion for all Filipinos,” Dominguez said.

Dominguez added that the Philippines’ tech-savvy and young workforce is advantageous in embracing financial technology as it can provide the intellectual capital needed for fintech-focused investments.

Experiences of countries in this Covid-19 pandemic underscore what the government already knew: that economies will have to quickly adjust to the trajectory of modern digital technologies if they are to remain viable.

The festival, which was launched by GeiserMaclang Communications Inc. in partnership with the Monetary Authority of Singapore, will culminate in November 2021 with the Philippines’ participation in the Singapore Fintech Festival — the largest fintech event in the world so far.