Think tank proposes rules for digital economy shift
Czeriza Valencia (The Philippine Star) - November 18, 2017 - 4:00pm

MANILA, Philippines — State-run Philippine Institute for Development Studies (PIDS) is urging the government to set up regulations that will allow digital economy in the country to flourish as the use of innovative technology will have a positive impact on the creation of more jobs.

“Digital economy is beneficial but it has to be regulated,” said PIDS president Gilberto Llanto.

“Digitization, big data, advanced analytics, and disruptive technologies are creating new waves of innovation, productivity, and growth in a manner that has not been seen before,” he added.

Llanto said governments are now benefitting from digital infrastructure to improve the delivery of public services such as health and education.

“The business sector, such as financial technology firms, are also taking advantage of digital tools and systems in competing with traditional brick-and-mortar private lending institutions to provide financial products and services to those who have been financially excluded, especially those in the rural areas,” he said.

The shift to online trade and services has also contributed to greater efficiency in business operations.

“The retail sector has successfully used digital technologies to create effective database management systems, client-server platforms, enterprise planning software, computerized management tools for inventory and product and services delivery. These all contribute to improve the efficiency of businesses and their ability to cope with the growing demands of consumers,” said Llanto.

Online shops and ride-haling services, in the country have responded well to consumer demands by using disruptive technologies that connect customers, sellers, and service providers efficiently in the goods and services markets, he noted.

Llanto said it is important for the government to craft regulations that would allow digital economy to thrive in the country. 

He likewise stressed the need for such an economic model to be be attractive to investors but would benefit more people.

“It is important for regulators to develop a sense of what and how to regulate digital economy, and consider the need to encourage innovations and experimentations that may create new pathways for inclusive services. He also underscored the importance of educating consumers and building their capacities to navigate the digital world in order to increase their level of welfare,” he said.

Regulators must also address the challenges and threats confronted by the digital economy such as cyber security, data and privacy breeches, assignment of liability and cyber bullying.

 

Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.