Marcos cites digital economy growth, warns of cybersecurity threats

MANILA (PIA) — President Ferdinand R. Marcos Jr. said Tuesday that the country’s digital economy reached P2.25 trillion last year and generated 11.3 million jobs, while warning of growing cybersecurity risks from sophisticated fraud schemes.

Speaking at the Manila Tech Summit 2025 in Taguig City, Marcos said more than half of the country’s payment transactions in 2024 were conducted digitally, marking significant growth since the pandemic.

“The advancement in financial technologies made paying bills and sending remittances safer and less burdensome,” the President said during his keynote address at Shangri-la The Fort.

However, Marcos cautioned that fraudulent schemes and scams are becoming increasingly sophisticated with the rise of artificial intelligence and digital currencies.

“Even as artificial intelligence offers breakthroughs, it brings threats of job displacement and the loss of privacy,” he said. “We must strengthen our defenses and manage risk.”

The government is implementing the Anti-Financial Account Scamming Act and pursuing the Subscriber Identity Module Registration Act to protect consumers from fraud and unsafe digital transactions, according to Marcos.

The administration is also undertaking reskilling and upskilling programs for Filipinos in emerging technologies including artificial intelligence, cybersecurity, e-commerce and creative design.

Marcos announced new measures to address online gambling, including suspending in-app gambling access, citing concerns about exploiting public vulnerabilities.

The President said the government aims to complete the Philippine identification system to provide every citizen with a trusted digital national ID, making financial services more accessible. (JCO/PIA-NCR)

Source: Philippine Information Agency