Marcos eyes PHL as fintech innovation hub

RECOGNIZING the potential of digital technology in uplifting the lives of Filipinos and the economy, President Marcos wants to make the country into a fintech (financial technology) innovation hub.

Marcos called on the private sector during the Manila Tech Summit 2025 in Taguig City on Tuesday to continue their collaboration with the government to achieve the said target.

“I would like to thank the leaders, the thinkers, the innovators in this room for creating a future-ready, inclusive, and resilient Philippine financial technology sector,” Marcos said.

“Please continue your work. Make the Philippines a fintech innovation hub and a key voice in shaping the global financial system,” he added.

Over 1,300 delegates from more than 300 organizations participated in the event organized by the FinTech Alliance.PH—the country’s largest digital industry association with over 130 member companies.

Marcos assured that his administration will continue to lay down the necessary infrastructure and policies to promote digital transactions.

The said initiatives, he said, includes the National Fiber Backbone, which is expected to provide 17 million Filipinos faster and more reliable internet access once it is completed by 2028, and the Philippine Identification System, which will make it easier for fintech to verify the identity of its users.

The government is also facilitating the reskilling and upskilling of more Filipinos so they can use artificial intelligence, cybersecurity, e-commerce, and creative design to help fill up the manpower needs of fintech.

It also continues to digitalize its operations services to improve its service delivery, efficiency, and transparency.

Marcos said there are also new government policies like the Anti-Financial Account Summary Scamming Act, Internet Transactions Act and the Subscriber Identity Module Registration Act to clamp down on the misuse of digital technology to commit fraud and spread misinformation.

“We envision a Philippines where every Filipino can reach their full potential and where new technologies open wider possibilities for all,” he said.

He hopes the said initiatives will allow the country to harness the untapped potential of digital technology.

“Last year alone, our digital economy was valued at a 2.25 trillion-peso sector. That is equivalent to 8.5 percent of our Gross Domestic Product. It also created 11.3 million jobs,” Marcos said.

Last year, the Philippines suffered its worst performance in the World Digital Competitiveness Ranking in the Institute for Management Development, which covered 67 countries.

Among the reasons, which were cited by the IMD for the drop in the country’s ranking in terms of knowledge and technology were its reduction in its talent and scientific concentration as well as regulatory frameworks, respectively.

Source: Business Mirror