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Navigating 2024's tech-driven transformations

www.manilatimes.net 28-12-2024 04:11 4 Minutes reading
2024 was a year of technological innovation for Filipinos, with advancements in artificial intelligence (AI), fintech, and e-commerce reshaping daily life. These developments opened up new opportunities while introducing challenges like cybersecurity threats and cryptocurrency regulation. In our year-end review, we'll examine some technological developments that influenced 2024 and the problems that still need to be resolved.From novelty to everyday necessityAI became a cornerstone of innovation in 2024, reshaping how Filipinos work and solve problems. According to Microsoft and LinkedIn's 2024 Work Trend Index, 86 percent of Filipino knowledge workers integrated generative AI into their routines, surpassing regional and global averages. Over 60 percent of information technology-business process management (IT-BPM) companies in the Philippines already incorporate AI into their operations. Only 8 percent have reported a reduction in their workforce due to adopting the technology, according to the Information Technology and Business Process Association of the Philippines (Ibpap).AI is also making an impact beyond corporate settings. A drone-based farm management system introduced by the Department of Science and Technology (DOST) was designed to boost agricultural productivity. This initiative supports the government's digital transformation goals by modernizing farming practices and incorporating advanced technology into vital economic sectors. Limited access in rural areas and concerns over misinformation emphasize the need for equitable and responsible AI adoption.Addressing cybersecurity threatsThe rapid shift to digital platforms in 2024 exposed vulnerabilities in the Philippines' cybersecurity framework. According to a PricewaterhouseCoopers (PwC) survey, over 40 percent of regional leaders admitted limited understanding of risks posed by generative AI, underscoring a critical knowledge gap.High-profile cases, such as the arrest of hackers associated with LulzSec, highlighted these challenges. In response, government and private-sector partnerships introduced AI-powered threat detection tools and enhanced cybersecurity training programs. While these steps have strengthened defenses, sustained efforts in education, investment and policy development will be critical to protecting the country's digital economy as it expands.Cryptocurrency in 2024Bitcoin experienced a remarkable year in 2024, with its price more than doubling. By Dec. 24, it reached approximately $94,063 (around P5,547,975.79), soaring from $45,001 at the start of the year. Supportive regulatory improvements and more significant institutional usage were the main drivers of this rise. Cryptocurrency adoption in the Philippines has grown significantly, particularly in investments and remittances. Platforms like Coins.ph and PDAX have experienced increased activity, reflecting this trend. While Bitcoin remains the dominant cryptocurrency, other virtual currencies are also gaining popularity among Filipinos. A cautious and well-regulated approach is essential to effectively integrating cryptocurrencies into established financial systems. This strategy should address security risks, limited public awareness, and regulatory challenges to ensure a safe and inclusive financial environment.Digital trends shaping everyday choicesWith internet penetration reaching 73.6 percent in 2024, Filipinos leaned further into online shopping, education and communication platforms. Search trends revealed growing interest in AI tools, electric vehicles and sustainable living, reflecting a collective push toward innovation and environmental responsibility. At the same time, increased interest in climate-related topics highlighted the country's vulnerability to natural disasters and underscored how technology can amplify awareness and drive solutions to critical issues.Opportunities, challengesTikTok Shop provided small businesses with new ways to reach customers, strengthening revenue streams and brand loyalty. However, TikTok faces significant challenges, including data privacy issues, insufficient content moderation, mental health concerns, accusations of political influence, and intellectual property disputes, emphasizing the need for stronger accountability and improved user protections.Fintech's financial inclusionA report by Inquirer.net revealed that by mid-2024, the nation's six digital banks collectively held over P80 billion in deposits, marking an impressive annual growth rate of 32.26 percent. In 2024, digital payment usage in the Philippines surged to 33.1 percent, up from just 3.2 percent in 2018, according to a survey by UnaCash. Established tools like digital wallets remained popular, while newer innovations such as InvestEd's lending platform and the DigiCities program by TikTok Shop and GCash expanded financial access. These developments supported underserved communities and empowered small businesses with the tools to thrive in the digital economy.Taking a forward lookMaintaining an emphasis on sustainability, inclusion and fairness is essential as the Philippines progresses with its digital transformation. By conquering obstacles and seizing chances, the nation can solidify its standing as a forward-thinking, interconnected digital society by 2025. Next week's column will provide a fearless forecast for 2025, exploring key trends and potential developments.

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Consumer protection a priority for 2025 – DTI
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Consumer protection a priority for 2025 – DTI

THE Department of Trade and Industry (DTI) outlined its priorities for 2025, with emphasis on strengthening protective measures in the digital economy."The DTI is committed to creating more jobs and opportunities by promoting innovation and competitiveness in our key industries, and ensuring fair prices and consumer protection in the digital marketplace," Trade Secretary Cristina Roque said in a statement.As Filipinos become adept in using online platforms for daily purchases and availing of various services, DTI said it is undertaking steps to shield consumers from unfair practices, price manipulation and other threats in the rising digital economy.Roque likewise recognized efforts made to advance several economic programs aimed at empowering Filipinos and boosting local industries."From helping small businesses access digital tools and financing, to promoting consumer protection and fair trade practices, to attracting international investments and supporting MSME development, we have worked tirelessly to empower the Filipino people," Roque said.Recognizing the value of foreign investments, Roque said DTI is aiming for a higher investment target in 2025, focusing on renewable energy, infrastructure, technology and digital services.DTI's attached agency, the Board of Investments, said it is targeting to register P1.75 trillion worth of investments this year, or 8 percent higher than its milestone achievement of P1.62 trillion in 2024, its highest in 57 years.Roque underscored the role of collaboration between government agencies and businesses to navigate the challenges of 2025. "We are confident this will be another year of growth, innovation and shared success," she said.

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