Why the Philippines?

  • The Manila-based Asian Development Bank (ADB) forecasts 6.5 percent GDP growth for 2022 for the Philippines and 6.4 percent in 2023.

  • The International Monetary Fund (IMF) agreed with ADB estimates for 2022 but reduced the estimates for 2023 to 5 percent which is still very strong.

  • The ADB estimated the Economy for 2022 to be worth $433 Billion.

  • The global ICT market in Philippines was valued at US$ 14.04 billion in 2021 and will grow at a compounded annual growth rate (CAGR) of 8% to reach a value of US$ 20.6 billion by 2026. The cumulative revenue generation opportunities for ICT in Philippines  is estimated at US$ 89.98 billion between 2022 to 2026. The retail sector is the major contributor to the growth of the ICT in Philippines.  (Global Data, July 2022)

  • Large infrastructure projects are in the pipeline, both launched and being launched. For 2023, a total budget of P12.47 Billion (over US$226.5 Million) was allocated for ICT and digitalization which included a section on digital payments of government financial transactions (purchase of new equipment and upgrading of assets), and the DICT specifically was allocated a budget of P4.24 Billion (over US$77 Million) for its ICT systems and infrastructure development.

  • According to DICT, Philippine IT outsourcing could potentially double its global market share. Philippine enterprises and SMEs should consider moving into Digital Transformation.

  • Cloud Technology is an important element in Cyber Security support of business and Government services.

  • Cloud Technologies need to be upgraded and expanded to meet 21st Century requirements.

CYBERSPHERE PHILIPPINES 2023 is thus the best place to meet, discuss and learn about all these matters and to explore great opportunities of the Philippines’ ICT, cybersecurity and cloud technology market.