World Bank Approves $600 Million Loan to Support Philippines' Digitalization Efforts and E-commerce Growth
Published: 2023-10-01The World Bank has approved a $600 million loan to support the Philippines' efforts to digitize its operations and transition to e-commerce. This loan will play a crucial role in driving the Philippine Development Plan, which aims to develop a dynamic innovation ecosystem and promote the growth of e-commerce in the country.
As the world becomes increasingly digital, it is essential for countries to keep up with global trends. The Philippines, although lagging behind countries like Singapore in terms of digitalization, is one of the middle-income economies with the fastest catch-up rates. With this loan, the government aims to improve its ranking and increase online purchases to $40 billion by 2025.
However, the Philippines still faces challenges such as limited internet access and infrastructure. These obstacles need to be addressed to ensure that the benefits of digitalization are accessible to all citizens. The World Bank believes that embracing e-commerce can drive productivity growth and reduce operating costs for businesses. President Marcos has emphasized the importance of digitalization in improving ease of doing business and combating corruption.
In another part of the world, Harrington Investments Inc. has increased its stake in Veeva Systems Inc. by 3.6% during the second quarter. Veeva Systems provides cloud-based software for the life sciences industry, offering solutions such as customer relationship management, content and digital asset management, analytics, and customer reference data. The company recently reported strong quarterly earnings, beating estimates. Analysts have given Veeva Systems a “Moderate Buy” rating with an average price target of $216.74.
Moving on to India, the country ranks 67th out of 174 countries in the World Bank’s Statistical Performance Indicators (SPI) for 2019. The SPI assesses the performance of national statistical systems based on various dimensions. India’s lower performance in the ‘Data use’ and ‘Data products’ pillars contributes to its overall ranking. While the country performs well in measures of child mortality, debt reporting, drinking water, and labor force participation, it loses points due to the unavailability of comparable poverty estimates. Improvements in data infrastructure and proactive engagement with the World Bank are recommended to enhance India’s ranking.
Back to Veeva Systems, Harrington Investments has increased its holdings in the company, and other institutional investors and hedge funds have also modified their holdings. Insiders have been selling shares of Veeva Systems, indicating confidence in the company’s future prospects.
Lastly, the Digital Government Development Agency (DGA) in Thailand is making progress in digitizing government services through the mobile app “Tang Rat”. Over 112 government services are currently available on the app, with millions of logins and downloads. The DGA aims to include more services by 2024 and has also launched a government open data center and designed a website for business-related services. These efforts have improved Thailand’s ranking in digital government development.
In conclusion, these news summaries highlight the importance of data, information, and knowledge in driving economic growth and development. Whether it’s through digitizing government services, investing in technology companies, or improving statistical systems, countries around the world are recognizing the value of open data and transparency. By embracing these principles, we can create a more accessible and inclusive future for all.
https://www.manilatimes.net/2023/10/02/opinion/editorial/the-big-push-toward-digitalization/1912780