Philippines’ digital economy set for exponential growth
The Philippines has been earmarked as a transformative landscape where digital infrastructure emerges as a critical building block in powering the nation's digital transformation journey, and, as a result, stimulating economic growth and nurturing innovation.
By the end of the year, Statista predicts that revenue in the data centre market is projected to reach US$488.50 million in the country, showing a CAGR of 6.51% between 2023 and 2028. This means that the market volume is expected to grow to US$669.70m by 2028.
“As the Philippines sets its sights on a digital future and rapidly expands its digital capabilities, this forward momentum makes the need for robust digital infrastructure and rich network connectivity even more critical," said Carlo Malana, President & CEO of ST Telemedia Global Data Centres Philippines (STT GDC).
STT GDC expands presence in the Philippines
Malana proclaimed this as STT GDC’s Philippines branch announced it is expanding its presence with the construction of a second facility in its STT Cavite data centre campus, STT Cavite 2. This comes just six months after commencing construction on STT Fairview and brings STT GDC’s number of data centres in the country to seven.
“STT GDC Philippines is vested in being a key contributor to the building of the Philippine digital economy. With the right critical infrastructure in place, businesses can thrive in the digital realm and citizens can reap the benefits of a digital society. All these will drive the nation towards unlocking its full potential, on its way to becoming a regional leader in the digital landscape,” he added.
STT Cavite 2 is set to begin operations in mid-2025 and is STT GDC Philippines’ second major build this year, which is set to become the largest, most interconnected, sustainable, and carrier-neutral data centre campus in the country with a total capacity of 124MW upon completion.
Rapid expansion of digital infrastructure in the Philippines
Set to unlock a vast economic potential of up to US$101.3 billion by 2030 through the full utilisation of digital technologies, technology made up 27% of the Philippines’ GDP in 2020, which is expected to grow thanks to strong government backing.
In 2020, the internet economy in the Philippines was estimated to be worth US$7.5bn and is forecast to grow by 30% annually to reach US$28bn by 2025, according to Access Partnership.
A Research and Markets report also foresees that the country is on a path of digital transformation while reshaping its businesses and organisations at rapid pace This, the firm says, is aided by services presented by cloud providers including the likes of Google Cloud, Alibaba, AWS and Tencent Cloud.
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