The digital transformation of companies, prompted by the increasing demand for digital products and services, is expected to contribute about $8 billion (P413.2 billion) to the Philippine economy by 2021, Microsoft Philippines said. Citing an International Data Corp. (IDC) study, titled “Unlocking the Economic Impact of Digital Transformation in Asia-Pacific,” Microsoft Philippines Managing Director Hans Bayaborda said the country continues to see companies embarking on the digital transformation journey. “Within the next four years, we expect to see approximately 40 percent of the Philippines’ gross domestic product to be derived from digital products and services,” he said in a statement over the weekend. Digital transformation is giving companies higher profit margins, greater productivity, increased revenue from new products and services, improved customer advocacy and more cost reductions. “The rise of digital transformation in Asia-Pacific economies will affect the labor market, where many types of jobs will evolve,” Bayaborda said.

Source: Manila Times February 11, 2018 17:03 UTC