The Joint Foreign Chambers of the Philippines, US-ASEAN Business Council, IT & Business Process Association of the Philippines, Asia Cloud Computing Association and Asia Internet Coalition highlighted the importance of an enabling environment for cross-border data flow to enhance digital trade and competitiveness of data-driven industries in the Philippines.
Besides Singapore, the Philippines is also a regional leader in implementing an “open transfers” regulatory approach to cross-border data flow that allows for free movement of data based on private information management standards as opposed to binding restrictions and with no mandatory requirements, conditions or approvals for data transfers.
Industry projections showed the IT-BPM sector might expand employment to 1.7 million jobs and over $35.9 billion in revenue in 2023. A survey conducted by the OECD on the impact of data localization measures on sectors like aviation, cloud computing and cross-border e-payments found that restrictions in the flow and storage of data have led to a significant increase in data management costs; regulatory fragmentation; and cybersecurity risks resulting from the inability to share data on threats or system vulnerability.