Building a cashless ecosystem that enables the development of the digital economy across different industries will play a key role in improving the Philippines’ ranking in the Global Competitiveness Index of the World Economic Forum, according to GCash president Anthony Thomas.
“By adopting financial technology solutions, government agencies and companies are creating more value for consumers, while providing them with better and more seamless processes that ultimately lead to better productivity and, as a byproduct, economic growth,” he said.
The Philippines fell eight places to 64th from 56th out of 141 economies surveyed by the WEF, after garnering an overall score of 61.9 points in 2019, down from 62.1 points in 2018. The points are measured by factors ranging from infrastructure to innovation capability.
Introducing fintech into different services will help create a more seamless process for the delivery of goods and services, including government transactions, Thomas said.