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The Philippines and PECC to hold Symposium on the Internet Economy during SOM2 in Boracay

May 5, 2015, Manila — The Philippines, as APEC 2015 Chair, together with the Pacific Economic Cooperation Council (PECC) will hold the Symposium on the Internet Economy on May 18, 2015 at the Crown Regency Beach Resort in Boracay at the sidelines of the Second APEC Senior Officials’ Meeting (SOM2).

The Symposium aims to engage APEC Senior Officials, representatives of the APEC committees and sub-fora, as well as the representatives of the government, business, and academic sectors in a fruitful discussion on the development of the internet economy.

The internet has become increasingly important in the 21st century, and has played a role in connecting individuals, businesses, and industries. Given its increasing relevance in economic development, trade and investment, the Symposium will discuss the role of the internet in promoting inclusive growth and enabling innovative business practices, as well the challenges and opportunities in harnessing this technology. The discussions, in particular, will feed into the Philippines’ services and SME agenda under the APEC 2015 priorities.

Discussions on the internet economy will be especially important for the Philippines as more than 40 million Filipinos are internet users according to the “Digital, Social and Mobile in 2015” report by We Are Social, a London-based social media agency. As more and more people are connected to the internet, local businesses including SMEs have the opportunity to tap potential markets and improve profitability.

The Philippines is one of the fastest growing internet audience globally. With a majority of Filipino internet users linked to social networks, the Philippines, at one point, has been recognized as the “Social Media Capital of the World.”

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