DTI to Sirius: PH ripe for digital economy investment surge | Department of Trade and Industry Philippines

Abu Dhabi, United Arab Emirates— The Philippines is at a crucial moment in its digital transformation, which is a great time for investors like Sirius International Holding to engage with the market. This was what Department of Trade and Industry (DTI) Secretary Cristina A. Roque highlighted during her meeting with Sirius International Holding Chief Commercial Officer Richard Budel on November 09.

“As we accelerate our digital transformation initiatives in a ‘Bagong Pilipinas,’ Sirius International Holding’s expertise and cutting-edge solutions can be instrumental in modernizing our government services and creating a more sustainable and efficient economy,” the trade chief said.

Sirius’s strategic focus on digital transformation across three critical domains—green technology, government digitalization, and health technology—strongly aligns with the Philippines’ national development objectives.

Within these domains, Sirius offers targeted solutions, including carbon capture and water scarcity technologies, advancements in national digital infrastructure and smart city development, and innovations in medical information technology and healthcare supply chain management.

This comprehensive approach resonates with the Philippines’ goal to become a leading smart and sustainable hub for manufacturing and services in the region.

To achieve this, the DTI is keen to explore the specific applications Sirius plans to propose and implement in the Philippines, focusing on how these innovations will be tailored to the local context and the potential for collaboration with Filipino information and technology professionals and software engineers.

This collaboration comes at a time of strong growth in the Philippines’ digital economy. In 2023, the digital economy reached PHP 2.05 trillion, contributing a substantial 8.4% to the country’s GDP. This growth is driven by a surge in digital transactions, the expansion of digital infrastructure, and the rise of e-commerce.

The government is also committed to nurturing this growth through initiatives such as the E-Government Masterplan 2022, aimed at promoting open governance through the digital transformation of essential services.

Moreover, the government pursues the National Information and Communication Technology (ICT) Development Agenda 2023-2028, which focuses on expanding broadband access, driving the digital transformation of the national government, and enhancing the ICT competency of the Filipino workforce.

“We are confident that Sirius International Holding can play a pivotal role in accelerating the Philippines’ digital transformation. We assure them of the full support of the Philippine government in their business endeavors and look forward to a productive and mutually beneficial partnership,” Secretary Roque expressed.

The DTI is prepared to facilitate Sirius International Holding’s engagement with key government agencies, including the Department of Information and Communications Technology, the Philippine Statistics Authority, the Department of Finance, and the Bases Conversion and Development Authority, particularly for exploring smart city solutions in New Clark City.

Furthermore, Secretary Roque highlighted the potential for Sirius International Holding to benefit from the incentives under the Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprise Act. Sirius International Holding is a subsidiary of IHC, the second largest holding company in the region, next to Saudi Aramco. It manages investments in technology sectors across various industries, including fishery, nuclear power plants, construction, healthcare, hospitality, and others. Established in 2023, Sirius has 23 subsidiaries across 30 countries. ♦

Date of release: 30 November 2024

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