Apec exec cites value of Internet in enlarging global economy

BORACAY – A senior official of the Asia Pacific Economic Cooperation (Apec) rated the Internet as having its own economic value for government and business.

During the “Symposium on the Internet Economy” held before delegates, Apec 2015 Senior Officials Meeting chair Ambassador Laura Del Rosario said the Internet in fact has an economy of its own.

“Internet is a service but unlike other services it also generates its own economy. One of the key concepts of Apec is connectivity and under connectivity, we’re discussing services,” Del Rosario, Foreign Affairs Undersecretary for international economic relations, said.

Del Rosario added that information and communications technology or ICT allows the delivery of ideas and services much like delivery of goods.

“ICT is a freeway of Internet and digital economy, transporting ideas and services in the same way traditional infrastructure have (done) in the past. ICT makes the world smaller and enlarges global economy and enlarges our presence,” Del Rosario said.

Del Rosario said Internet allows small and medium enterprises (SMEs) to have access to the market that allows these to compete with bigger corporations. Regional development through SMEs is one of the Philippines’ top priorities in the Apec.

She said the digital economy allows SME access to education and services, and increases regional economic participation.

“Connectivity through the Internet would help bring the SMEs to the market, improve education and services, and links farmers to the large market… The benefits of the Internet economy start to be far greater than the individual economic benefits precisely because of… ‘interconnectiveness,’” Del Rosario said.

“The policy and regulatory environment for the Internet economy remains in transition. [We] need to find the balance between protecting consumers and encouraging [such policies],” she added.

Del Rosario had served as Philippine Ambassador to India, Nepal and Vietnam.

The Philippines is hosting this year’s Apec, a delegation of 21 member economies, ahead of this year’s Asean integration.

The symposium on the Internet economy is aimed at engaging Apec senior officials, representatives of Apec committees and sub-fora, and government, business and academic sector representatives in the development of the digital economy. AC