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SOM Chair to APEC economies: Create environment conducive to digital economy or get left behind

Posted on May 18, 2015

By Leslie D. Venzon

BORACAY ISLAND, Aklan, May 18 (PNA) — The 21 member economies of the Asia-Pacific Economic Cooperation (APEC) are working to promote a policy and regulatory environment conducive to internet use which impacts on their economic growth.

Foreign Affairs Undersecretary Laura del Rosario, the APEC 2015 Senior Officials’ Meeting (SOM)Chair, said it is imperative for APEC economies to seize the benefits of the information communications technology (ICT) in a digital economy.

Del Rosario said the benefits attributed to internet or digital economy, access to finance, health, education, services and solutions, and increased innovation require “both disruptive and creative policy response.”

“Those economies that don’t undertake the necessary investment and promotions policy together are going to be left further behind and their citizens further challenged,” she said at the symposium on the internet economy held here Monday.

Del Rosario noted that the policy and regulatory environment for the internet economy remains in transition.

“One principle needs to be finding a balance between objective, protecting consumer interest and encouraging innovation versus overly restrictive policies,” she said.

Del Rosario added restrictive policies discourage innovation in this area and add costs especially for smaller businesses.

“Regional if not international cooperation is an imperative, the internet economy is borderless,” she added.

The Philippines is hosting 31 APEC meetings all over the country this year. (PNA)

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