On China’s capitalization on a digital economy, Alibaba Group vice president Brian Wong said that it is “the type of change that can happen” in the Philippines with its “massive market that can be developed”.
The Alibaba executive, also the head of the company’s Globalization Initiatives, said this at his lecture held on the first day of the New Economy Workshop which was created for and attended by a Philippine government delegation at the Alibaba Business School.
He also said that the Philippines can attain this by propagating e-commerce entrepreneurship, and creating “regulations supportive of digital trade and electronic payment systems”, according to an article by the DOF.
“Like the Secretary said, you can catch up and leapfrog,” Wong affirmed.
Finance Secretary Carlos Dominguez III, who headed the delegation, said that the country “has to catch up first like China”, now that investment in infrastructure has begun, and afterward “go beyond certain steps”.
He added, nonetheless, that before these are pursued, it is necessary to “to raise money and convince people, encourage new industries” to prepare for the technology-shaped future.
Some topics discussed in the first day include e-commerce development in China, and financial inclusion through digital finance, among others, stated the DOF article.
A meeting with Alibaba Group founder Jack Ma is also part of the group’s agenda.
“Our experience here in China is very important to look at what the future would be. It is helpful for us to be consulting with Jack Ma and his group because they are visionary and they have actual field experience in bringing the future to reality using the power of cloud computing, the internet, and computers to analyze big data”, Dominguez said.
Upon the invitation of Ma, the three-day workshop was attended by Dominguez, Foreign Affairs Secretary Alan Peter Cayetano, Budget Secretary Benjamin Diokno, Bangko Sentral ng Pilipinas Deputy Governor Maria Almasara Cyd Tuaño Amador, Bases Conversion and Development Authority (BCDA) president Vivencio Dizon, and other government officials, as well as representatives from the local business sector.
The New Economy Workshop held for the Philippine delegation is Alibaba Business School’s first overseas government training program, and more Southeast Asian countries are expected to be reached as the program expands.