As transaction costs become lower and with fast, easy and reliable distribution networks being established, more businesses will go digital and surely, more people will be going online to transact and navigate their daily lives.

The global role that the Philippines plays on the use of data, aka the “new oil,” will increasingly prove crucial in developing our nation in the coming years.

Online trade has exploded exponentially the past decade. With increasing connectivity and more powerful gadgets getting into the hands of the ordinary Mang Juan and Aling Juana, online transactions are projected to grow at an unprecedented pace.

According to a study by McKinsey, a renowned global think tank, “Between 2007 and 2015 global broadband connectivity rose from six percent to 56 percent, giving more than four billion people high-speed access to the Internet.”

Furthermore, the study revealed that in 2015 about 7.4 percent of global retail trade took place online and by 2020, which is just around the corner, global retail sales is projected to reach 15 percent or more.

No wonder, we now witness local office front lobbies being clogged by deliveries from online market giants, like Alibaba, Lazada and Zalora, with orders coming from the ordinary Filipino working man and woman.

Facebook’s marketplace has become the new Divisoria with Filipino sellers hawking all kinds of products and services imaginable. This time, there are no more up-lines, downlines and middlemen. A buyer gets directly from the source. This is the new disruptive business phenomenon and it is only bound to grow.

As transaction costs become lower and with fast, easy and reliable distribution networks being established, more businesses will go digital and surely, more people will be going online to transact and navigate their daily lives. New products and services will make it to the market faster and consumption will grow accordingly.

As the digital marketplace and cross border data flows explode, so does the potential of global citizens getting more involved in the new business-to-consumer environment.

Suddenly, oil will no longer be the centerpiece of any nation’s economic life. Data and the ability of a society to maximize its use will determine whose economy is wealthy or not.

Enabling widespread trust in businesses is the goal in regulating the use of personal data worldwide. Protecting the digital citizen and upholding their rights over their data are not meant to stifle the use and exchange of data but rather to encourage data users to be responsible and accountable so that customers can continue to trust and patronize them.

And when we engage other authorities aboard, we announce to everyone that the Philippines is a safe place to transfer personal data. We declare that we have a law that protects personal data and an independent authority in the NPC to implement this law.

More importantly, when we engage our global stakeholders by participating in the ICDPPC or International Conference on Data Protection and Privacy Commissioners, which is the premier global body on privacy, we announce to the world that Filipinos are responsible stewards of personal data. And that we value these data assets the same way they do. Equally important, is the branding that we can be reliable partners in commerce and trade.

If you have questions, feel free to contact the NPC via info@privacy.gov.ph.