DICT: Web3 and Other Emerging Technologies Could Add 1 Million Jobs in the Philippines by 2028

Despite the so-called “crypto winter” being experienced throughout the industry, the government and private sector groups see a huge potential in Web3, the decentralized web built on blockchain technology, and vowed to jointly develop the sector, particularly gaming. 

At the YGG Web3 Games Summit being held this week in Bonifacio Global City, Department of Information and Communications Technology (DICT) Undersecretary Jocelle Batapa-Sigue emphasized the significance of Web3 in the Philippine context, citing data from the e-conomy report by Google. 

"Gaming is the second largest driver of the digital economy, which means we have a very robust and vibrant gaming industry," she said, noting that Web3 is included in the emerging technologies that the government has identified with potential.  

ALSO READ

'The Philippines Is Still at the Epicenter of Web3 Adoption in the World'

For the Third Straight Year, Philippines Tops Worldwide Rankings for Web3 Gaming Interest

“(The DICT has already developed a) “strong sandbox environment around these technologies, showing the commitment of the Philippine government to innovation,” Sigue added.

The government is also in the process of policy planning and standards development to set the stage for Web3’s growth. It plans to collaborate with the private sector stakeholders to create a roadmap for the industry. 

"We want to have a Web3 roadmap, but it's not just for the government," Sigue explained. "We're willing to work with stakeholders and champions of Web3 to identify goals, targets, and market estimations for the next three, four, or five years." 

While she couldn't provide exact market figures, Sigue was optimistic about the potential job creation in emerging technologies, possibly reaching up to “a million jobs by 2028.”

"In my 20 years as a digital advocate, I saw a lot of concrete innovation programs in other countries," she noted. "We want to copy the ecosystem where companies and universities are closely connected, just like in the Silicon Valley Model.”

The Silicon Valley Model, she explained, is a campus-style community where companies and schools are housed under one large city. In the Philippines, she said, “there seems to be a silo between university and companies.”  

The National Economic and Development Authority (Neda), meanwhile, is showing support for the development of the Web3 industry through several policies, including the unveiling of the National Innovation Strategy Document, a long-term planning blueprint designed to promote an innovation ecosystem. 

The document also identifies various enablers, including the National Innovation Council, which will drive innovation efforts and emphasizes financing, infrastructure, and skills development.

“It will remove barriers to innovation and promote programs and policies that will encourage it,” NEDA Undersecretary Krystal Uy said.

“There is seed money available for startups and research initiatives," she added, highlighting the Philippine Innovation Act. “This financial support is expected to encourage innovation and entrepreneurship in the Web3 sector and beyond.”

In response, private sector representatives involved in Web3 praised government moves to support the sector but cautioned that the industry needs more to truly thrive.

"For Web3 to thrive in the Philippines, we need clarity in one of the biggest enablers: exchanges," said Nathan Marasigan, a founding trustee of the Web3 Association of the Philippines. 

Marasigan explained that, while the Bangko Sentral ng Pilipinas (BSP) has come up with sound regulation for Virtual Asset Service Providers (VASP), the Securities and Exchange Commission (SEC) is still in the process of drafting rules targeting exchanges for trading securities and tokens.

“They have a draft rule already,” he said. “When we get that that will greatly help in terms of giving clarity into the industry,” he said.  

Marasigan also noted that the industry needs financial support, particularly in providing resources for Filipino entrepreneurs and startups in the DeFi and Web3 spaces.  

“My wishlist for the Philippines is to support our own entrepreneurs and startups in the DeFi/Web3 space, and give them resources,” he said. 

The YGG Web3 Games Summit is the first-ever summit dedicated to all things web3 and gaming in the country. Organized by decentralized autonomous organization (DAO) Yield Guild Games, the summit features over 90 international and local speakers who will share insights about Web3 gaming, esports, content creation, and player adoption.

More than 40 Web3 games will be showcased during the three-day summit including Ragnarok Landverse, Pixelmon, Project Xeno, Parallel, Mighty Action Heroes, Anito Legends, Metacene, Star Atlas, and Axie Infinity: Origins.

Content creators and esports athletes will also give attendees a sneak peek into their gameplay and compete in a three-day tournament for a chance to win cash prizes. Over 300 developers and students will be participating as well in a two-day hackathon.