Marcos: Be vigilant as digital age comes with risk of scams, fraudulent schemes

President Ferdinand ''Bongbong'' Marcos Jr. on Tuesday underscored the need to be more vigilant in this digital age as fraudulent schemes come with it. 

In his speech during the Manila Tech Summit 2025, Marcos said the country should recognize that progress comes with challenges, noting that any powerful tool cuts both ways. 

''In this digital age, we must become more vigilant against the risks that come with it,'' Marcos said.

''Fraudulent schemes and scams are becoming increasingly sophisticated every day with the aid of artificial intelligence, with digital currencies, and syndicates that know no frontiers. Also, even as artificial intelligence offers breakthroughs, it brings threats of job displacement and the loss of privacy,'' he added. 

Marcos even cited the growing problem of online gambling, ''which preys on people’s vulnerabilities.''

''We are addressing this through initial measures, such as suspending the in-app gambling access in mobile payment apps and websites. This way, we can help protect our citizens and preserve the integrity of our financial system,'' Marcos said. 

''All of these efforts place technological innovation at the center of our governance. We aim to provide a government where technology is optimized to improve service delivery, efficiency, and transparency,'' he added. 

According to Marcos, the country's digital economy was valued at a P2.25 trillion in 2024, which was equivalent to 8.5% of the Gross Domestic Product. He added that it also created 11.3 million jobs.

''Now this is a good development, but there is much room for growth. We see the greater need to tap the endless possibilities of a truly digital Philippines,'' Marcos said.

The Manila Tech Summit marked its fifth year with the aim of positioning the Philippines as a key player in the global fintech ecosystem, gathering more than 1,300 delegates from over 300 organizations.

Organized by FinTech Alliance.PH, this year’s summit carried the theme: “Forging a New Global Order: Risks and Opportunities Redefined.” —KG, GMA Integrated News