Government Sees E-commerce to Heighten Economy in the Philippines
Department of Trade and Industry (DTI) Secretary Alfredo Pascual stated that they see e-commerce as a key tool for economic growth, focusing on a policy direction allowing the government to take advantage of a fast-growing business model today.
Pascual noted during the e-commerce congress organized, “With the right policies, e-commerce can be the greatest equalizer for access to economic opportunities for our people.”
Pascual cited that the private sector should also work together with the government to improve and create more policies for a balanced environment for e-commerce.
Pascual also featured the development of the Philippine internet economy, which was the fastest in the Southeast Asian region at 93%, as stated in a 2021 study done by Google, Temasek and Bain & Company.
Pascual mentioned, “The same 2021 study acknowledged that this phenomenal growth, despite the challenges of the pandemic and other geopolitical developments, was driven by government initiatives and mass digital adoption during the pandemic lockdown.”
Citing the same study, Pascual stated that the Philippine’s internet economy stayed double-digit growth during the first part of 2022, at 22%, even though there are local and global challenges.
In addition he mentioned that it is anticipated to grow at an average of 20% yearly in the next three years.
Pascual noted that the government planned to streamline e-commerce transactions in the country, citing the thrust of the updated e-commerce roadmap that they have crafted.
Pascual expressed, “It was a bold government promise that e-commerce would be simple and effortless for buyers and sellers.”
Pascual also highlighted that enhancing e-commerce is a government priority, noting that the administration has mentioned that the proposed Internet Transactions Act as one of the 19 priority legislative bills.
Pascual stated, “The bill seeks to develop and maintain a robust e-commerce environment in the country. It also seeks to build trust between online merchants and consumers using secure and reliable e-commerce platforms.”
According to the same Google-Temasek study, the Philippine internet economy in 2020 was valued at $7.5 billion, and is predicted to grow to $28 billion by 2025.