The Philippines banks on e-commerce and digital economy to speed up recovery (The Star)

Philippines e-commercePhilippines is banking on e-commerce to boost its economic recovery through the Covid-19 pandemic, as reports state it was the second fastest adopter of e-commerce in the SEA region.
Source: Bloomberg/The Star

The Philippines is continuing to bank on e-commerce and digital economy to speed up its economic recovery in the post COVID-19 pandemic period.

With the brick and mortar businesses hit by the global pandemic and lockdown measures, Commercial Attache at the Philippine Trade and Investment Centre in Kuala Lumpur (PTIC), Katrina Banzon said e-commerce sector in the Philippines has seen a surge in the midst of the pandemic.

“The Philippines recognises the importance of e-commerce and the digital economy as a key engine of growth and economic recovery,” she said in an interview with Bernama.

Data from Philippine Department of Trade and Industry (DTI) showed that e-commerce had contributed 3.4% or US$12bil (RM50.2bil) to the country’s gross domestic product (GDP) in 2020.

The Philippines is targeting to increase the revenue from e-commerce to US$17bil (RM71.12bil) or 4.3% of the GDP by 2021 and to US$24bil (RM100.4bil) or 5.5% of the GDP in 2022.

The DTI is also aimed to increase the number of e-commerce enterprises from 500,000 in 2020 to 750,000 by 2021, and to one million by 2022.

The e-CONOMY SEA 2020 Report also ranked the Philippines in second, after Indonesia, for the strongest uptake in adoption of e-commerce last year.

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The Star

23 September 2021

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