#MINDANAO
One of the lessons of the Covid pandemic is that businesses need an electronic commerce (e-commerce) presence to survive and thrive. Whether on large, established online platforms or on social media groups, many individuals and businesses were able to earn from their goods and services despite that challenging time. You will recall that the movements of people were restricted in many parts of the world, preventing them from accessing physical stores. E-commerce proved to be a lifeline for many businesses to continue operating at that time.
After the height of the pandemic, e-commerce became a recognized channel for the trade of goods and services. In the years that followed, e-commerce and the digital economy broadened even further. Based on the 2022 e-commerce roadmap of the DTI, the digital economy is already at US$7.5 billion and expected to grow to US$25 billion by 2025. I will not be surprised if actual values are higher than projected.
The digital economy may grow even further with the recent approval of the 2023 Internet Transactions Act (ITA) or RA 11967. The Department of Trade and Industry (DTI) is poised to push for a bigger online economy as indicated in the article: https://mb.com.ph/2024/4/11/pascual-expects-exciting-commerce-with-new-roadmap#google_vignette. Implementing this new law will include updated roadmaps and other programs to boost the digital economy. Other agencies and private sector groups will likely join in the efforts to boost the digital economy by encouraging e-commerce.
In particular, I believe programs under the ITA will put our local businesses and e-commerce players in the international markets and reach out to more areas to expand the reach of local entrepreneurs and earn foreign exchange. I wish the DTI more power in pushing the greater implementation of this important law. I am sure this will mean a more updated roadmap with new strategies. I look forward to seeing how this will be implemented in the regions.
For businesses in the Visayas and Mindanao, the e-commerce roadmap will boost many local economic sectors such as agriculture, fishery forestry, and even tourism since it brings such products and services to new markets. It also raises the need for innovation and value-adding new products from the farm so that these can be enjoyed in new markets where the products can be exported. This creates a more inclusive economy since it encourages businesses even in remote areas to trade with buyers from beyond their immediate spheres.
E-commerce will also ensure that many existing and future businesses can register legally. In turn, this allows them to transact more safely with more customers, and obtain the right documentation that will allow them to expand to seek more suppliers and hire more workers. This brings opportunity and employment to many.
What else needs to be done?
First, the e-commerce strategy needs to be rolled out by every DTI regional and provincial office along with local governments as soon as possible. This will enable many local businesses to be part of the large bandwagon to promote electronic commerce further in their areas.
Another way forward is to encourage entrepreneurship among the digitally savvy youth and digital natives. Many are already e-commerce consumers. Some can become producers.
As e-commerce grows, I look forward to more local economies being part of a larger global economy, where more Filipinos can participate.