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Manila Bulletin devider Philippines devider National devider Concepcion: Digital opportunities abound for MSMEs

Concepcion: Digital opportunities abound for MSMEs

Published Sep 27, 2024 06:49 am

Go Negosyo founder Joey Concepcion believes that the Philippines’ fast-rising digital economy offers significant opportunities for micro, small, and medium-sized enterprises (MSMEs).

Concepcion highlighted how digital technology has leveled the playing field for MSMEs, providing them with access to essential tools like capital, markets, and mentorship.

“Even a small entrepreneur can go and promote the business nationwide using only social media. These tools were previously inaccessible to them because of the costs involved in advertising and promotions,” he explained.

He added that the timing is ideal for MSMEs to capitalize on the digital economy.

The country’s growing online population and increasing acceptance of digital solutions among both sellers and buyers are driving the rapid expansion of e-commerce platforms.

A 2023 report by Google, Temasek, and Bain & Company projected that the country's digital economy could reach $35 billion by 2025, with e-commerce sector growth forecast at 21 percent.

Additionally, the Philippines has been recognized as a leader in ASEAN for non-cash payment usage, indicating a rising adoption of credit cards and e-wallets.

“It took the pandemic to spur both the sellers and the consumers to try out the digital solutions,” said Concepcion.

“And now that the benefits of convenience and access are becoming felt, we can only see more and more Filipinos adopting these solutions,” he added.

To promote digital technology adoption among MSMEs, Go Negosyo is hosting the Online Selling Summit on Oct. 4, 2024, at Ayala Malls Manila Bay in Pasay City.

Supported by the US Embassy in the Philippines, the summit will focus on how MSMEs can leverage digital opportunities to grow their businesses.

“We aim to fill the existing gaps through these public activities and promote digital literacy within the MSME community, at the same time drawing attention to possible actions which private sector and government can address together,” he said.

The summit will feature panel discussions, fireside chats, and inspirational talks led by industry experts and successful MSMEs. Topics will include online selling strategies, digital marketing, e-commerce platforms, global market entry, and online safety.

A live-selling demonstration will showcase how to effectively use online selling platforms to reach customers and generate sales.

The event is open to MSMEs, digital app founders, innovation experts, startups, incubators, young professionals, students, and anyone interested in exploring digital business opportunities.

“We must upskill our MSMEs so they can make the most of this coming wave of opportunities,” Concepcion concluded.

Related Tags

MSME Go Negosyo Joey Concepcion digital economy micro small and medium enterprises
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