MSMEs poised to thrive in Philippines' digital economy — Go Negosyo founder

MANILA, Philippines — Joey Concepcion, founder of Go Negosyo, believes that micro, small and medium enterprises (MSMEs) in the Philippines are well-positioned to benefit from the fast-growing digital economy.

He pointed out that digital technology is breaking down barriers, allowing these businesses to access vital resources like capital, markets and mentoring.

"Even small entrepreneurs can promote their businesses nationwide using social media," Concepcion said. "These tools were once too costly for them to utilize."

With the Philippines' digital economy expected to reach US$35 billion by 2025, according to a report by Google, Temasek and Bain & Company, MSMEs have a unique opportunity.

The eCommerce sector is projected to grow by 21% as the country aims for upper-middle-income status. Recent data also show an increase in non-cash payment adoption, with more Filipinos using credit cards and e-wallets.

"It took the pandemic to encourage both sellers and consumers to explore digital solutions," Concepcion said. "Now that the benefits are clear, we expect more Filipinos to embrace these tools."

To support MSMEs in this digital shift, Go Negosyo will host the Online Selling Summit on Oct. 4, 2024, at Ayala Malls Manila Bay in Pasay City. The event, backed by the US Embassy, aims to showcase how MSMEs can leverage digital opportunities.

"Our goal is to enhance digital literacy and bridge gaps for MSMEs while promoting collaboration between the private sector and government," Concepcion said.

The summit will feature panel discussions and inspiring talks from industry leaders on topics like "Signing in to the Online World" and "Online Safety." Attendees will also see a Live-Selling Demo, demonstrating effective online sales strategies.

Expected participants include MSMEs, digital app founders, innovation experts, and students interested in entrepreneurship.

"We must empower our MSMEs to seize the upcoming opportunities," Concepcion concluded, highlighting the need for skills development in the digital age.