Online opportunities ripe for MSMEs – Concepcion

MANILA, Philippines — MSMEs can stand to benefit from the opportunities offered by a fast-rising digital economy. This is according to Go Negosyo founder Joey Concepcion.

Concepcion believes that digital technology has broken down barriers for MSMEs, giving them access to important tools like capital, markets and mentoring. “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 said.

He added that the timing will also be right for MSMEs. The Philippines’ rising digital economy is poised for further growth as platforms continue to evolve, driven by the country’s young population and the increasing acceptance of online solutions both by sellers and buyers.

Go Negosyo cites a 2023 report by Google, Temasek and Bain & Company which said that the Philippines’s digital economy could reach $35 billion by 2025 and forecast a 21 percent growth in the e-commerce sector as it expects the country to attain upper-middle-income status within that time frame. More recently, the Philippines was cited by a think-tank as among the top countries in the ASEAN in terms of use of non-cash payments, marking an increasing use of credit cards and e-wallets for purchases.

“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.”

Concepcion shared that Go Negosyo’s Online Selling Summit, scheduled on Oct. 4, 2024 at the Ayala Malls Manila Bay in Pasay City will be part of its push to promote digital technology use among MSMEs. To be held with the support of the US Embassy in the Philippines, the summit puts the spotlight on how MSMEs can potentially benefit from the opportunities presented by the new economy.

The Online Selling Summit will gather key individuals, speakers and institutions in panel discussions, fireside chats and inspirational talks discussing how MSMEs can benefit from the latest tools, trends and knowledge to grow their business in the digital landscape. The deputy chief of mission of the US Embassy in the Philippines, Robert Ewing, will open the event.