Written by EternusGlobal

Philippines Ecommerce Will Have Major Growth in 2020

The Department Of Trade And Industry (DTI) stated that the Philippine Ecommerce Roadmap (PECR) 2016-2020 will enhance the e-commerce industry to be a foremost monetary progress driver in the country.

In a declaration, the DTI said that the roadmap, which aspires to monitor the progress of e-commerce enterprise, will make contributions of 25 percent or one fourth of the country’s gross domestic product by 2020. It would propel e-commerce enterprise’s growth, aiding the entry of about hundreds of thousands of small and medium businesses.

The roadmap will support Philippines to catch up with the fast internet penetration and for developing internet utilization within the country. Philippines is currently estimated to have the fastest developing web population around the world, with latest information estimating 530 percent development over the past 5 years.

Daily, an average Filipino spends 6.3 hours utilizing the internet. Amazingly, the cellular subscriptions of the Philippines exceed its 101.1 million population by 13.5 million.

After the Electronic Commerce Act of 2000 was created, the trade agency developed the final draft of the 2016-2020 roadmap.

In line with the roadmap, the nation’s ecommerce adoption has been gradual, further leading to ignored possibilities aggravated by the Philippines’ having one of the slowest and most high-priced internet infrastructures in the whole world.

Global e-commerce is projected to develop by 101.4 percent from 2013 to 2018 from the current $1.15-billion worth of the e-commerce industry on the world.

The nation’s slow adoption of e-commerce was a result of challenges comparable to slow internet, excessive price of connection, security fears with on-line shopping, payment problems,and customer’s choice of buying from physical stores.

The Philippines lags in the back of different Asean nations in terms of internet speed with an average of 3.6 Mbps, while Singapore has 61 Mbps, outspeeding even USA (22.3 Mbps) and Japan (41.7 Mbps).

To handle these challenges, the roadmap indicated that there must be “six Is” employed which are: infrastructure, investment, innovation, intellectual capital, information flows, and integration.

For infrastructure, the roadmap brought up the need for a good supply chain, communications, and applications infrastructure. In terms of funding, there should be help from more funding opportunities to draw international investments and capital flows into Philippine e-commerce.

For innovation, safeguard of property rights and investments in research and development counts. In phrases of information flows, there should be dissemination of information on safe internet use.

PECR 2016-2020 is the nation’s blueprint to address issues in the country’s e-commerce ecosystem with the “six I’s” as key focus areas.

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