DTI Expects E-commerce in Philippines to be Valued at ₱1.2 Trillion by 2022

The Department of Trade and Industry (DTI) expects the e-commerce sector to be valued at ₱1.2 trillion or 5.5% of Philippine gross domestic product (GDP) by 2022.

In 2020 the e-commerce sector was valued at ₱599 billion or 3.4% of GDP, the DTI targets e-commerce to grow its value to ₱850 billion or 4.3% of GDP in 2021.

Ramon Lopez, DTI Secretary, said “Further, we hope to increase the number of e-commerce enterprises from 500,000 in 2020 to 750,000 by 2021, and 1 million by 2022,”

Lopez added “As our economy recovers from the pandemic, we can harness the fast-growing e-commerce in the country to boost our economic growth. We’ve already seen how e-commerce has come to our rescue – and was ready to fill the void left by brick-and-mortar businesses unable to serve our people – because of the lockdowns,”

“For e-commerce to succeed, government and private sector must install redress mechanisms that are far more efficient than what we have today. But we must also instill values and ethics in our citizens—both merchants and consumers alike—to serve as the foundation of trust in our country’s e-commerce,” said Lopez.

Source: Philippine News Agency