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Senator Sonny Angara released a statement where he recognized the importance of MSMEs in kickstarting the Philippine economy and urged them to go digital to keep moving towards digitalization.

According to statistics from the Department of Trade and Industry, prior to COVID-19, there were only 1,700 registered MSMEs in the country which skyrocketed to 88,000 at the end of 2020.

Sen. Angara emphasized that MSMEs should consider moving to e-commerce because this will not only "expand their market share but also be more cost effective than operating physical stores."

The DTI projects that the share of e-commerce in the country's GDP will increase from 3.4% in 2020 to 4.3% this year and to 5.5% in 2022.

Given that the COVID-19 pandemic continues to plague the nation, with the threat of new cases of the new coronavirus variant, the country will still be under strict restrictions that will limit economic growth. All businesses, especially MSMEs, will have to keep adjusting to the new normal if they are to succeed.

Angara said:

“In the past year we have seen significant growth in our MSMEs. People who lost their jobs due to the pandemic were forced to find ways to generate income and for many of our enterprising kababayans, starting small online businesses was the way to go...

“What we need now is to help our homegrown businesses in moving towards digitalization and to have the entire government undergo digital transformation...

“We must work doubly hard to provide the infrastructure needed, starting with a fast and stable internet connection in all parts of the country...

“We want to see more investments coming into the Philippines and more importantly, generate even more quality jobs for Filipinos so that there will no longer be a need for them to find work outside of the country."

Angara has been a staunch supporter of digital transformation, having filed several bills that aimed to make local industries more competitive in the global market.

Among these bills are:

  • National Digital Transformation
  • the National Digital Careers Act
  • the Philippine Digital Workforce Competitiveness Act.

 

Here on SIKAP, we've shared a number of resources on how MSMEs can move towards Digital Transformation. Check them out below:

SOURCE

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