'MSMEs to benefit from digital technology'

MICRO, small and medium enterprises (MSME) can benefit greatly from the opportunities offered by a fast-rising digital economy, Go Negosyo founder Jose Ma. Concepcion III said on Friday. Concepcion said he believes digital technology has given MSMEs 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. The timing is also right for MSMEs to take advantage of the digital economy as it is poised to continue to evolve, driven by the country's young population and the increasing acceptance of online solutions both by sellers and buyers. Go Negosyo cited a 2023 report by Google, Temasek and Bain & Company which said that the Philippines' digital economy could reach $35 billion by 2025 and forecast a 21-percent growth in the e-commerce sector, once the country attains upper-middle-income status. 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," Concepcion said, referring to the global Covid-19 outbreak. "And now that the benefits of convenience and access are becoming felt, we can only see more and more Filipinos adopting these solutions." Concepcion invited the public to check out Go Negosyo's Online Selling Summit, scheduled for October 4 at the Ayala Malls Manila Bay in Pasay City — an event promoting digital technology use among MSMEs. To be held with the support of the US Embassy in Manila, the summit spotlights how MSMEs can benefit from the opportunities presented by the economy. "We aim to fill the existing gaps through these public activities and promote digital literacy within the MSME community, at the same time, drawing attention to possible actions which private sector and government can address together," Concepcion said. The Online Selling Summit will feature panel discussions, fireside chats and inspirational talks on how MSMEs can benefit from the latest tools, trends and knowledge to grow their business in the digital landscape. Robert Ewing, the US Embassy's deputy chief of mission, will open the event. Topics include Signing in to the Online World, Cultivating a Positive Mindset in the Digital Space, Staying Relatable With Up-to-date Content, Online Ecosystems and Platforms for MSMEs, Generating Multiple Income Streams, Online Selling Using AI, Entering the Global Stage, and Online Safety/ MSMEs who have successfully used digital technology in their small businesses will also share inspirational stories. There will also be a Live-Selling Demo on how to use online selling platforms to effectively sell products and services. "We must upskill our MSMEs so they can make the most of this coming wave of opportunities," Concepcion said.