In the Philippines, MSMEs make up 99.5% of business enterprises. With this, the Department of Trade and Industry (DTI) shared two factors that will continue to push local MSME growth: the reopening of the local economy, and growing digitization.
This was highlighted during the recently concluded Shopee EntrePinay: Women Entrepreneurs Summit held last March 28 to help sellers learn about women empowerment through leadership, financial inclusion, and e-commerce from keynote speakers from the DTI, Bangko Sentral ng Pilipinas (BSP), and the Philippine Commission on Women (PCW).
During the summit, the Director of the DTI – Bureau of Domestic Trade Promotion Marievic M. Bonoan identified the reopening of the economy as a key driver of MSME growth. She shared that just last year, the Department of Tourism surpassed its target of 1.75 million international arrivals to hit a total of 2.65 million visitors, and it’s predicted that the number will continue to increase in the coming years, providing MSMEs with more opportunities for growth.
Apart from the boost from tourism and the reopening of the local economy, Director Bonoan also cited digitization as one of the DTI’s key priorities as they continue to drive productivity and generate more sales opportunities and employment. With more entrepreneurs looking to adapt by bringing their businesses online, the DTI provides them with the support they need to onboard on e-commerce platforms, like Shopee, where they can reach a wider audience.
Other speakers during the summit include DTI Undersecretary for Consumer Protection Group Atty. Ruth B. Castelo, BSP Managing Director and Officer-in-Charge of Payments and Currency Development Subsector Bella S. Santos, and PCW Deputy Executive Director for Operations Maria Kristine Josefina Balmes.
Through platforms like Shopee, sellers have access to a wide range of resources and initiatives. In 2022, Shopee launched three iterations of the Shopee University Roadshow to help aspiring entrepreneurs from Cebu, Davao, and Pamapanga jump start their online selling journey. Shopee also provides sellers with access to courses, webinars, and articles through the Seller Education Hub – a Filipino version of which is now available for sellers who are more comfortable learning in the local language. Seller app features are also continuously rolled out such as Business Insights which gives an overview on business performance, and the Seller Services Portal which consolidates the forms available for issues and requests, and many more.
Vincent Lee, Head of Shopee Philippines, shared, “Empowering MSMEs continue to be at the very core of the work that we do at Shopee. In 2022, we helped new local sellers from 200 localities come online from across the region. The recently concluded Shopee EntrePinay: Women Entrepreneurs Summit, is just one of the many initiatives that we roll out to equip our sellers with the skills needed to come online. We are always looking for new ways to support their growth, and we are committed to building a platform where sellers can unlock success.”