In file photo: Different handwoven products made from abaca are on display in a mall in Makati City. Despite a size of farming for abaca of less than 200,000 hectares, the Philippines remains as the world’s top abaca-producing country, accounting for at least 87.5 percent of global output.As global e-commerce is forecasted to grow by 8.9 percent in 2023 to hit US$5.
According to the government’s investment arm, the PEP is linked to the eGov Super App, the platform for all Philippine government services. NDC also pointed out that the Covid-19 pandemic drove online retail growth rates to “historic highs”, growing by 16.8 percent in 2021 year-on-year. Meanwhile, in the Philippines, NDC said e-commerce growth is forecasted by as much as 22.9 percent in 2023 to hit at least US$16 billion, making it the 20th largest market for e-commerce globally.
The state investment arm said this platform will provide the country’s small merchants with more exposure to a wider market that may not be possible with traditional brick and mortar stores, and promote demand for Philippine-made products locally.