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‘Philippines e-commerce market to reach P2.2 trillion in 2028’

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The Philippine e-commerce market is expected to hit P2.2 trillion by 2028 as more consumers make purchases online and more brands enter the space, according to data and analytics company GlobalData.

Shivani Gupta, senior banking and payments analyst at GlobalData, said the Philippine e-commerce market is anticipated to post a compound annual growth rate of 13.2 percent between 2024 and 2028 to reach P2.2 trillion or $39.5 billion in 2028.MANILA, Philippines —

The growth has also been supported by the government’s initiatives to boost e-commerce sales including the Department of Trade and Industry’s partnership with e-commerce and logistics provider SOMAGO, which involves encouraging small and medium enterprises to set up their business online and sell their products via the SOMAGO platform.Last year, Chinese e-commerce platform Temu launched operations in the Philippines to compete with companies like Lazada and Shopee.

Payment cards are the second most preferred payment method, with debit, credit and charge and prepaid cards collectively accounting for a 28.2 percent share in 2023. Credit growth accelerated further to 9.6 percent in April from 9.4 percent in March as Philippine banks disbursed more production...

 

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