PHL Internet economy to grow 6% to $7.5 billion–report

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By: Business Mirror

The Philippine Internet economy is projected to expand 6 percent this year to reach $7.5 billion in value, as the country grew its number of online users, especially in rural areas, at the heat of the Covid-19 lockdown.

Based on the e-Conomy SEA Report 2020, the Philippines is seen to enlarge its e-commerce market by 6 percent to $7.5 billion, from $7.1 billion last year. As such, the country is poised to reach its forecast of breaching $28 billion by 2025.

However, when compared with its Southeast Asian rivals, particularly Vietnam and Indonesia, the Philippine e-commerce growth during the Covid-19 pandemic is too little, too slow.

The report also showed the Philippines is one of three Southeast Asian countries that saw a rise in digital consumers from the rural areas. Majority of new e-commerce users in Indonesia, Malaysia and the Philippines came from non-metro locations.

 

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