High hopes for online business

In 2020, the Department of Trade and Industry recorded a significant increase in online business registrations.

During the height of lockdowns last year, over 73,000 online businesses were registered.

Experts said the online economy will outlive the pandemic and continue in the new normal.

The possibilities opened by the internet for businesses will make it difficult to live in the new normal without them.

Philippine Competition Commission chair Arsenio Balisacan said, “The online platform economy can indeed catalyze inclusive growth but we need to get the government to make that happen, especially in developing countries.”

Asian Development Bank chief economist Yasuyuki Sawada said, “I think there’s going to be a permanent impact of digitalization and I think there are lots of positive aspects because online platforms can enhance market functioning and there’s a huge potential to make transactions more inclusive.”

Source: https://www.pna.gov.ph/articles/1136660

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