THE competitiveness of micro, small and medium enterprises (MSMEs) will depend on the pace of their digital transformation and expansion of market access, business groups said on Wednesday.
At the Metro Manila Business Conference, Philippine Exporters Confederation, Inc. President Sergio R. Ortiz-Luis, Jr. said that businesses should be empowered by technology to pursue a path of sustainable economic development.
“Today, more than ever, science and technology play a crucial role in driving business innovation, enhancing productivity, and enabling companies to scale new heights,” Mr. Ortiz-Luis said.
“By harnessing the power of technology, businesses can not only improve their operations but also create new products, services, and markets that address the evolving needs of consumers and communities,” he added.
According to the US Agency for International Development (USAID), e-commerce sales in the Philippines are projected to approach P1 trillion by 2026.
“These numbers underscore the sector’s immense potential to drive innovation and fuel robust growth in the Philippines,” USAID Office of Economic Development and Governance Director Amy Lovejoy said.
She said the results of USAID’s Strengthening Private Enterprises for the Digital Economy project indicate that MSMEs can generate 20% more revenue when they digitize payment platforms and broaden their reach.
In terms of access, Mr. Ortiz-Luis said expanding market access will allow MSMEs to benefit from global opportunities.
“Let us all remember that MSMEs are the backbone of our economy, meaning their successes are crucial to achieving inclusive growth,” he said.
“Hence, it is imperative that we equip our MSMEs with the tools, skills, and resources they need to thrive,” he added.
Philippine Chamber of Commerce and Industry President Enunina V. Mangio cited the need for the trade system to evolve and meet demands for sustainability.
“We must streamline trade policies that will not only enhance our economic competitiveness but, most importantly, promote fair and equitable growth,” Ms. Mangio said.
“This means that we have to support our MSMEs, ensure that they have access to global markets, and foster an environment where our businesses can thrive while also respecting the principles of social responsibility and environmental stewardship,” she added. — Justine Irish D. Tabile
