We hope it’s been a profitable week for you, ka-Ninjas! We’re here again with the top business and ecommerce news for you.
Southeast Asia projected to be most promising region for Tiktok Shop
THE shopping feature of popular social media platform TikTok is expected to thrive in the Philippines and the rest of Southeast Asia as they have the most number of active users globally alongside a vibrant e-commerce space, according to digital logistics firm Locad.
Tiktok Shop allows merchants, brands and creators to sell products via the platform.
Read more on Inquirer.net
Big business groups vow to help MSMEs attain growth
AT least 37 of the country’s biggest business organizations pledged to help the government attain inclusive growth for micro, small and medium enterprises (MSME) for a more robust economy.
“We commit ourselves to the development of programs anchored on the 3Ms — Mentorship, Money and Market — to realize for our country and the Filipino people the goal of achieving prosperity for all,” the group said in a statement.
Full story on The Manila Times
Filipina-owned SMBs can add $40B to GDP
FILIPINA-OWNED businesses can add $40 billion to the Philippines’ annual Gross Domestic Product (GDP) by 2025, creating wealth not just for themselves but for their communities, according to Macy Castillo, CEO and co-founder of Enstack, a female-led superapp digitizing daily business tasks.
Already, nine in every 10 small business owners in the Philippines are female, she noted, citing the most recent Department of Trade and Industry statistics.
More on Manila Bulletin Online
Redundant and wasteful: Group nixes DTI’s proposed ecommerce platform
DIGITAL advocates have called out the Department of Trade and Industry (DTI) on its planned e-commerce platform, saying that it is unnecessary and not responsive to the actual needs of micro, small and medium enterprises (MSMEs).
“What the DTI should consider doing is providing support for MSMEs so that they can digitalize their establishments so that they can unlock broader, wider markets for their products,” Digital Pinoys National Campaigner Ronald Gustilo suggested.
Full story on Business Mirror
RCBC ramps up SME onboarding
YUCHENGCO-LED Rizal Commercial Banking Corp. (RCBC) continues to ramp up the onboarding of small and medium enterprises (SMEs) through digitized banking solutions.
“By empowering our SME clients with digitized banking solutions – like Check Scan or PayPortal – we are also encouraging them to integrate sustainability practices into their business operations,” Maria Angela Tinio, first senior vice president and head of SME banking group (SMEBG), said.
Read more on PhilStar.com
Filipinos spend less on smartphones
SMARTPHONE shipments to the Philippines continued to fall in the second quarter of the year due to low demand and supply, according to the International Data Corp. (IDC). Consumer spending on smartphones is expected to continue to be under pressure from the rising cost of living and higher prices of essential goods.
The top five smartphone brands in the Philippines in the second quarter in terms of market share were realme (21.8%), Transsion (20.5%), Xiaomi (14.6%), Samsung (11.8%), and vivo (10.7%).
Full story on Business World Online
BIR, Customs get P3.5-B digitalization funds
THE government’s two main tax agencies secured more than a quarter of the Marcos administration’s budget for information and communications technology (ICT) next year, the Department of Budget and Management (DBM) said.
Budget Secretary Amenah F. Pangandaman said on Wednesday, Aug. 31, that the Bureau of Internal Revenue (BIR) and Bureau of Customs will receive P3.56 billion in 2023 to fund their digital transformation programs.
More details on Manila Bulletin Online
Business Insights & ECommerce Tips
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