INQUIRER FILE PHOTO
The head of the Department of Trade and Industry (DTI) on Monday said they will launch by the end of next month their recently announced business-to-business platform, a venue that will provide local entrepreneurs easier and wider access to wholesale trading.
In an interview over the ABS-CBN News channel, trade secretary Cristina Roque said the platform is patterned from the Chinese e-commerce platform Alibaba.
“The whole focus of this is really business-to-business, meaning there’s no retail buy here, no buying one. It’s really wholesale, meaning (buying) six pieces and above,” Roque said.
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She highlighted that businesses located in the Philippines and abroad will be able to choose from a list of suppliers and products from the platform.
Earlier in August, Roque announced plans for this new marketplace, touting it as part of their push in developing local micro, small and medium enterprises (MSMEs).
Shortly after she was appointed to her position back in August, Roque expressed her commitment to implement a five-point plan to help develop local MSMEs, highlighting the importance of the sector and its contribution to the economy.
In the Philippines, MSME’s make up the majority of businesses, comprising 99.51 percent of the total according to 2020 data from the Philippine Statistics Authority (PSA).
Her five-point plan covers utilization of AI (artificial intelligence) and digitalization, diversification, funding the business sector, franchising, and mentoring and providing strategic learning.
Meanwhile, the local e-commerce scene is seen as a main driver in the Philippines growing internet economy, which was valued at $7.5 billion in 2020, according to a 2023 study done by Google, Temasek and Bain & Company.
It is projected to grow around five times to $35 billion by 2025, based on the same study.
Aside from e-commerce, food delivery and video-on-demand are the next two biggest contributors to the southeast Asian country’s internet economy.