MSMEs urged to maximize digital economy

The Department of Trade and Industry (DTI) called on micro, small and medium-sized enterprises (MSMEs) to invest in innovation by embracing the O2O (online-to-offline commerce) business model and tapping the growing digital economy.

Citing data from the United Nations Conference on Trade and Development (UNCTAD), the DTI said electronic commerce helps local businesses access global value chains.

“We must provide solutions not only to address current challenges we’re faced with, but also to solve problems we didn’t even know we had,” Trade Undersecretary Zenaida Maglaya said.  “And in order to do that we must do one thing—we must innovate.”

The DTI, with the help of the government of Taiwan, held last month a dialogue aimed at pushing MSMEs to seize the O2O business opportunities in the digital economy.

The initiative is focused not only in developing O2O startups but also in aligning the effort to the Iloilo Initiative with the end goal of establishing an APEC MSME Marketplace. The latter is aimed at improving cross-border trade in the region.

The DTI also urged Filipinos in Singapore to join the country’s emerging startup community through a recent seminar organized by FilTreps, a group of Filipino entrepreneurs in Singapore that holds networking and information sessions on setting up businesses and prospects for joint venture and collaborations.