DTI Projects E-Commerce to Hold 5.5% of GDP in 2022

The e-commerce industry is projected to contribute P1.2 trillion or 5.5% of the gross domestic product (GDP) share in 2022, according to the Department of Trade and Industry (DTI).

In 2020, the e-commerce industry contributed 3.4 percent of GDP or P599 billion.

DTI Secretary Ramon Lopez said that the ongoing pandemic helped in boosting the e-commerce industry in the country.

“Further, we hope to increase the number of e-commerce enterprises from 500,000 in 2020 to 750,000 by 2021, and 1 million by 2022,” Lopez said.

Lopez also added that the country should take advantage of the industry to help propel the economy.

“As our economy recovers from the pandemic, we can harness the fast-growing e-commerce in the country to boost our economic growth. We’ve already seen how e-commerce has come to our rescue – and was ready to fill the void left by brick-and-mortar businesses unable to serve our people – because of the lockdowns,” he said.

Meanwhile, DTI also plans to further develop the e-commerce industry with improved regulations on internet transactions to provide security for consumers and businesses. (ASC)