Countless businesses in the country registered online during the lockdown period in an attempt to stay afloat despite the circumstances created by the COVID-19 pandemic .
During the peak of the initial lockdown from March 16 to August 31 , approximately 73,276 businesses registered online according to estimations from the Department of Trade and Industry ( DTI ).
This is in contrast to the 1,700 registered online businesses that were present before the pandemic . The current landscape forced business owners to adapt and utilize whatever resources that they can in order to still profit during the pandemic .
Professionals have stated that the potential of the online economy will open new doors for entrepreneurial endeavors .
Senen M . Perlada , Director of the Department of Trade and Industry-Export Marketing Bureau ( DTI-EMB ), said that “ If there ’ s one thing that the Enhanced Community Quarantine ( ECQ ) taught us , it ’ s that we can explore the possibilities in the digital space .”
The massive losses that the country ’ s economy incurred demanded the need for continued innovations in the business industry because it had been reported that 65 % of businesses had to
involuntarily close doors temporarily because of ECQ .
In Southeast Asia , the Philippines underwent the highest increase in shopping app utilization and online spending amongst all the countries in the area .
Philippine Competition Commission ( PCC ) Chairman Arsenio M . Balisacan believed that the online space could indeed be a catalyst for growth provided that it is backed by the government .
“ The online platform economy can indeed catalyze inclusive growth but we need to get the [ whole ] government to make that happen , especially in developing countries such as the Philippines ,” said Balisacan .
Asian Development Bank ( ADB ) Chief Economist Yasuyuki Sawada clarified that while the pandemic negatively affected poverty , it also presented new possibilities through digitalization .
“ I think there ’ s going to be a permanent impact of digitalization and I think there are lots of positive aspects because online platforms can enhance market functioning and there ’ s a huge potential to make transactions more inclusive ,” Sawada said
In this new normal , it is yet to be seen just how the economy will be molded and shaped by online business affairs .
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ONLINE BUSINESSES