The Department of Finance (DoF) is set to expand its online trade platform with the addition of 51 new agencies. This move is aimed at boosting the country’s e-commerce industry and making it easier for businesses to conduct online transactions.
The DoF’s online trade platform, which was launched in 2018, is a one-stop-shop for businesses to apply for permits and licenses needed to operate in the Philippines. The platform aims to streamline the process of starting a business and reduce the time and cost involved in obtaining the necessary permits and licenses.
With the addition of 51 new agencies, the platform will now cover a total of 76 agencies, including the Department of Trade and Industry, Bureau of Internal Revenue, and Securities and Exchange Commission. This means that businesses will be able to apply for a wider range of permits and licenses through the platform, making it even more convenient and efficient.
The expansion of the platform is also expected to boost the country’s e-commerce industry, which has been growing rapidly in recent years. According to a report by Google, Temasek, and Bain & Company, the Philippines’ e-commerce market is expected to reach $12 billion by 2025, up from $5 billion in 2020.
However, the growth of the e-commerce industry has been hampered by the lack of a streamlined regulatory framework. The DoF’s online trade platform aims to address this issue by providing a centralized platform for businesses to apply for the necessary permits and licenses.
The expansion of the platform is also in line with the government’s efforts to promote digitalization and e-commerce. In his State of the Nation Address in July, President Rodrigo Duterte emphasized the importance of digitalization in the country’s economic recovery.
The DoF’s online trade platform is just one of the many initiatives aimed at promoting digitalization and e-commerce in the Philippines. The government has also launched the E-Commerce Roadmap 2022, which aims to increase the number of e-commerce transactions in the country and improve the overall e-commerce ecosystem.
In conclusion, the expansion of the DoF’s online trade platform with 51 new agencies is a significant step towards promoting digitalization and e-commerce in the Philippines. The platform will make it easier for businesses to obtain the necessary permits and licenses, and is expected to boost the country’s e-commerce industry. With the government’s continued efforts to promote digitalization, the Philippines is well on its way to becoming a leading e-commerce hub in the region.