E-commerce growth in 2023 projected at 15% to $16 billion, logistics company says

THE Philippine e-commerce market is expected to grow 15% to at least $16 billion in 2023, logistics platform Locad said.

Constantin Robertz, Locad chief executive officer, said growth rates are slowing with the reopening of physical stores, though further e-commerce growth will continue.

“While of course, the growth in percentage jump is no longer as exponential, as it was during the pandemic, we’re still seeing growth (against) a much higher base than what we had last year and even more so two years ago,” he said on Wednesday at the Philippine Global E-commerce Summit 2023.

“If we look at e-commerce today, we estimated it to be about $16 billion this year, which could be $17 billion, and that is just domestic e-commerce in the Philippines,” he added.

Trade and Industry Assistant Secretary Glenn G. Peñaranda said the Philippine e-commerce market could hit $24 billion by 2025.

“According to Global Data, the Philippines is poised for further e-commerce growth, with a projected annual increase of 15.8% in transaction value from 2022 to 2025. By 2025, e-commerce transactions are estimated to reach P495.2 billion or $9.7 billion, a substantial increase from the nearly P270 billion recorded in 2021,” Mr. Peñaranda said.

“The future of trade is sustainable and inclusive. We want to have more of our exporters from all over the country, evolved as it has to be digital. That is the future, so e-commerce will be very important,” he said. — Justine Irish D. Tabile