Go Negosyo founder and Asean BAC Philippines Chairman Joey Concepcion speaks with fellow panelist Kok Ping Soon, CEO of Singapore Business Federation at the ASEAN Business Investment Summit last September 3.
MANILA, Philippines–Asean’s booming digital adoption offers significant opportunities for the region’s economies, said Asean-Business Advisory Council Philippines Chairman Joey Concepcion.
However, to harness these benefits fully, Concepcion said there is a need to ensure inclusive growth, focusing on micro, small and medium enterprises (MSMEs),
Speaking on the first day of the Asean Business Investment Summit on September 3, 2023, during a session titled ‘Asean’s Digital Powerhouse at the Nexus of Connectivity and Transformation,’ Concepcion emphasized the importance of digital tools.
“All of these tools are important to uplift the lives of our people,” he remarked, noting that four of the 10 Asean countries have almost 20% of their populations living in poverty.
Crisis situations have compelled individuals to lean on digital resources, which is why the Asean BAC Philippines is advocating for Memoranda of Understanding (MOU) between ASEAN nations. These MOUs aim to prioritize sectors like agriculture and MSMEs.
Concepcion said that digitalization will stand to benefit even the one-man businesses, known as nanopreneurs, granting them access to marketing tools and digital payment solutions.
Asean’s rapid growth as a digital market, experiencing a 40% annual surge in e-commerce value from 2016 to 2021, necessitates an inclusive approach.
Concepcion reiterated the need to leverage this growth to empower MSMEs. Using the Philippines as an exemplar, he highlighted how digital technology enabled MSMEs to compete with bigger corporations, leading to a burgeoning digital economy, especially during pandemic-induced lockdowns.
“We must enable MSMEs to use digitalization to their advantage,” Concepcion said, suggesting that digital expansion could augment cross-border e-commerce, granting MSMEs access to new markets and potentially offering financial services to underserved communities.
Accompanying Concepcion in the session were prominent personalities like Sam Myers from the UK Department for Business and Trade, Dynamic Technologies’ Haslina Taib, Singtel’s Yuem Kuan Moon, and Kok Ping Soon of the Singapore Business Federation.