Visitors browse items at a booth during the Trendsetters Bazaar held on May 1, 2022 at the SMX Convention Center in Pasay City. The Ministry of Trade and Industry is optimistic about the rebound of the retail sector after the Covid-19 pandemic. PHOTO BY AARON RONQUILLO
Department of Trade and Industry (DTI) Secretary Alfredo Pascual said the agency remained optimistic about future retail growth despite the current economic headwinds.
Speaking at the Philippine Retailers Association Q2 2022 General Membership Meeting via Zoom, he expects the sector to rebound for the rest of the year.
“We have seen positive indications – from a recovery since the second quarter of 2021 which has been 8.4%, retail gross value added from over 500 billion pesos at the start of 2018 to over 600 billion pesos in the first quarter of this year,” Pascual said.
“And that growth has surely changed lives for the better. In addition to helping create jobs, your industry performs an important service to the public. You hold the important role of connecting manufacturers to consumers, co-creating an environment where they are empowered to choose what they want and help enable healthy and fair competition which we hope will bring them quality products at good prices,” he added.
Pascual said the DTI’s Business Name Registration System database showed business name registrations increased with 305,058 out of a total of 574,322 new business registrations in July 2022.
He believes the defining characteristic of retail is its ability to innovate and bring digital transformation to the forefront, especially now that the economy has reopened and the public can move around and visit outlets.
This is a very promising opportunity for retailers. The pandemic has facilitated greater adoption of the digital economy in the Philippines. The e-ConomySoutheast Asia 2021 report indicates that the Philippines is the fastest growing digital economy in the region, as this year the Philippines is leading the way with online sales increasing by more than 25%,” explained Easter.
