TO HELP the country grow its entrepreneurial base, social media platform TikTok launched a business school program to equip aspiring and existing Filipino entrepreneurs to grow their skills in this digital age.
“Small and medium enterprises (SMEs) are the backbone of the Philippine economy. TikTok Shop enables these SMEs to create a holistic and seamless e-commerce experience where buyers are entertained, educated and engaged all at once,” said Toff Rada, public policy head of TikTok Philippines, in a statement.
“Through TikTok Shop Business School, we aim to open new doors for Filipino entrepreneurs to grow and scale their business,” Rada said.
Attended by some 50 TikTok Shop entrepreneurs, the TikTok Shop Business School Program offered master classes on corporate strategy and business model with Kim Lato, founder and chief executive officer of Kim’s Store; financial management with Mico Panis, head of Marketplace Deliveries at Grab; talent and human resources with Rase Eustaquio, head of People at 917 Ventures; brand identity and marketing with Jay Bernardo, president of Bayan Family Foundations; and supply chain oversight with Edison Villeno, marketing manager for J&T.
“I am thrilled to collaborate with TikTok Shop to accelerate the growth of our local entrepreneurs in the digital sphere. By providing training from industry experts as well as enabling a community of learning, we aim to elevate the growth of Filipino entrepreneurs in the rapidly evolving digital economy,” said Jay Bernardo, president of Bayan Family of Foundations.
Kim Lato, founder and chief executive officer of Kimstore, said the business school is a perfect platform for entrepreneurs like her to provide mentorship and share insights with up-and-coming entrepreneurs, enabling the growth of a diverse and inclusive Filipino e-commerce industry.
“Entrepreneurship is a powerful tool for economic empowerment and can change lives across the Philippines,” she said.
TikTok said it is committing to supporting local entrepreneurs by equipping them with tools that will help grow their businesses. This includes TikTok Shop’s Buy Local Shop Local campaign, which was launched in-app last November to provide added exposure for local sellers across the country.
PH digital economy
The Philippines’ digital economy is expected to reach $150 billion by 2030 as the e-commerce boom continues.
The eConomy Southeast Asia report by Google, Temasek Holdings and Bain & Company showed the Philippines is forecast to reach between US$80 billion and $150 billion in gross merchandise value (GMV) by 2030, slightly lower than its previous projection of $100-150 billion.
It is projected that the Philippines’ internet economy will grow by an annual 20 percent to reach $35 billion by 2025 fueled by e-commerce. This 20 percent compound annual growth rate will be the fastest in Southeast Asia, along with Vietnam.
“While internet users in the Philippines are among the most engaged in the world, digital participation across sectors remains lower. This signals sizable headroom for digital economic growth over the medium to long term as incomes grow,” the report said.
In 2023, the report projected the Philippines’ digital economy to grow by 13 percent to $24 billion in GMV. / KOC