The Department of Finance (DOF) is expecting the domestic consumption of the young population to be the biggest contributor to the economic growth of the Philippines.
According to digital marketing firm Truelogic, short videos from the social media accounts of influences are getting “bigger than ever” in business.
In a report, Truelogic emphasized that the digital shift changed the way business-to-business (B2B) and business-to-consumer (B2C) companies operate as people gravitate more towards what is found online.
“From research, review, all the way to purchase, the Philippine audience quickly transitioned to digital,” said Ibarra Villaseran, client services director at Truelogic.
Villaseran added that “digital marketing services became widely used by businesses to adapt to the changes caused by the pandemic and adoption to digital channels grew from websites, Facebook pages, YouTube channels and even TikTok.”
Currently, 76 million of the country’s population are internet users who spend a daily average of 10 hours and 27 minutes online.
The number increased by 2.1 million users between 2021 and 2022, which means an internet penetration rate of 68 percent of the total population