The global business landscape is undergoing a significant transformation driven by the rapid growth of electronic business (e-business). This study investigates the e-business evolution stages in the Philippines and South Korea through a quantitative research design, employing a survey questionnaire based on the e-business evolution model by Bradley et al. (2015). The findings indicate that the Philippines is predominantly in the Growth stage, whereas South Korea is in the Transformation stage, reflecting varying levels of e-business maturity. Both countries demonstrate positive perceptions of social, economic, and technical factors, although concerns remain regarding perceived risks and transaction costs. This comparative analysis provides valuable strategic insights for policymakers, industry leaders, and stakeholders aiming to navigate and leverage emerging e-business opportunities across Asia.