US partners with Philippines for P1-billion MSME e-commerce program
MANILA, Philippines — The United States launched a partnership with the Philippines for a P1-billion ($18-million) program to open up e-commerce opportunities for local small and medium enterprises.
Washington, through its US Agency for International Development, is collaborating with the Philippine government for its “Strengthening Private Enterprises for the Digital Economy” project that seeks to help SMEs adapt digital technology into their businesses and supply chains.
“SPEED signals the US government’s strong commitment to supporting the Philippine government’s vision of a digital Philippines,” US Ambassador to the Philippines MaryKay Carlson said at the launch of the program
The envoy noted how the pandemic has altered the ways and means of doing business, making digital transactions the norm.
Meanwhile, Bangko Sentral ng Pilipinas Governor Felipe Medalla noted that the program will support the BSP’s goal of converting half of retail transactions in the country done through digital platforms by the end of the year under its Digital Payments Transformation Roadmap
Among the capacity-building opportunities of SPEED is to help SMEs transition to taking cashless transactions and using other fintech innovations. Training on consumer awareness and protection is also included in the program.
Trade and Industry Secretary Alfredo Pascual also attended the launch and so did members of the private sector such as the Philippine Chamber of Commerce and Industry. PCCI also launched its Philippine E-Commerce Alliance, which will help create a “national business agenda for digital transformation and inclusion.”
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