The National MSME Summit 2024, hosted by the Department of Trade and Industry (DTI) in partnership with Go Negosyo, emphasized the significance of digital transformation for micro, small, and medium enterprises (MSMEs) in the Philippines.
GCash, a finance app, was highlighted as a critical partner in this digital evolution, particularly in helping MSMEs remain competitive in today’s fast-paced business environment.
The summit, themed “Innovate to Elevate MSMEs,” attracted entrepreneurs seeking insights from industry leaders. Jong Layug, general manager for Business-to-Business (B2B) services at GCash, underscored the app’s role in promoting digital financial inclusion.
“Digital financial inclusion is embedded in our DNA,” Layug said, adding that GCash is committed to supporting MSMEs as they adapt to new technologies, e-commerce, and digitalization.
MSMEs are a vital component of the Philippine economy, accounting for 99.59% of businesses and 65.10% of jobs nationwide. GCash offers services like GCredit and GLoans, providing MSMEs with quick access to funds for their operational needs without requiring extensive paperwork or credit history.
GCash for Business, another service highlighted by Layug, offers digital tools tailored for businesses, enabling them to accept payments, offer installment options, and streamline payroll processes.
GCash’s collaboration with the government to facilitate cashless payments for public services aligns with broader efforts to enhance MSME growth through digital technologies.
Trade and Industry Secretary Alfredo Pascual echoed this sentiment, emphasizing the potential of digitalization to reduce costs, boost productivity, and open new markets for MSMEs.