To aid micro, small, and medium enterprises (MSMEs) in their digitalization efforts, the United States Agency for International Development (USAID) launched it Strengthening Private Enterprise for the Digital Economy (SPEED) together with the Department of Trade and Industry.
The USAID SPEED is a P1-billion, five-year project that aims to promote economic growth by expanding and advancing the digital ecosystem of the country. The agency said the project hopes to enable small businesses to become more competitive in the growing digital economy.
“The USAID will work with the government and the private sector to mobilize the digital economy for enterprise-led development and increase the participation of small and medium enterprises (SMEs) in the digital economy,” the agency said.
The project will focus on four areas:
- Improving the integration of e-commerce platforms with logistical supply chains
- Improving SME capacity and access to e-commerce platforms
- Expanding and increasing the use of e-payment systems and other fintech innovations
- Increasing consumer awareness and protection.
“Digitalized MSMEs can operate more efficiently, reduce costs, reach bigger markets, and earn profits,” said Trade Secretary Alfredo Pascual. “For example, digital systems of enterprises can accumulate cashflow data on sales, use enterprise data for credit scoring, and provide access to cashflow-based credit.”