SMEs are crucial for economic growth in the Philippines, with more than a million Micro, Small, and Medium Enterprises (MSMEs) in the country. The Philippines’ Department of Trade and Industry data show that 99.5% of businesses in the country are MSMEs with almost 50% of them in wholesale and retail trade, generating 65% of total employment. Furthermore, the Asian Development Bank estimated that MSMEs contribute around 36% of the country’s GDP.
During the recent SME Innovation Festival held in Iloilo City, UnionBank President and CEO Edwin R. Bautista highlighted the two companies’ strategies and initiatives to democratize SMEs’ access to finance by using new technologies.
Access to business capital is necessary to strengthen business operations of growing businesses and enable them to further expand their enterprises. MSMEs account for 99.5 percent of the total establishments in the Philippines and employ 62.8 percent of the entire labor force. Access to credit and financial services for MSMEs remains a challenge.
The Momzilla Fair is an exhibit designed specifically for mothers with the goal of providing them an avenue for discovering businesses and brands that cater to parents. Every year, the exhibit attracts hundreds of MSMEs that offer baby care products, most of which are mompreneurs. Thousands of shoppers also gather because of numerous exclusive deals and promos.
“Data Proficiency for Beginners” the first topic had for its main speaker Edwin Concepcion, ASEAN of Straits Interactive Pte. Ltd., Head of Data Protection as a Service (DPaaS). He gave an introduction on data proficiency -- what it is, how it can be done, and why organizations should prioritize it. Concepcion defined data proficiency as one's capacity to utilize data to positively impact an organization. For MSMEs, he noted that its benefits included improved operational efficiency that in turn, lowers operational costs; as well as create better experiences for customers.
RAP President and Founder Eric Caeg was the main speaker. His presentation, titled "The Market Opportunity Navigator: Steps for Discovering Your Most Valuable Market Opportunities" talked about how entrepreneurs can identify and assess these untapped markets to grow their business.
“MSMEs really are the key in ensuring the steady recovery of our economy in the next few years. Clearly, we must all work together in creating an environment where they can succeed,” said Jaypee Soliman, VP and CXG-SME and Micropreneurs Segment head, UnionBank. “The UBGL Online Academy is all about championing education and growth for the Filipino MSMEs, and this webinar is just the beginning of an exciting journey with us,” adds Soliman.
The SME Banking Financial Supply Chain (FSC) Awards aims to recognize the accomplishments and contributions of UnionBank's existing FSC Anchors and their micro, small, and medium enterprise (MSME) dealers. Aside from industry recognition, the awardees will enjoy various perks, which are all part of the Bank's efforts to support Filipino entrepreneurs.
To help micro, small, and medium enterprises (MSMEs) in the country capitalize on this growing trend, Union Bank of the Philippines (UnionBank), the region’s digital trailblazer and the country’s foremost bank for MSMEs, has launched a groundbreaking feature that will make e-payments easier and secure not only for customers but also for MSMEs—the new UPAY for MSME.
Under ChatGenie’s MSME Booster Program, 100 Filipino MSMEs get six months
free online stores on Messenger, Instagram, Viber, GCash, and other business tools to help them get their businesses online.
ChatGenie, a mini-app development startup company, introduces MSME Booster Program which aims to provide micro, small, and medium enterprises (MSMEs) six months of free online store on Messenger, Instagram, Viber, GCash, and other business tools.
Every business that has survived and beaten the pandemic odds carries an inspiring story of creativity, grit, and resilience worthy of recognition.
By capturing and telling these stories, Globe Business honors the local micro, small and medium business owners through this year’s Saludo SMEs campaign, cheering them on with the message “Through The Changing Times, Tuloy Tayo!”, and supporting them as a trusted partner does so that they can confidently move their business forward.
