GMA News Online: USAID Launches 5-Year Program to Boost MSME Digital Transformation in the Philippines

Jan 20, 2023

(Image Source: Blake Wisz/ Unsplash)

The US Agency for International Development (USAID) recently launched a P1-billion, 5-year program to facilitate the digital transformation of small and medium enterprises (SMEs) in the Philippines. Launched on 11 January 2023, the Strengthening Private Enterprises for the Digital Economy (SPEED) project is said to be a joint initiative between USAID and the Philippine government.

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The launch event saw attendees from some of the big names in both the government and private sectors, including Department of Trade and Industry (DTI) Secretary Alfredo Pascual, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, all of whom expressed overwhelming support for the project and held high hopes for its impact. 

“The BSP is optimistic that the programs under SPEED will further support the BSP’s Digital Payments Transformation Roadmap objective to convert at least 50 percent of retail payment transactions to digital form by the end of 2023,” said Medalla.

The SPEED project is expected to attract the involvement of Philippines’ SMEs in the country’s e-commerce ecosystem. It will improve their technology literacy, support the integration of SMEs and e-commerce platforms and raise awareness of consumer protection. Moreover, SPEED can be also considered an effort of the US government in helping the Philippines develop a robust, secure, and resilient digital economy as a key to driving post-pandemic recovery and long-term economic growth for the country.

“As we all know, COVID-19 has fundamentally altered the way we do things, accelerating the shift toward e-commerce, digital platforms, and the digital economy of the post-pandemic world,” said US Ambassador to the Philippines MaryKay Carlson.

Source: USAID launches P1-B, 5-year e-commerce program for SMEs in the Philippines

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