Digital transformation has become a priority area for micro, small, and medium enterprises (MSMEs) in the Philippines, owing to the need to thrive in a more dynamic business landscape. With GCash—the country’s leading finance super app and cashless ecosystem—standing as the sector’s key partner in driving growth, MSMEs can stay competitive in today’s digital economy.
This was a highlight topic at the National MSME Summit 2024, organized by the Department of Trade and Industry (DTI) in partnership with Go Negosyo. The event, themed “Innovate to Elevate MSMEs,” drew in entrepreneurs seeking the mentorship and expertise of leaders in the business and digital finance space—including GCash’s general manager for B2B Jong Layug.
“GCash is a major player in the Philippines’ digital transformation because digital financial inclusion has been embedded in our company’s DNA from the very start,” Layug said during a summit panel session on digital finance. “Our role as the country’s top finance app is to be there for MSMEs and help them navigate the future of technology, e-commerce, and digitalization.”
MSMEs, such as sari-sari stores and wet market stalls, make up 99.59% of total businesses and 65.10% of total jobs in the country. And GCash has been instrumental in their digitization, enabling them to be part of a safe, secure, and convenient cashless ecosystem. The company has also augmented livelihood opportunities for MSMEs, which can serve as Pera Outlet partners that offer customers Cash In, Cash Out, and Bills Payment functions.
Layug outlined some of GCash’s services that have had a huge impact on financial inclusion in the Philippines, including the company’s loan products. MSMEs looking for quick access to cash for day-to-day transactions can turn to GCredit, while GLoans is more ideal for entrepreneurs who need to borrow larger amounts. All of these can be accessed via the app, and without the need for credit history, collateral, or excessive paperwork.
Layug also shared key features of GCash for Business, which provides digital tools and capabilities that are made especially for businesses and merchants, including MSMEs.
Enrolled users can accept payments through Scan to Pay, as well as offer by-installment payment options to customers through GCredit and GGives. Users also have the capacity to receive larger amounts of funding through in-app business loans, plus access to a funds-disbursement feature that streamlines payroll systems.
“Let us embrace digital tools. Technology might be scary to some of us because it is new, but GCash is eager to support our MSMEs and help them navigate this changing world,” Layug told his audience of entrepreneurs and small business owners. “We need to embrace technology, because this is where our customers are now, and that is what they expect. With digital tools, our businesses will flourish.”
In addition to its in-app services, GCash has also enabled GCash payments for government fees. This is in line with some of the technological innovations that the DTI has promoted to boost MSME growth: streamlined government services, risk-based lending through a machine-learning based scoring model, and a stronger supply chain.
At the summit, Trade and Industry secretary Alfredo E. Pascual said, “We are integrating digital technologies to propel MSMEs to new heights of competitiveness and scalability. Imagine reducing costs, boosting productivity, and reaching new markets. “That’s the power of digitalization. We are doing much to transform our MSMEs and put digital technologies in their hands.”
MSMEs are invited to explore the features and benefits of GCash for Business at https://new.gcash.com/business/sme.
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