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The US has Launched a PHP 1B E-Commerce Project to Assist Filipino SMEs in Digitalizing

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Manila, 17 January 2023 — On January 11, the US government announced a five-year, one billion peso ($18 million) partnership with the Philippine government to assist small and medium-sized enterprises (SMEs) in transitioning to mature e-commerce businesses.

The project Strengthening Private Enterprises for the Digital Economy (SPEED) will increase the participation of Philippine SMEs in the country’s emerging e-commerce ecosystem by improving their capacity to adopt digital technologies, supporting the integration of SMEs and e-commerce platforms in logistical supply chains, increasing the use of e-payment systems and other fintech innovations, and strengthening consumer awareness and protection.

SPEED supports the US government’s goal of assisting the Philippines in developing a robust, secure, and resilient digital economy as a key driver of post-pandemic recovery and long-term economic growth.

“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,” Ambassador Carlson said at the launching event attended by Department of Trade and Industry (DTI) Secretary Alfredo Pascual, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, and partners from government and the private sector.  “SPEED signals the U.S. government’s strong commitment to supporting the Philippine government’s vision of a digital Philippines.”

“Key in DTI’s support to scale MSMEs is to help them overcome constraints to their access to technology.  We aim to enable MSMEs to embrace digital transformation.  This way, I believe DTI and USAID’s directions to enhance SME capacities align,” DTI Secretary Pascual said.   In his remarks, he also emphasized DTI’s support to the development of the government’s E-commerce Adoption Platform, and their planned Supply Chain Digitalization Project that aims to digitize logistics and supply chains around the country.

“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,” BSP Governor Medalla noted.  “Collaborations and partnerships such as this will contribute toward a more resilient and stronger Philippine economy that promotes a high quality of life for all Filipinos.”

The Philippine E-Commerce Alliance was also launched during the event by private sector partners led by the Philippine Chamber of Commerce and Industry. This private-sector-led coalition, formed with the assistance of USAID, will aid in the development of a national business agenda for digital transformation and inclusion.

 

 

 

Source : ph.usembassy

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