Digital transformation for micro, small, and medium enterprises (MSMEs) in the Philippines was a central theme at the National MSME Summit 2024, organized by the Department of Trade and Industry (DTI) in partnership with Go Negosyo.
Themed “Innovate to Elevate MSMEs,” the event featured GCash’s significant contributions to financial inclusion, highlighted by 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,” said Layug.
“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 account for 99.59% of total businesses and 65.10% of total jobs in the country. GCash has played a crucial role in their digitization, allowing them to join a safe, secure, and convenient cashless ecosystem.
Additionally, GCash has enhanced livelihood opportunities for MSMEs through Pera Outlet partnerships, offering services such as Cash In, Cash Out, and Bills Payment functions.
Layug highlighted the impact of GCash’s services on financial inclusion, especially its loan products.
MSMEs seeking quick access to cash for daily operations can use GCredit, while GLoans is ideal for larger borrowing needs.
These services are accessible via the GCash app, requiring no credit history, collateral, or excessive paperwork.
GCash for Business offers digital tools and capabilities tailored for MSMEs. Users can accept payments through Scan to Pay, offer installment payment options with GCredit and GGives, receive larger business loans, and access a funds-disbursement feature to streamline 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 encouraged.
“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.”
DTI Secretary Alfredo E. Pascual emphasized the importance of digitalization in boosting MSME competitiveness and scalability.
“We are integrating digital technologies to propel MSMEs to new heights of competitiveness and scalability,” Pascual said. “Imagine reducing costs, boosting productivity, and reaching new markets. That’s the power of digitalization.”
MSMEs are encouraged to explore GCash for Business and its benefits at GCash for Business.
