Key private sector stakeholders convened at the “Empowering SMEs: Strategies of Growth and Resilience” event in Makati City, advocating for technology and digital transformation to bolster small and medium-sized enterprises (SMEs) amid economic disruptions.
Organized by ProCredit Financing Corp. in partnership with Singapore-based Integra Partners, the event emphasized financial inclusion and the adoption of tech-driven strategies to align with the Bangko Sentral ng Pilipinas’ (BSP) goal of increasing access to quality financial services.
Leveraging Digital Transformation
Panelists spotlighted the importance of open banking and data-driven lending. Todd Schweitzer, CEO of Brankas, noted the significance of accurate data for financial decisions.
“Data is crucial for lending decisions, but one of the biggest challenges in the Philippines is that there are particular data points that you just are not able to collect,” Schweitzer said.
ProCredit Chief Lending Officer Dwaipayan Mitra stressed the role of streamlined record-keeping systems.
“We understand that accurate financial records are crucial for business success,” Mitra said. “That’s why we work closely with our clients to develop tailored solutions that simplify record-keeping and provide clear financial insights.”
ProCredit client Ormina De Jesus of LeadCore Technologies added that collaboration and innovation are key to business resilience.
“Nurturing a growth-oriented mindset is about personal progress and building a dynamic enterprise that thrives on innovation and strong relationships,” De Jesus said.
Addressing Financial Access Challenges
A second panel explored the hurdles faced by SMEs, including limited financial data and infrastructure. Saripay General Manager Sandeep Bhalla emphasized the need for visibility.
“The first layer of financial inclusion is visibility – visibility of the human being. Many SMEs are proprietorships – they are the business,” Bhalla said.
ProCredit CEO Adnan Agha pointed out that lenders must also guide clients on financial management to expand access to debt capital.
“Lenders in this space need to become advisors to guide their clients,” Agha said. “This will help significantly expand access to debt capital for the SME segment.”
Digitizing for Efficiency
The final panel underscored the benefits of digitizing backend operations to enhance business efficiency. Karan Bhaskar, general manager of Tranko, encouraged SMEs to focus on core operations while outsourcing non-essential processes.
“Your solution is only as good as your ability to implement it,” Bhaskar said.
Panelists highlighted the advantages of using customized digital tools that align with traditional practices, offering solutions that integrate seamlessly into current systems.
Agha concluded by urging SMEs to embrace an adaptive mindset.
“While there is no one-size-fits-all strategy to guarantee the success of any business, embracing technology and the available tools in the market will make all the difference,” he said.
Sustained Advocacy for SMEs
This event marks the beginning of a series planned by ProCredit in 2025, aimed at advancing the growth and resilience of Filipino SMEs. It was supported by notable organizations, including Metrobank, Paymongo, IFC, USAID, and Xendit.
With the right tools, partnerships, and government support, SMEs are poised to thrive despite economic challenges, fostering a resilient and competitive business landscape in the Philippines.
