Digital tools, platforms vital in transforming SMEs – Digital Pilipinas

A recent investment conference highlighted the impact of online platforms and services to small and medium enterprises (SMEs) in the country.

Held at the Barasoain Church last July 17, the Bulacan Investment Conference Digital Era was part of the Malolos Bulacan Regional Roadshow and the first installment of a national series launched by private sector movement Digital Pilipinas (DP).

The conference aims to “empower entrepreneurs with digital solutions to expand their markets,” and connect SMEs to officers and members of various cooperatives, business leaders, and DP’s company partners.

Discussions in the conference highlighted how new digital advancements and tools help SMEs become more competitive in the current industry.

During the conference, GMCI co-founder Brad Geiser and GMCI Content Consultant Ria de Borja also discussed that elevating or marketing a brand begins with local products, while Malolos Vice Mayor Migs Tengco Bautista welcomed the digital transformation in the city.

Available assistance for SMEs in Bulacan through digitalization was also highlighted in the conference.

“This DP initiative aligns with President Marcos’ program 'Future-Ready Filipinos and Businesses,' focusing on upskilling and digital transformation. By equipping Malolos' SMEs with the necessary knowledge and tools, DP is fostering future-proof Filipino businesses,” the group’s statement read.

Marcos had already made earlier calls for micro, small and medium enterprises *MSMEs) to embrace digital transformation and modernization.

In April, the President highlighted the need for improved digital connectivity to help entrepreneurs shift to the digital landscape as the internet has become the "backbone of trade, communications, transactions within and amongst communities."

He also encouraged MSMEs to familiarize themselves with Artificial Intelligence (AI) technology and systems, and to remain fully equipped with modern technology to keep up with physical and online demands.

According to Digital Pilipinas, 20% of SMEs often fail within their first year and 80% by the tenth year of business despite these making up 96% of the country’s businesses.

The President is set to issue an executive order titled the “MSME Development Plan [2023-2028]” to help improve the state of MSMEs in the country.

“Aptly titled the MSME Development Plan [2023-2028], this strategic roadmap is structured around further improving the business environment, enhancing the skills and innovation, and expanding market access,” Marcos said in his speech on July 10.

“Apart from this, the government — through the DTI — will continue to lead the MSME Development Council in formulating a comprehensive strategy that will foster [a] dynamic industry ecosystem for our businesses,” he added. —Jiselle Anne Casucian/RF, GMA Integrated News