Philippine MSMEs embrace digital solutions to stay ahead in today’s fast-paced market. GCash, the nation’s premier finance super app, is instrumental in this journey, providing the necessary financial and technological support to ensure MSME success.
The Department of Trade and Industry (DTI), in partnership with Go Negosyo, highlighted digital financial inclusion as a key topic at the National MSME Summit 2024. Themed “Innovate to Elevate MSMEs,” the event attracted entrepreneurs eager to learn from business and digital finance leaders, 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. 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 highlighted several GCash services that significantly impact financial inclusion in the Philippines, particularly the company’s loan products. He emphasized that MSMEs can access GCredit for quick cash for daily operations, while GLoans caters to entrepreneurs needing larger amounts. Notably, these loans are available on the app without requiring 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 via Scan to Pay and offer customers installment payment options through GCredit and GGives. Users can also receive larger funds through in-app business loans and streamline payroll systems with the funds disbursement feature.
“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.”
GCash also expanded its services to include payments for government fees. This aligns with the DTI’s push to bolster MSME growth through technological innovations such as streamlined government services, risk-based lending powered by machine learning, and a fortified 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.