From small mom-and-pop shops around the corner, sari-sari stores, and small businesses started by young entrepreneurs, the importance and impact of these micro, small, and medium enterprises (MSMEs) cannot be overstated. These businesses account for 99.5% of the total number of companies in the country and employ 62.8% of the workforce.
Manila, Philippines, 12 February 2024– While digitalization is valuable for businesses across various scales, it is a critical need for micro, small, and medium enterprises (MSMEs). MSMEs, unlike bigger businesses, are less likely to introduce digital practices despite these tools allowing them to improve operational processes, foster innovation, and ability to rapidly respond to market changes to remain competitive amidst …
Continue reading 917Ventures supports Filipino MSMEs adopt digital processes with MemoApp
As fund sufficiency remains a major challenge for MSMEs, particularly in emerging markets, 917Ventures’s loan aggregator Fundspace is offering MSMEs and local entrepreneurs a swift, user-friendly, and easily accessible digital solution to bridge the financing gap in the Philippines.
MANILA, PHILIPPINES, 25 October 2023– The Philippine government has made the digitalization of micro, small, and medium enterprises (MSMEs) a top priority to spur the growth of the Philippine economy. In the 2023-2028 Philippine Development Growth Plan, the National Economic Development Authority (NEDA) highlighted the need to provide targeted support to MSMEs in fast-tracking technology adoption, digitalization, and automation, …
Continue reading 917Ventures creates MSME ecosystem to address digitalization woes
It has been almost two years since the pandemic brought Filipino life and many livelihoods to a screeching halt. According to a 2020 Asian Development Bank (ADB) study of 1,804 Philippine MSMEs, 70.6% were forced to temporarily close with 66.2% reported to have temporary staff cuts during the height of the COVID-19 outbreak. Bucking these …
Continue reading SM Supermalls launches The SM StartUp Package for aspiring Filipino entrepreneurs
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