MSMEs make up 99.58% of over a million businesses in the Philippines, half of which are in trades, according to data from its Department of Trade and Industry. In total, these entities generate 65.1% of total employment in the Philippines.
However, like many Asian markets, traditional financial institutions in the Philippines have long preferred wholesale lending over retail lending, leaving MSMEs’ funding needs underserved.
The Corporate Treasurer tapped industry experts, including Kim Minor, Senior Vice President of Global Marketing at Provenir, to share insights into the infrastructure and technology investments and collaboration needed to power the country’s digital transformation efforts.
This article was originally published on the Corporate Treasurer, Ryan Li, Authorthecorporatetreasurer