EconomyEditor's PickGov’t urged to scale up digitization assistance for MSMEs

November 7, 2021

A HOUSE legislator has asked the government, especially the Department of Trade and Industry (DTI), to provide more assistance to micro, small, and medium enterprises (MSMEs) to help them transition to a more digital economy after the pandemic.

Camarines Sur Rep. Luis Raymund F. Villafuerte, Jr. said adopting digital business models can help MSMEs recover from the losses they incurred during the public health crisis.

“Our MSMEs will be left behind if they cannot effectively transition to the digital economy, more so now that the trend is moving towards online transactions,” he said in a statement.

He cited data a report commissioned by Google Philippines estimating that digital transformation can create up to P5 trillion in annual economic value and make the economy more resilient.

A DTI survey conducted in September indicated that 73% of MSMEs require capacity-building to digitize their operations.

Mr. Villafuerte also touted a bill that will help facilitate digitization efforts, such as House Bill 6924 or the proposed Bangko sa Baryo Act and House Bill 1248, which was substituted for House Bill 6927, or the proposed E-Government Act.

Both of the bills have been approved by the House with counterpart bills at the Senate currently at committee level.

Mr. Villafuerte also filed House Bill 7189 or the proposed Outside Class Learning and Digital Education Act, which seeks to develop the basic education curriculum to integrate other modes of learning such as distance learning.

The measure is pending at the House Committee on Basic Education and Culture. — Russell Louis C. Ku

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartPeopleMail. All Rights Reserved.

Subscribe for FREE today and get your daily shot of smart news about the Economy and Investing.
We are dedicated to keeping any data we collect from you — safe and secure. Here you can read our privacy policy.