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On January 11, the U.S. government, through USAID, began a five-year, one billion peso ($18 million), cooperation with the Philippine government to assist small and medium enterprises (SMEs) in making the move to established e-commerce companies.

The SPEED project, which stands for Strengthening Private Enterprises for the Digital Economy, will increase the capacity of Philippine SMEs to adopt digital technologies, support the integration of SMEs and e-commerce platforms in logistical supply chains, expand the use of e-payment systems and other fintech innovations, and strengthen consumer awareness and protection.

SPEED concurs with the U.S. government’s objective of assisting the Philippines in creating a strong, secure, and resilient digital economy, which will be essential to the nation’s post-pandemic recovery and long-term economic prosperity.

At the launch event, which was also attended by the governor of the Bangko Sentral ng Pilipinas (BSP), Felipe Medalla, the secretary of trade and industry (DTI), Alfredo Pascual, and other representatives from both the public and private sectors, Ambassador Carlson said, “As we all know, COVID-19 has fundamentally altered the way we do things, accelerating the shift toward e-commerce, digital platforms, and the digital economy of the post-pandemic world The U.S. government’s strong commitment to advancing the Philippine government’s goal of a digital Philippines is signaled by SPEED.

“A key component of DTI’s support for growing MSMEs is to assist them in overcoming barriers to technology access. We want to make it possible for MSMEs to adopt digital transformation. In this regard, I think the DTI and USAID strategies for boosting SME capabilities are complementary,” DTI Secretary Pascual remarked. In addition, he highlighted DTI’s backing for the creation of the government’s E-commerce Adoption Platform and their upcoming Supply Chain Digitalization Project, which intends to digitize supply chains and logistics across the nation.

BSP Governor Medalla stated, “The BSP is optimistic that the projects under SPEED would further help the BSP’s goal to convert at least 50% of retail payment transactions to digital form by the end of 2023.” “This kind of collaboration and teamwork will help build a more robust and powerful Philippine economy that supports a high standard of living for all Filipinos.”

The Philippine E-Commerce Alliance was also unveiled at the event by partners from the private sector, under the direction of the Philippine Chamber of Commerce and Industry. This coalition driven by the corporate sector, which was established with USAID’s assistance, will aid in the creation of a national business agenda for digital transformation and inclusion.

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