(File Photo) Department of Trade and Industry Secretary Ramon Lopez Trade and Industry Secretary Ramon Lopez has advised small business owners to shift to digital to reach a broader market base and even sell globally.

Lopez gave this advice to micro, small, and medium enterprises (MSMEs) during the “Empowering Philippine SMEs with Digital Tools and Mentorship Opportunities” workshop at the Philippine Trade Training Center (PTTC).

The workshop was organized by the Department of Trade and Industry (DTI) and the US-ASEAN Business Council in celebration of the International Day for MSMEs. The whole-day event featured trainings from Cisco, FedEx, HP, and Procter & Gamble.

“We need to create a nation of smarter, tech-savvy entrepreneurs,” said Lopez to address the disparity between the number of MSMEs and their contribution to the economy.

MSMEs account for 99.6% of the total number of businesses in the country, while also employing 62.8% of the total workforce. They also account for 36.5% of the GDP (gross domestic product).

“MSMEs must maximize the use of digital technology as it is a great equalizer, in terms of having more access to product and business model ideas; designs; real-time market information and trends; entrepreneurship principles and teachings; microfinancing thru fintech (financial technology); innovative products and processes; financial literacy; and market access. Digital technology is a must to every entrepreneur,” Lopez added.

In line with this, the trade chief shared some initiatives to help business owners in this digital transition.

Lopez declared that the Philippine Trade Training Center, an attached agency of the DTI, had been turned into a Global MSME Academy last April. The academy will be more inclusive and will focus on modules for MSMEs, especially on digital technology.