The government has launched an e-commerce program that seeks to expand the participation of small and medium enterprises in the digital economy, a high finance official said. "This initiative quickens our economy's transition to the digital economy and enhances the agility and resiliency of our small and medium enterprises to better adapt to emerging and potential disruptions in the business landscape," Finance Secretary Benjamin Diokno said during the recent launch of the Strengthening Private Enterprise for the Digital Economy Activity.

Gov't, private firms as partners

SPEED works with the government and the private sector, including chamber and industry associations, in mobilizing and maximizing available resources in the digital economy for enterprise-led economic growth.

The project supports initiatives that promote the use of digital technologies to accelerate competitiveness, drive innovation, fuel job opportunities, and enhance the market reach of enterprises.

"With SMEs making up the vast majority of business enterprises in the Philippines, the government seeks to empower them toward digital transformation," the secretary said. Through the digitalization of SMEs, Diokno envisions a more inclusive financial system where new technologies drastically improve productivity and way of life.

Hence, the government committed to build a business environment that fosters technological innovations and knowledge sharing.

The country will rely heavily on digital channels to broaden financial inclusion, and will pursue a broad-based capital market through fintech in the coming years, the secretary added.

"Our goal is not only to propel the economy forward, but to secure decent work and a quality life for every Filipino. I am confident that this activity will be instrumental in achieving this aspiration," Diokno said.