LANDBANK president and CEO Lynette V. Ortiz (right) and Department of Information and Communications Technology Secretary Henry Rhoel R. Aguda, at the signing of a memorandum of understanding at LandBank Plaza in Manila, formalizing a partnership between LandBank and the DICT in advancing the use of Artificial Intelligence-enabled tools for MSME credit assessment, business development and financing.
PHOTOGRAPH COURTESY OF LANDBANK
The government is developing an artificial intelligence (AI)-powered platform to help micro, small and medium enterprises (MSMEs) access financing faster through a partnership between the Department of Information and Communications Technology (DICT) and the Land Bank of the Philippines (LandBank).
The two agencies signed a memorandum of understanding (MoU) on Monday to jointly develop AI-enabled digital solutions to help businesses improve their creditworthiness, boost productivity, and accelerate their digital transformation.
Joint identification of priority financing use cases
Under the agreement, DICT and LandBank will jointly identify priority financing use cases, pilot AI-enabled solutions, and provide operational feedback to enhance the DICT’s MSME AI Tech Stack. The initiative is being led by the DICT Office of the Chief of Staff in coordination with the DICT Emerging Tech Group.
DICT Undersecretary Faye Condez-de Sagon said the initiative is intended to translate the country’s regional AI commitments into practical tools for entrepreneurs.
“This MoU is another step that turns that vision into practical tools that will help MSMEs become more productive, financing-ready, and competitive,” she said.
Overcome common business hurdles
The mobile-first platform is designed to help entrepreneurs overcome common business hurdles by preparing bankable business plans, complying with government requirements, setting profitable prices, understanding contracts, creating marketing content, and identifying financing and government support programs. It will be available in Filipino, English, and other major local languages.
Once launched, the app can assist MSMEs in organizing documentary requirements, supporting credit assessment, and improving business decision-making.
“AI must create real opportunities for our people, especially our MSMEs that serve as the backbone of the economy. This partnership with LandBank reflects our commitment to harnessing emerging tech and improving access to financing,” DICT Secretary Henry Aguda said.
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