Business Brief Aug. 12, 2022

Business Brief: MSMEs Should Digitize to Enter New Global Economy

Businesses should digitize and adapt to changing consumer behavior to participate in the new global economy. Plus more top business news this week.

We hope you had a profitable week, ka-Ninjas. Now here’s a roundup of the top business news for you.

DOF hits inclusivity barriers by pushing for MSME fintech support

FOR MSMEs, the steady increase of economic activity across the country promises recovery from lockdown losses. However, businesses also need to adapt to a change in consumer behavior brought on by the pandemic. Given the increasing preference for digital transactions, MSMEs must now utilize fintech in order to thrive.

Riding the fintech wave is the gateway to participating in the new global economy.

Full story on Inquirer.net

MSMEs to benefit from productivity enhancement training

AT least 60 micro, small and medium enterprises (MSMEs) in Central Luzon (Region 3) are expected to initially benefit from the Department of Science and Technology (DOST) and the Department of Labor’s (DOLE) plan to conduct productivity enhancement training.

An initial PHP150,000 budget was allocated by the DOST-3 for the first year of project implementation. The figure does not include the budget for the equipment, Cristel Malonzo, DOST-3 senior science research specialist, told the Philippine News Agency on Tuesday.

Read more on Phil. News Agency

Mastercard, fintechs tapped by DTI to support digitalization of MSMEs

THE Department of Trade and Industry (DTI) has partnered with the private sector to further boost growth opportunities for micro, small and medium enterprises (MSMEs) by expanding their knowledge and upscaling their digital capabilities to improve their business operations.

Mastercard Logo

In a statement last Tuesday, the DTI said it entered into a Memorandum of Understanding (MoU) with Mastercard to spearhead initiatives that will enable MSMEs to embark on a digital transformation of their business.

More details on Business Mirror

PH to welcome Australian biz mission next week

An Australian business mission composed of 50 delegates will be visiting the Philippines next week to explore trade, tourism, and investment opportunities here, the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) said Tuesday.

Among the activities of the Australian business delegation will include investment briefings, business-to-business meetings, and a visit to economic zones in Clark, Bataan, and Subic.

Read more on Phil. News Agency

Use of blockchain, crypto in PHL may grow further

THE adoption of blockchain technology and cryptocurrency is likely to continue growing in the Philippines as people explore more of its use in the financial infrastructure.

Cryptocurrency
Image from Pexels

Filipino-led blockchain startup Tetrix said in an interview with BusinessWorld that ownership of digital assets may increase as people become more educated about these technologies.

Full story on Business World

Banks trim bad loans by 13%

SOURED loans of Philippine banks dropped by almost 13 percent to P421.31 billion in end-June from P482.99 billion a year ago as the industry continued to restructure more loans amid external headwinds brought about by the ongoing pandemic and the Russia-Ukraine war.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed banks restructured P338.94 billion worth of loans in June, three percent higher than the previous year’s P328.65 billion.

More on PhilStar.com

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