The United States government, through the U.S. Agency for International Development (USAID), has launched a five-year, PHP 1 billion (USD 18 million) partnership with the Philippine government to help small and medium enterprises (SMEs) transition to mature e-commerce businesses.
The Strengthening Private Enterprises for the Digital Economy (SPEED) project will expand the participation of Philippine SMEs in the country’s emerging e-commerce ecosystem by improving their capacity to adopt digital technologies; supporting the integration of SMEs and e-commerce platforms in logistical supply chains; increasing the use of e-payment systems and other fintech innovations; and strengthening consumer awareness and protection.
The five-year project aims to help build an inclusive, market-driven, growth-expanded, and private sector-led digital economy for the Philippines, where e-commerce sales is expected to reach USD 25 billion by 2025 from USD 22.95 billion in 2023.
In addition, the US agency will explore collaboration with other government agencies, such as the Department of Agriculture, to expand agribusiness e-commerce and help address challenges in agriculture supply chains.
(Sources: US Embassy in the Philippines; Philippine News Agency)