Tricia Valentino, a young entrepreneur with a dried flower business, demonstrates the advantages of having financial security through savings and business insurance, resources that give her flexibility to try different business strategies, such as renting retail space in high-traffic malls. Unlike vendors like Liza and Felisa, who face financial challenges in securing formal stalls, Tricia has a “safety net” that enables her to take calculated risks to grow her business. “Nagtry lang ako dito sa SM, nageexplore ako kung mas bebenta ba ako dito,” she shares, highlighting her ability to experiment with mall stalls to test new markets.
Tricia highlighted how the flexibility of having both online and physical stores has driven her business growth. “Although nagstart ako online, nakatulong din talaga na nagkaroon ako ng physical store, mas lumaki yung kita ko,” she shared. To further enhance her reach, Tricia uses digital tools and software to create promotional materials, which amplify her store’s visibility and attract more customers.
The pandemic underscored the importance of digital marketing for many MSMEs, enabling them to stay connected with customers through online platforms. However, some MSMEs, like footwear vendor Malym Manforte, faced obstacles due to limited digital literacy and the perceived costs associated with online selling. “Hindi rin naman kami maalam sa online. Tsaka sa ganyan [na online shopping] may bayad din naman ata yon. Konti lang tinutubo namin tapos mahahati pa,” Malym explained, a sentiment echoed by other small business owners.
With the right training and resources, businesses could enjoy growth similar to Tricia’s. Programs from institutions like BPI and government initiatives through the Department of Trade and Industry (DTI) offer digital literacy programs that empower MSMEs, helping them reach wider markets and boost profitability. These initiatives aim to bridge gaps in digital skills, expand digital awareness, and equip businesses with essential tools for sustainable online growth.
The Digital Bayanihan Program by DTI provides accessible online resources and workshops to equip MSMEs with fundamental digital skills. Through this program, MSMEs can learn to create and maintain e-commerce platforms, leverage social media marketing, and integrate digital payment solutions. This initiative is particularly beneficial for small businesses that may have previously lacked the means or knowledge to operate online.
Meanwhile, the Bangko Sentral ng Pilipinas (BSP) has launched the Digital Payments Transformation Roadmap, aiming to integrate digital payments more widely in the Philippines. This initiative encourages MSMEs to adopt cashless transactions, promoting both convenience and financial security. By simplifying digital transactions, BSP aims to make digital finance accessible, even for small businesses that may not have used such technology before.
Additionally, BPI has introduced training programs that include workshops on digital marketing, financial literacy, and even loan assistance for MSMEs transitioning online. These resources help MSMEs not only survive but thrive in the digital marketplace, facilitating sustainable growth and improved customer engagement.
Together, these government and private sector programs lay a foundation for MSMEs to harness digital technology effectively, driving innovation and competitiveness in the Philippine business landscape.