Three-way partnership pushes MSME digitalization

The local unit of multinational financial services corporation Visa on Friday said it has partnered with Thames International and the Baguio city government to help enhance the digitalization of micro, small and medium enterprises (MSMEs) in the Philippines.

The three entities signed a memorandum of understanding wherein the three-way partnership will cover initiatives supporting MSME innovation and payment digitalization, enhancing data insights, and upskilling MSMEs in the digital economy.

Jeffrey Navarro, Country Manager for Visa Philippines, said the partnership would help drive the growth of the tourism industry, which is a vital part of the Philippine economy.

“Our partnership enhances the visitor experience, promotes cultural heritage, and empowers MSMEs to boost tourism and local businesses, creating a digitally and financially inclusive ecosystem for all in the Philippines,” he said in a statement.

Baguio, dubbed as the “Summer Capital of the Philippines,” is seen as a key part of the United Nations Educational, Scientific and Cultural Organization Creative Cities Network (UCCN) alongside Cebu and Iloilo.

Since 2017, Baguio has held the Unesco “Creative City of Crafts and Folk Art” title, joining a network of 246 cities globally committed to embedding creativity in sustainable urban development.

Baguio also boasts a flourishing MSME sector that helps fuel local growth and innovation

As of August 2023, Baguio has 22,121 registered businesses, with 19,874 being micro-enterprises primarily in wholesale and retail.

READ: Gov’t must support full revival of MSMEs to ease unemployment — Eleazar

The three parties are also looking at developing a data-first tourism strategy, as well as hosting workshops on data trends, and use Visa’s web-based data platform “Destination Insights” for policy development. —ALDEN M. MONZON