The Department of Information and Communications Technology (DICT) said it has received a directive from Pres. Ferdinand Marcos Jr. to accelerate and expand access to digital loans for micro, small, and medium enterprises (MSMEs) nationwide.
During a meeting last April 24 with officials from the Digital Bank Association of the Philippines — representing the country’s six licensed digital banks: Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, GoTyme Bank, UNOBank, and UnionDigital Bank— has directed DICT secretary Henry R. Aguda underscored the transformative power of digital loans, emphasizing their vital role not only in driving economic growth but also in improving the everyday lives of Filipinos.
“Imagine a market vendor or online seller being able to grow their business without leaving the palengke or closing shop for a day just to deal with paperwork. That’s what we’re making possible,” Aguda said.
According to the Philippine Statistics Authority, MSMEs accounted for 99.63% of the 1.24 million business establishments in 2023. Despite being the backbone of the economy, many still struggle to access formal credit systems due to lack of documents, limited credit history, or geographic barriers.
In line with the government’s vision for digital transformation, the DICT said it is building a national strategy to remove barriers to credit and allow MSMEs faster access to digital loan platforms.
“We’re building solutions that speak to real people’s everyday struggles — solutions that meet them where they are,” Aguda said.
Among the first steps under this strategy, which will be rolled out within 2025, include the establishment of public access points for digital loans, seamless integration of identity verification through PhilSys and the eGovPH App, and government-backed microloan programs tailored for MSMEs and gig workers.
The plan also emphasizes digital literacy and trust-building to promote responsible borrowing and long-term financial health.
Digital banks and fintech firms are joining forces with the DICT to reach underserved areas and promote what Aguda calls “Digital Bayanihan” — a whole-of-society effort to bridge the digital divide.
The initiative is anchored on the “Digital-First Economy” pillar of the department’s broader digital transformation agenda, which places innovation and accessibility at the heart of economic growth.
