USAID, FinTech Companies and DTI Partner Up in GenSan Marginalized Youth MSMEs Digitalization

The United States Agency for International Development (USAID), partnered up with the Department of Trade and Industry (DTI) in General Santos City and financial technology companies to empower the marginalized youth to further their growth through the digitalization of micro, small, and medium enterprises (MSMEs).

This effort comes as part of the USAID Opportunity 2.0 program, with leading mobile wallet apps GCash and Maya, along with the Bank of the Philippine Islands (BPI) and UnionBank of the Philippines, providing support to facilitate the entry of marginalized youth and local businesses into the digital economy.

DigiBiz, with the theme “Redefining MSMEs’ Future by Leveraging Workforce and Digital Technologies” gathered around 50 business owners, government officials, and youth to discuss strategies that would enable MSMEs to effectively serve consumers through fintech tools and other virtual platforms, with the assistance of a young and dynamic workforce.

DTI Chief Trade Industry Development Specialist Eddie de Asis emphasized the role of the younger generation in embracing digitalization and innovation, stating, “Gen Z are the so-called ‘digital natives,’ and the world they know is about the internet and social media.”

Opportunity 2.0 introduced the concept of close collaboration and investment between GenSan businesses and upskilled Gen Z youth, as they possess universal life skills that can enhance business operations. DTI Chief de Asis highlighted that youth, well-versed in technological advancements, contribute significantly to business growth.

Aligned with DTI’s priority to support businesses in going digital, this initiative will benefit MSMEs in General Santos City, recognizing their crucial role as the backbone of the local Philippine economy. This marks USAID’s second DigiBiz forum in the city this year, following the initial one in February that addressed the mitigation of cybersecurity risks for emerging businesses.

During the forum, Financial technology companies shared insights on how MSMEs, including youth-led businesses, can seamlessly manage transactions through their apps, offering services such as instant transfers and virtual cash-ins.

Meanwhile, banking partners provided tips and tricks to help businesses track their finances and facilitate virtual transactions.

The event also included a workshop to assist youth entrepreneurs in incorporating digitalization strategies into their day-to-day operations, including generating QR codes for convenient payments and sharing best practices to start and scale their businesses.

“Opportunity 2.0 focuses on making a difference to the lives of Filipino out-of-school youth by ensuring they have access to learning and earning opportunities. Because when the most vulnerable members in our communities can pursue their dreams, our chances of achieving our aspirations as a nation increases,” Opportunity’s website said, adding that they are aiming to “reach at least 180,000 young people, train more than 1,600 teachers and trainers, and engage 2,200 employers in 15 cities.” (GFB)