DICT to accelerate, expand access to digital loans

MANILA, Philippines — President Marcos has ordered the Department of Information and Communications Technology (DICT) to accelerate and expand access to digital loans for micro, small and medium enterprises (MSMEs) nationwide.

Marcos’ directive signals a step toward deeper grassroots financial inclusion, DICT Secretary Henry Aguda said.

During a meeting with officials from the Digital Bank Association of the Philippines on Thursday, Aguda underscored what he said is the transformative power of digital loans, emphasizing their vital role not only in driving economic growth but also improving the lives of Filipinos working to secure better future for their families.

“In line with the President’s vision for digital transformation, the DICT is building a national strategy to remove barriers to credit – empowering MSMEs with faster, safer and more accessible digital loan platforms,” he said in a statement.

Citing data from the Philippine Statistics Authority, Aguda said MSMEs accounted for 99.63 percent of the 1.24 business establishments in 2023.

Despite being the backbone of the economy, the department chief said many still struggle to access formal credit systems due to lack of documents, limited credit history or geographic barriers.

Aguda said among the first steps they will undertake in 2025 is the establishment of public access for digital loans.

Also included are the integration of identity verification through the PhilSys and eGovPH App and government-back microloan programs tailor for MSMEs.