Visa launches program to help MSMEs in Baguio

MANILA, Philippines — Global payments platform Visa has partnered with Thames International and the City Government of Baguio to boost the digitalization of micro, small and medium enterprises (MSMEs) as well as promote tourism growth.

Visa, Thames International and the City Government of Baguio signed a memorandum of understanding on Nov. 22, which officially launched the five-year partnership to empower MSMEs in Baguio City.

The five-year Digital Partnership Program by Visa Government Solutions aims to help MSMEs in Baguio City by driving acceptance of digital payment modes, supporting innovation, sharing knowledge as well as offering marketing guidance and Visa Destination Insights.

The Visa Destination Insights provides detailed spending and visitation data through interactive dashboards and reports.

“We are thrilled to partner with Thames International and the city government of Baguio to drive digitalization and support the creative economy,” Visa Philippines country manager Jeffrey Navarro said in a statement.

“Tourism is a vital part of the Philippine economy, and we are delighted to provide our tools and resources to help drive the growth of the industry,” he said.

According to Visa, the partnership includes initiatives to support MSME innovation and payment digitalization, enhance data insights and upskill small businesses in the digital economy.

It also aims to facilitate connections with technology providers and banks. The program will develop a data-first tourism strategy, host workshops on data trends and use Visa Destination Insights for policy development.

The partnership will also expand its reach through media and official channels, promote digital literacy across sectors and connect stakeholders in Baguio City with global Visa experts.

“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,” Navarro added.

As the Summer Capital of the Philippines, Baguio is a part of the UNESCO Creative Cities Network 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.

Aside from its creative contributions, Baguio also boasts a flourishing MSME sector that fuels 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.