Insider Spotlight
Landbank president and CEO Lynette V. Ortiz and Information and Communications Technology Secretary Henry Rhoel R. Aguda formalized the memorandum of understanding on July 20 at LANDBANK Plaza in Manila.
Officials from both agencies, including Information and Communications Technology Undersecretary Christina Faye M. Condez-De Sagon and Landbank executive vice president Charlotte I. Conde, also attended the signing.
Why it matters
The collaboration will use the ASEAN MSME AI Tech Stack to develop AI-enabled tools that simplify financing processes and help enterprises become investment-ready, a company release said.
The mobile-first, multilingual platform will provide guidance on business planning, regulatory compliance, pricing, contract review, marketing, and access to financing and government support.
Under the agreement, DICT will provide AI tools, platforms, datasets, technical assistance, training, and advisory support. Landbank will contribute financing use cases, support pilot testing and implementation, and integrate the technology into its MSME lending services.
"One of AI’s most promising opportunities lies in breaking down barriers to financing. As the backbone of our economy, MSMEs deserve solutions that allow them to spend less time navigating paperwork and more time actually growing their businesses. Through this collaboration, we look forward to leveraging the ASEAN MSME AI Tech Stack to make funding faster and more accessible than ever," Ortiz said.
The big picture
The initiative will comply with financial regulations, cybersecurity standards, and data privacy requirements to support the responsible adoption of AI.
“This is the articulation of the President's vision with some AI solution that the team in DICT put together with partners. With Landbank providing the financial resources so that the MSME can finally have a complete toolkit to compete in the marketplace,” Aguda said.
The partnership complements Landbank's Lifting MSMEs Lending Program and builds on the bank's existing collaboration with DICT on digital government initiatives, including the rollout of eGovPay and other digital payment services, the company release said.
The initiative also supports the government's Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) framework by expanding access to capital and accelerating digital transformation for Filipino entrepreneurs. —Princess Daisy C. Ominga| Ed: Corrie S. Narisma
