State-run Land Bank of the Philippines and the Department of Information and Communications Technology have partnered to use artificial intelligence to streamline credit assessments and improve access to financing for micro, small and medium enterprises.
Landbank president and CEO Lynette Ortiz and DICT Secretary Henry Rhoel Aguda signed a memorandum of understanding on July 20 covering the use of the ASEAN MSME AI Tech Stack in developing AI-enabled tools for financing and business support.
Under the partnership, the two agencies will explore ways to simplify financing processes and help MSMEs become investment-ready through the mobile-first, multilingual platform.
The AI platform provides entrepreneurs with tools covering business planning, regulatory compliance, pricing, contract review, marketing and access to capital and government support. It can be accessed in Filipino, English and major Philippine languages.
“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.
DICT will provide access to AI tools, platforms, datasets and other digital capabilities, as well as technical assistance, training and advisory support.
Landbank, meanwhile, will identify operational requirements and financing use cases, participate in pilot testing and implementation, and work to integrate the technology into its MSME lending services.
“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.
Landbank said the initiative would comply with financial regulations, cybersecurity standards and data privacy requirements.
The partnership complements the bank’s LIFTING MSMEs Lending Program, which provides financing to businesses at different stages of growth.
Landbank and DICT have also worked together on digital government initiatives, including eGovPay and other digital payment services.
The latest initiative forms part of the government’s broader push to expand MSME access to capital and digital tools under President Ferdinand Marcos Jr.’s Unified Package for Livelihoods, Industry, Food and Transport framework.
