TAGUIG, Philippines – Micro, small, and medium enterprises (MSMEs) make up about 99% of businesses in the Philippines and support around 63% of the country’s employment, according to the Department of Trade and Industry’s 2024 Philippine MSME Statistics. This makes the entrepreneurs behind them an essential force in keeping the Philippine economy moving.
Yet despite their outsized contribution, access to financing remains limited. According to data from the Bangko Sentral ng Pilipinas (BSP), only 4.48% of the Philippine banking industry’s ₱12.8-trillion lending portfolio went to MSMEs as of end-June, underscoring the financing gap many local entrepreneurs continue to face as they work to sustain and grow their businesses.
As the country marks National Heroes Day, Skyro is putting the spotlight on these entrepreneurs and the role accessible financing can play in helping SMEs grow, but also in helping their customers afford the products they need.
Today, Skyro partners with 5,000 SMEs and counting across the Philippines, helping turn customer interest into purchases and create more opportunities for repeat business.
The impact goes beyond providing customers with another way to pay. Skyro merchant data show a 30% increase in basket size, as flexible financing can make higher-value purchases more manageable for customers while helping SMEs create more opportunities to convert sales.
For SMEs, giving customers more flexibility at the point of purchase can help turn consideration into an actual sale while opening opportunities for higher-value purchases.
At partner stores, Skyro enables eligible customers to purchase gadgets, appliances, equipment, and other products through Product Loans with payment terms ranging from 3 to 24 months.
By allowing customers to spread the cost of purchases over time, SMEs can make higher-value products more manageable for more shoppers while creating additional opportunities to convert sales.
Beyond Product Loans, Skyro also provides customers with other financial solutions through its mobile app, including:
Cash Loans: Eligible customers can access funds for their personal needs and plans through a fast and convenient digital experience.
SkyroCredit: Eligible customers can access a reusable credit line for everyday spending, with built-in cashback rewards that provide more value from their purchases.
These products are accessible through the Skyro mobile app, providing customers with a fast and digital financing experience without lengthy paperwork.
For entrepreneurs looking to grow with Skyro, SMEs can apply through the Skyro for Business platform and receive feedback in as fast as 2 days.
Skyro for Business is a full-suite partnership that gives merchants access to a dedicated business portal, account management, and marketing support to help them maximize opportunities for growth.
For thousands of Filipino entrepreneurs, these tools come at a time when rising operating costs, changing customer behavior, and affordability pressures continue to influence how people decide what and when to buy.
SMEs have long been recognized as a backbone of the Philippine economy. This National Heroes Day, Skyro is recognizing the entrepreneurs behind these businesses and reinforcing its commitment to giving them more tools to compete, grow, and continue serving their communities.
For more information about Skyro and its latest updates, visit skyro.ph and follow its social media accounts on Facebook, Instagram, LinkedIn, YouTube, and TikTok.
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