Cisco has recently launched a new financing programme that is aimed at helping SMEs in the Philippines invest in cutting-edge technology. Said programme allows for investments at 0 percent interest and are devoid of any upfront costs, at a fixed 3-year monthly payment term. SMEs will be able to purchase hardware, software solutions, as well as services under the programme to help kickstart their technological transformation.
“The world is going through an uncertain economic period and, at Cisco, we are committed to doing our part to help lighten the burden for Philippines’ SMEs,” said Karrie Ilagan, Managing Director, for Cisco Philippines.
Philippines’ SMEs have suffered greatly from the COVID-19 pandemic and subsequent lockdowns. With SMEs making up 99.5 percent of all businesses and 63 percent of the nation’s total employment, the disrupted supply chains and reduced business activity has caused devastating damage to the country’s economy. With this much impact on the country’s progress, Cisco deems it crucial to provide support for the recovery of the SME industry to ultimately provide support for the overall recovery of the national economy.
“The outbreak of COVID-19 has had a huge impact on SMEs across the country. However, the situation has also brought about a rapid shift in mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth,” said Ilagan.
As the Philippines slowly begins to lift restrictions and reopen the economy, SMEs are looking to adopt technology in order to digitise and adapt to the new normal in a safe and swift manner. The new programme will provide financial support and opportunities to SMEs that seek to equip themselves with the required tools and solutions to accelerate their business in the new ecosystem.
The 0 percent financing programme will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services without breaking their budget. They will enjoy a 3-year, full pay-out lease plan where they pay equal 36-month payments on their Cisco purchases that costs between US$20,000 to US$300,000 and will fully own the equipment at the end of contract period.
“SMEs are the backbone of ASEAN economies, accounting for over 85 percent of total business establishments and making up the main contributions to private sector employment in the region. However, they are currently facing the biggest challenges to their operations. Technology can help solve some of their key challenges and revitalise their operations. It is more important than ever for partners like Cisco to provide the much-needed assistance, not just through our solutions and expertise but also through programmes that can help alleviate financial concerns,” said Raz Mohamad, Director Small Business and Commercial for ASEAN at Cisco.