18 Jan Department of Agriculture Signs Acudeen as their Major Alternative Financing Solution for SMEs
QUEZON CITY, Philippines – ACUDEEN, in partnership with DEPARTMENT OF AGRICULTURE (DA), continues to drive towards SMEs growth as they now begin to solve cash flow crisis of government-related suppliers and exporters one invoice at a time.
On January 16, 2019, Acudeen kickoffs the new year with a memorandum of understanding signing ceremony held in the Office of the Department of Agriculture at Quezon City. The solidifying of the partnership was represented by Department of Agriculture’s Budget officer Ms. Nahiya Ariraya, and Acudeen’s Head of Accounts Mr. Juan Miguel Sanchez. Because of this, SMEs dealing with the DA can now be officially supported by Acudeen through receivable discounting. This partnership aims to serve SMEs that supports the development and growth of Philippine agricultural and fisheries productions through invoice financing.
Department of Agriculture’s most recent banner program is the “Halal Development Program”. This program is designed to develop the halal industry in the Philippines, enhancing the capabilities and global competitiveness of existing and potential exporters of Halal products, processes, and services.
Major participants of the Halal Development Program are SMEs that waits for 60 to 90 days for the payment of their invoices. But through DA’s partnership with Acudeen, SMEs supplying agricultural products no longer have to wait that long for their invoice to be paid and can continue to do and grow their business. This allows Acudeen to continue fulfilling its mission, providing financial inclusion and business growth for the SMEs in the Philippines and across Southeast Asia.
This is the first official government partnership Acudeen have signed with—the first of many. Together, Acudeen and Department of Agriculture will be working hand in hand towards one vision: financial inclusion for SMEs dealing with the Philippine government so that they can continue to not only grow their business but the Philippine Economy.