BUSINESSES, notably micro, small and medium enterprises (MSMEs), must further digitalize operations and finance across entire supply chain ecosystems as the Philippine economy continues to open up, listed Union Bank of the Philippines (UnionBank) stressed.

During a virtual press conference on Wednesday, Mon Duarte, UnionBank executive vice president and head of Transaction Banking and Platform Development, said traditional and manual financing processes that were once effective pre-pandemic are now posing challenges to businesses as they resume operations in the new normal.