Marcos vows recovery support for MSMEs

RECOGNIZING its critical role in achieving inclusive growth, President Ferdinand “Bongbong” Marcos Jr. reiterated his administration's commitment to supporting the country's micro, small and medium enterprises (MSMEs) still reeling from the effects of the coronavirus pandemic.

In a Facebook post, the President said that the success of the MSMEs was crucial to fortifying the foundation of the country's economy.

“We aim to meet the needs of the MSMEs sector to accelerate the recovery of our economy from the impact of the pandemic,” Marcos said after attending the opening of the MSME Summit 2022 organized by Go Negosyo at the Manila Hotel on Friday.

Marcos and Go Negosyo founder Jose Maria “Joey” Concepcion 3rd had agreed to work together to help the country's MSMEs achieve “inclusive growth.”

The sector, which makes up 99.5 percent of all business establishments in the Philippines, generates 62.6 percent of jobs for Filipinos.

“We both agree that MSMEs should be supported if we are to realize inclusive growth for the Philippines,” Concepcion had said in a statement.

Marcos had promised that his administration would focus on the MSME sector and sought Concepcion's suggestions on what the industry needs most as the country recovers from the pandemic.

The President also welcomed the continuation of initiatives to help ease MSMEs into the digital economy, including those pioneered by Go Negosyo at the height of the pandemic lockdowns.

On Friday, Marcos attended the MSME Summit 2022, which was organized by Go Negosyo, along with the United States Embassy in Manila and the Department of Trade and Industry (DTI), in celebration of National MSME month.

The summit's theme is “Ensuring an Enabling Recovery Environment for the MSMEs.”

In his speech, the President lauded Go Negosyo, the DTI, the US Embassy in Manila, as well as their partners for conducting a summit aimed at reaching a “richer path for collaboration and innovation in the business sector.”

“I know that it will be an avenue for the government and private sector to find ways to work together, ensuring an enabling and sound environment for the recovery of our MSMEs,” the President said.

“I am pleased that the focus of the MSMEs Summit is post-pandemic recovery and the promotion of digitalization aligned with the priorities of the administration for we have a common view of our shared future, the future that we as Filipinos will share together,” he added.

The President also expressed support for the MSME Development Council's formulation and implementation of strategic goals to improve five key business areas: business climate; access to finance; management and labor; access to technology and innovation; and market access.

“This multidimensional approach will allow us to breathe new life into our MSMEs and help them move forward to a more resilient and prosperous future,” Marcos said.

“From this end, it is my assurance we will continue to stand by your side, walk down the same road no matter the circumstances. I am excited to see the outcome of the summit as it will open new doors, new strategies and new ideas, and opportunities for our MSMEs to realize their full potential as our nation's vehicles for growth and for development,” he added.

The MSME Summit allows people from different industries to exchange ideas and insights in establishing pandemic-proof strategies for the post-Covid 19 business recovery.

The event also aims to cultivate entrepreneurship using the 3Ms (Mentorship, Money and Market) to ensure an enabling environment for the MSMEs' recovery and the entire business community.

It seeks to enhance the programs and policy design capacity of the public sector for MSMEs and feature the best global models of digital innovation.