PBBM lauds US help in revitalizing MSMEs

President Ferdinand “Bongbong” Marcos Jr. (Photo by Robinson Niñal/Office of the Press Secretary)

President Ferdinand “Bongbong” R. Marcos Jr. is eyeing to forge more business development partnerships with US to revitalize local micro, small and medium enterprises (MSME).

During the MSME 2022 Summit in Manila Hotel last Friday, Marcos lauded the aid provided by the US government to MSMEs to help them cope with the effects of the Covid-19 pandemic.

“This is—and I talked about the partnerships that need to be forged for the future, this is precisely the kind of partnership that I meant,” Marcos told US Ambassador to the Philippines MaryKay L. Carlson in the said event.

“And I hope that we will promote this sort of partnership between our two countries on a bilateral and a multilateral basis and I see this very much as the way forward,” he added.

In her speech, Carlson said the US government is committed to continue helping local MSMEs, which serve as the “backbone of the Philippine economy.”

“I was impressed to learn that 99 percent of Philippine enterprises are MSMEs, and that they account for 63 percent of local jobs. MSMEs also play a crucial role in inclusive development for the working poor, women, youth, and people in vulnerable situations,” Carlson said.

Among the said initiatives provided through the United States Agency for International Development (USAID) is a P40-million micro grant to 3,500 deserving MSMEs.

It also includes the Strengthening Private Enterprises for the Digital Economy (SPEED), which provide access to local MSMEs to the digital economy and the Academy for Women Entrepreneurs launched two years ago, which provided 300 Filipinas with the knowledge, networks, and market access to launch and scale a business.

“As an enduring friend, partner, and ally, the United States is honored to collaborate with the government and people of the Philippines to support micro, small, and medium businesses, so they can continue to grow and propel the country’s economic recovery,” Carlson said.

Government priority

Marcos said helping MSMEs to recover and become resilient to the effects of the pandemic and to assist them digitizing their operations are among the top priority agenda of his administration.

He said this would be done through the policies to be created by the MSME Development Council.

The council will focus on improving the needed business climate; access to finance; management and labor; access to technology and innovation; and access to market.

“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.

The President noted that ensuring MSMEs thrive would help in the country’s economic regeneration, job creation, and poverty reduction.

“I reiterate the government’s full commitment to work hand-in-hand with all stakeholders to make certain that MSMEs are protected and provided with ample opportunities, not only to recover from these extraordinary times but to grow and thrive in this modern age,” Marcos said.

The 2022 MSME Summit was organized by Department of Trade and Industry and Go Negosyo.

Image credits: Robinson Niñal/Office of the Press Secretary


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