THE Department of Labor and Employment (DOLE) is strongly urging micro, small, and medium enterprises (MSMEs) to avail of the financial assistance being offered to them in a bid to boost the skills of their workers and improve the overall competitiveness of their business.
In a statement, DOLE said financial assistance ranging from P500,000 to P1.5 million could be availed by MSMEs under its Adjustment Measures Program (AMP).
"The DOLE-AMP offers funding to help MSMEs improve their workers' skills, and adapt to economic disruptions and emerging employment and business opportunities," said DOLE.
"DOLE seeks to protect workers and businesses from economic shocks, promote job creation, enhance human capital and enterprise resilience, boost productivity, and foster decent work opportunities," it furthered.
The department said the financial assistance is meant to fund projects, such as capacity-building, business enhancement, just transition, product development, reward systems and productivity improvement, labor compliance, and industrial peace-building measures.
"These shall help MSMEs adapt and thrive in a changing economy," said DOLE.
The labor department said eligible firms may now submit their application letters, along with the affidavit of qualification and eligibility, project proposal, and other supporting documents at the DOLE Regional Office, where their project will be implemented.
It said the amount to be provided under the program may even be increased for more complex projects that require a higher level of technology or expertise.
DOLE said the regional offices shall be the ones to oversee the implementation of DOLE-AMP projects in order to ensure they align with approved project targets.
Data from the Philippine Statistics Authority showed that a total of 1,109,684 business enterprises are operating in the country with 1,105,143 or 99.59 percent being MSMEs. (HDT/SunStar Philippines)