Marcos urges MSMEs to avail of government financial assistance

File photo
File photo

PRESIDENT Ferdinand “Bongbong” Marcos Jr. encouraged on Friday, October 28, 2022, micro, small and medium enterprises (MSMEs) to avail of the government financial assistance program and other facilities that will help them maximize their growth.

During the ribbon-cutting of the Small and Medium Enterprises (SME) Hub at Savya Financial Center in Taguig City, Marcos noted the importance of MSMEs amid the government effort to boost the country’s economic recovery from the Covid-19 pandemic.

He reiterated his commitment to streamline processes to ease the way of doing business in the country as he encouraged MSMEs to embrace the digital transformation to ensure the continuity of business amid the pandemic and to meet the growing demands of the market.

“Let me assure you that the government remains dedicated to streamline existing processes and making it easier for businesses to thrive,” Marcos said.

“We will continue to initiate worthwhile programs to give our kababayans enough space and resources to maintain, start, and even restart their ventures,” he added.

Marcos expressed confidence that MSMEs may become the country’s engine for inclusive economic growth recovery, as they account for more than 99.5 percent of all business establishments in the country based on 2021 figures.

He said the MSMEs also provide over 5 million jobs for the Filipinos, “which enables a significant portion of the population to not just survive and fulfill their most basic needs, but also empower them to pursue their dreams.”

In August, Marcos pledged to support the revitalization of the MSMEs as he recognized the sector’s role in post-pandemic economic regeneration, job creation, and poverty reduction.

In a meeting with local Department of Trade and Industry officials in Bacolod City, he raised the need for a public-private partnership style system to assist start-ups and MSMEs in growing their businesses.

He instructed the DTI to come up with a system that will connect MSMEs with private financiers and investors to help them sustain and grow their business. (SunStar Philippines)


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