President vows all-out support for MSMEs

President Duterte said the government will continue supporting and addressing the needs and concerns of micro, small and medium enterprises (MSMEs).

In a speech in Pampanga last Tuesday, Duterte said that he will commit to the MSMEs after making sure that the country’s defense is strong.

“Inuna ko muna ‘yung (I am just first taking care of) matters that would make us strong. But maybe next year I will pour more sa SME para sa mga mahirap (to the SME for the poor people),” he said.

In November last year, Duterte vowed to pour billions of pesos to fund MSMEs, saying he has so much hope for the sector.

“Next year, I would like to make some late changes in the GAA (General Appropriations Act), the annual budget. I would like to pour more money [into] this medium, small, and micro enterprise,” he said before an audience of Southeast Asian diplomats and businessmen.

According to the President, he has no problem with pouring so much money in the sector after being convinced by his economic advisers of the MSMEs’ vital role in economic development.

Duterte even said that he is willing to pour P50 billion for MSMEs, adding that he is serious in improving the sector.

In April this year, Duterte issued Executive Order no. 50 which approves the six-year development plan for MSMEs.

The MSME Development Plan 2017-2022, prepared by the Department of Trade and Industry (DTI), is aimed at improvinmg business climate, access to finance, management and labor capacities, access to technology and innovation, among others.

Based on the EO, the said development plant will serve as the blueprint for integration and collaboration of relevant government agencies and instrumentalities, and the private sector for MSME development.