DTI lays out 7M strategy to develop MSMEs

The Department of Trade and Industry (DTI) has laid out a new strategy – called 7M – that aims to develop micro, small and medium enterprises (MSMEs) into highly competitive firms.

DTI-Regional Operations Group (DTI-ROG) Assistant Secretary Blesila Lantayona said 7M stands for mindset, mastery, mentoring, market, money, machines and models, all integral components in propelling MSMEs further up the competitiveness ladder.

“The 7M strategy holistically equips the small business sector to make headway in increasing the competitive market while contributing to the larger cause of sustaining the entrepreneurial revolution,” she said during the 3rd CALABARZON Regional MSME Development Conference in Antipolo, Rizal.

Lantayona said the strategy would equip even the smallest entrepreneurs to be success and innovation driven as well as proactive in developing their businesses and become better entrepreneurs.

“Through the framework of 7M, we will empower those at the bottom of the pyramid and marginalized sectors with the right mindset and know how to be able to move up in life,” she said.

She emphasized the importance of placing the interest of MSMEs at the center of the ASEAN Economic Community through “sharing of knowledge and experience of how MSMEs can benefit from ASEAN integration,” as majority of businesses in the region are MSMEs.

ASEAN MSMEs currently comprise about 95 percent of all business establishments, generating between 51 percent and 97 percent of employment.

Lantayona said the ASEAN Economic Community is expected to bring benefits to MSMEs as the region’s “integration and its openness to the global economy through the free-trade agreements will attract investments from large corporations in ASEAN which provide MSMEs with opportunities through the value chain integration.”

The competitive environment of the AEC will prompt MSMEs to strategically enhance their productivity and address the current issues and challenges that ASEAN MSMEs would face in the next decade, according to the trade department.