SUPPORT FOR MSMES

For its part, the DTI has continued to provide support for MSMEs through the Investments Priorities Plan (IPP) which is provides fiscal incentives to “inclusive business” projects benefiting MSMEs, as well as financing schemes such as the Pondo Para sa Pagbabago at Pag-Asenso (P3) program.

The DTI has also rolled out the Go! Lokal retail concept stores which gives MSMEs a chance to test their products’ marketability without incurring costs of operating retail spaces.

Another part of the government’s program to develop MSMEs is the Shared Service Facility (SSF) Project, which aims to improve the competitiveness of small businesses by providing machinery, equipment, tools, systems, skills, and knowledge under a shared system.

At the same time, the Duterte administration is pouring in significant amounts for programs supporting the development of MSMEs.

Trade Secretary Ramon M. Lopez said President Rodrigo R. Duterte recently already ordered the allocation of P50 billion for the development of MSMEs, acknowledging their importance to the economy.

“With regard to incentives and other forms of government support, we are coordinating with the Department of Finance to ensure that these are performance-based, time-bound, transparent, and easy to administer. We maintain that incentives can be effective tools for industry development and ensure our competitiveness,” Mr. Lopez said in his speech during the Manufacturing Summit 2017.