New MSME Dev't Plan focuses on digitalization — DTI

Digitalization is at the heart of the national government's new micro, small, and medium enterprises (MSME) Development Plan 2023-2028, which aims to integrate artificial intelligence (AI) and digital technologies to strengthen domestic enterprises.

“The new MSME Development Plan is more than a policy document; it is a blueprint for the future, ensuring that our enterprises are competitive, innovative, and resilient,” said Trade and Industry (DTI) Secretary Alfredo Pascual in a statement.

“By focusing on digitalization, we are preparing our MSMES to meet the challenges of the modern economy and ensuring they continue to be a critical driver of our nation’s growth,” he added.

The newest, fourth version of the MSME Plan was presented by DTI to President Ferdinand Marcos Jr. in a sectoral meeting in Malacañang. It was graced by the Departments of Agriculture (DA), Labor and Employment (DOLE), Interior and Local Government (DILG), Science and Technology (DOST), Budget and Management (DBM), Information and Communications Technology (DICT), and the Office of the President (OP).

The MSME Development Plan involves incorporating Ai-driven tools like a Machine Learning-based Credit Scoring Model to streamline and speed up the loan approval process for microenterprises.

Ai-powered financial platforms will also be more utilized to make financial services for MSMES more efficient.

Given that MSMES make up 99.59 percent of businesses in the Philippines, comprising 65.1 percent of the workforce, the agency said the plan will also establish Business Starter Support Programs for assist entrepreneurs, as well as institutionalize Shared Services Facilities. (Khriscielle E. Yalao)