Around 30,000 new businesses registered from Jan to May 2019

MAKATI – The MSME Development (MSMED) Council reported that registered businesses in the Philippines climbed to 1.42 million in May 2019 from 1.39 million in December 2018. This is around 30,000 new businesses in five months. Trade Secretary and MSMED Council Chair Ramon Lopez said this indicates that it’s a good time to do business in the Philippines, given that the country is the 2nd fastest growing economy in the ASEAN region.

During the 11th MSME Development Council meeting on 14 May 2019, Sec. Lopez said that programs for micro, small, and medium enterprises (MSMEs) should be felt at the barangay-level. The MSMED Council, composed of public and private sector representatives, is the group tasked to advance the interests of Filipino MSMEs.

“Part of fulfilling President Rodrigo Duterte’s promise of Tapang at Malasakit is providing job and business options to help Filipinos live more comfortable lives. So even if the DTI’s budget is only up to the provincial-level, we will find ways for our programs to reach MSMEs at the grassroots,” said Sec. Lopez.

The Department of Trade and Industry (DTI) further committed to inform the public on the benefits of the Barangay Micro Business Enterprise (BMBE) law. Sec. Lopez clarified that entrepreneurs can still register as single proprietors in DTI, even after the Securities and Exchange Commission (SEC) allowed the registration of one-person corporations. This is due to the much simpler registration requirements in DTI.

The MSMED Council is also looking into synchronizing statistics produced by the Philippine Statistics Authority (PSA) and the National Economic Development Authority (NEDA) on MSMEs. It also wants to count the MSMEs in the informal sector, or those who have yet to get business permits. These statistics, according to the Council, will help DTI, Bangko Sentral ng Pilipinas (BSP), and other finance institutions grasp where microfinancing is needed.

Upcoming events for MSMEs include the MSME Summit in July and the three-leg Youth Entrepreneurship Program Roadshow in Visayas by June, Cebu by July, and Luzon by November.

Also present during the MSMED Council meeting were Presidential Adviser on Entrepreneurship and MSMED Council Vice Chairman Jose Ma. Concepcion III, DTI Undersecretary Zenaida Maglaya, Assistant Secretaries Jean Pacheco and Blesila Lantayona, Bangko Sentral ng Pilipinas Director Pia Roman-Tayag, Small Business Corporation OIC-EVP Melvin Abando, Credit Information Corporation (CIC) President Jaime Garchitorena and private sector representatives Jim Ayala (MSME Sector), Jeannie Javelosa (Women), Archie Florendo (Youth), and representatives from the labor, banking, and microfinance sectors. – Press Release